10-K

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended March 31, 2013 or

¨           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number        0-21718

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)

Registrants telephone number, including area code (617)624-8900

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class - Name of each exchange on which registered

None

Securities registered pursuant to Section 12(g) of the Act:

Title of class

Beneficial Assignee Certificates

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No x

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 x No ¨

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 x 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 definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer¨	Accelerated filer¨
Non-accelerated filer¨	Smaller reporting company x

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

Yes ¨ No x

DOCUMENTS INCORPORATED BY REFERENCE

None. 

BOSTON CAPITAL TAX CREDIT FUND III L.P.

Form 10-K ANNUAL REPORT

FOR THE YEAR ENDED MARCH 31, 2013

TABLE OF CONTENTS

PART I
Item 1.	Business	3
Item 1A.	Risk Factors	5
Item 1B.	Unresolved Staff Comments	8
Item 2.	Properties	8
Item 3.	Legal Proceedings	19
Item 4.	Mine Safety Disclosures	19
PART II
Item 5.	Market for the Fund's Limited Partnership Interests, Related Fund Matters and Issuer Purchases of Fund Interests	20
Item 6.	Selected Financial Data	21
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7a.	Quantitative and Qualitative Disclosure About Market Risk	55
Item 8.	Financial Statements and Supplementary Data	55
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	55
Item 9a.	Controls and Procedures	56
PART III
Item 10.	Directors, Executive Officers and Corporate Governance of the Fund	57
Item 11.	Executive Compensation	59
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	60
Item 13.	Certain Relationships and Related Transactions, and Director Independence	60
Item 14.	Principal Accountant Fees and Services	61
PART IV
Item 15.	Exhibits and Financial Statement Schedules	62
	Signatures	66

2

PART I

Item 1. Business

Organization

Boston Capital Tax Credit Fund III L.P. (the "Fund") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of September 19, 1991. 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 is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation. John P. 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 certain 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 John P. Manning.

The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner are assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus,(together with each subsequently filed prospectus, the "Prospectus") was filed with the Securities and Exchange Commission and became effective January 24, 1992 in connection with a public offering (together with each subsequent offering of BACs described herein, the "Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 20,000,000 BACs at $10 per BAC. On September 4, 1993 the Fund filed 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 additional BACs became effective on October 6, 1993. As of March 31, 2013, subscriptions had been received and accepted by the General Partner in Series 15, 16, 17, 18 and 19 for 21,996,102 BACs, representing capital contributions of $219,961,020. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Offering of the Fund.

3

Description of Business

The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the "Rehabilitation Tax Credit"). Section 236 (f) (ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance including tax credits. The payments for each tenant, which are made directly to the owner of their property, generally are in amounts to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund has invested are receiving such rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.

As of March 31, 2013 the Fund had invested in 25 Operating Partnerships on behalf of Series 15, 31 Operating Partnerships on behalf of Series 16, 25 Operating Partnerships on behalf of Series 17, 20 Operating Partnerships on behalf of Series 18 and 9 Operating Partnerships on behalf of Series 19. A description of these Operating Partnerships is set forth in Item 2 herein.

The business objectives of the Fund are to:

(1) Provide current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor's federal income tax liability from active, portfolio and passive income;

(2) Preserve and protect the Fund's capital and provide capital appreciation and cash distributions through increases in value of the Fund's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the apartment complexes;

(3) Provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and

(4) Provide cash distributions (except with respect to the Fund's investment in some non-profit Operating Partnerships) from capital transaction proceeds. The Operating Partnerships intend to hold the apartment complexes for appreciation in value. The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

4

Employees

The Fund does not have any employees. Services are performed by the general partner and its affiliates and agents retained by them.

Item 1A. Risk Factors

As used in this Item 1A, references to “we, “us” and “our” mean the Fund.

An investment in our BACs and our investments in Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.

The ability of limited partners to claim tax losses from their investment in us is limited.

The IRS may audit us or an Operating Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in our BACs. Changes in tax laws could also impact the tax benefits from an investment in our BACs and/or the value of the Operating Partnerships. Until the Operating Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.

The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for BAC holders.

Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.

5

Poor performance of one housing complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.

Each housing complex is subject to mortgage indebtedness. If an Operating Partnership failed to pay its mortgage, it could lose its housing complex in foreclosure. If foreclosure were to occur during the first 15 years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the housing complex would occur. To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:

- difficulties in obtaining rent increases;

- limitations on cash distributions;

- limitations on sales or refinancing of Operating Partnerships;

- limitations on transfers of interests in Operating Partnerships;

- limitations on removal of local general partners;

- limitations on subsidy programs; and

- possible changes in applicable regulations.

The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.

No trading market for the BACs exists or is expected to develop.

There is currently no active trading market for the BACs. Accordingly, limited partners may be unable to sell their BACs or may have to sell BACs at a discount. Limited partners should consider their BACs to be a long-term investment.

Investors may realize taxable gain on sale or disposition of BACs.

Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.

Investors may have tax liability in excess of cash.

Investors eventually may be allocated profits for tax purposes, which exceed any cash distributed to them. Under these circumstances, unless an investor has passive losses or credits to reduce this tax liability, the investor will have to pay federal income tax without a corresponding cash distribution. Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of BACs, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of the event.

6

Investors may not receive cash if apartment complexes are sold.

There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale distributed to the Fund, expenses such as accrued management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.

The sale or refinancing of the apartment complexes is dependent upon the following material factors:

- The necessity of obtaining the consent of the operating general partners;

- The necessity of obtaining the approval of any governmental agency(ies) providing government assistance to the apartment complex; and

- The uncertainty of the market.

Any sale may occur well after the fifteen-year federal housing tax credit compliance period.

We have insufficient sources of cash to pay our existing liabilities.

We currently do not have sufficient cash resources to satisfy our financial liabilities. Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our general partner and its affiliates. Though the amounts payable to the General Partner and its affiliates are contractually currently payable, we do not believe that the General Partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case. We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Fund's working capital reserves are intended to be utilized to pay our existing and future liabilities.

7

Item 1B. Unresolved Staff Comments

Not applicable.

Item 2. Properties

The Fund has acquired a limited partnership interest in 110 Operating Partnerships in five series, identified in the table set forth below. In each instance the apartment complexes 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 designated 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." The general partner believes that there is adequate casualty insurance on the properties.

Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

8

Boston Capital Tax Credit Fund III L.P. - Series 15

PROPERTY PROFILES AS OF MARCH 31, 2013

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
April Gardens Apts. III	Las Piedras, PR		32	$	1,374,588	09/92	05/93		100	%	$	279,823
Barton Village Apartments	Arlington, GA		18		476,297	10/92	03/93		100	%		101,154
Bergen Meadows	Bergen, NY		24		923,657	07/92	07/92		100	%		199,420
Calexico Senior Apts.	Calexico, CA		38		1,803,776	09/92	09/92		100	%		366,220
Chestnut Hills Estates	Altoona, AL		24		683,508	09/92	09/92		100	%		146,500
Columbia Heights Apts.	Camden, AR		32		1,191,620	10/92	09/93		100	%		247,599
Deerfield Commons	Crewe, VA		39		1,150,673	04/92	06/92		100	%		242,430
East Park Apts. I	Dilworth, MN		24		405,181	06/94	01/94		100	%		406,100
Graham Village Apts.	Graham, NC		50		940,090	10/94	06/95		100	%		919,461
Greenwood Village	Fort Gaines, GA		24		625,147	08/92	05/93		100	%		131,268
Hadley's Lake Apts.	East Machias, ME		18		972,391	09/92	01/93		100	%		291,400
Harvest Point Apts.	Madison, SD		30		1,121,598	03/95	12/94		100	%		268,760
Lakeside Apts.	Lake Village, AR		32		1,146,822	08/94	08/95		100	%		282,004
Laurelwood Apartments, Phase II	Winnsboro, SC		32		999,821	03/92	02/92		100	%		229,986

9

Boston Capital Tax Credit Fund III L.P. - Series 15

PROPERTY PROFILES AS OF MARCH 31, 2013

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Livingston Plaza	Livingston, TX		24	$	617,692	12/92	11/93		100	%	$	176,534
Manning Lane Apts.	Manning, SC		42		1,373,368	08/92	03/93		100	%		296,436
Marshall Lane Apts.	Marshallville,GA		18		516,095	08/92	12/92		100	%		114,200
North Trail Apts.	Arkansas City, KS		24		757,029	09/94	12/94		100	%		194,118
Ridgeview Apartments	Brainerd, MN		24		810,856	03/92	01/92		100	%		165,434
Rio Mimbres II Apts	Deming, NM		24		724,239	04/92	04/92		100	%		149,811
Sunset Sq. Apts.	Scottsboro, AL		24		688,117	09/92	08/92		100	%		143,900
University Meadows	Detroit, MI		53		2,333,876	06/92	12/92		100	%		1,676,750
Village Woods	Healdton, OK		24		643,906	08/94	12/94		100	%		173,616
Villas Del Mar	Urb.Corales de Hatillo, PR		32		1,378,100	08/92	08/92		100	%		307,200
Whitewater Village Apts.	Ideal, GA		18		490,508	08/92	11/92		100	%		108,000

10

Boston Capital Tax Credit Fund III L.P. - Series 16

PROPERTY PROFILES AS OF MARCH 31, 2013

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Bernice Villa Apts.	Bernice, LA		32	$	772,196	05/93	10/93		100	%	$	200,476
Canterfield Manor	Denmark, SC		20		716,057	11/92	01/93		100	%		175,959
Carriage Park Village	Westville, OK		24		621,077	02/93	07/93		100	%		144,714
Cumberland Woods Apts.	Middlesboro, KY		40		1,353,945	12/93	10/94		100	%		412,700
Fairmeadow Apts.	Latta, SC		24		819,001	01/93	07/93		100	%		195,400
Falcon Ridge Apts.	Beattyville, KY		32		960,420	04/94	01/95		100	%		247,200
Forest Pointe Apts.	Butler, GA		25		689,515	12/92	09/93		100	%		162,397
Greenfield Properties	Greenfield, MO		20		488,255	01/93	05/93		100	%		126,046
Harmony House Apts.	Galax, VA		40		1,336,310	11/92	07/93		100	%		285,588
Holly Tree Manor	Holly Hill, SC		24		825,632	11/92	02/93		100	%		201,490
Isola Square Apartments	Isola, MS		32		903,802	11/93	04/94		100	%		246,722
Laurel Ridge Apts.	Idabel, OK		52		1,265,690	04/93	12/93		100	%		282,606
Lawtell Manor Apts.	Lawtell, LA		32		801,179	04/93	08/93		100	%		202,603
Logan Lane Apts	Ridgeland, SC		36		1,212,425	09/92	03/93		100	%		274,750

11

Boston Capital Tax Credit Fund III L.P. - Series 16

PROPERTY PROFILES AS OF MARCH 31, 2013

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Meadows of Southgate	Southgate, MI		83	$	1,766,348	07/93	05/94		100	%	$	1,716,000
Mendota Village Apts	Mendota, CA		44		1,829,258	12/92	05/93		100	%		438,300
Mid City Apts.	Jersey City, NJ		58		2,219,350	09/93	06/94		100	%		3,097,210
Newport Elderly Apts.	Newport, VT		24		872,080	02/93	10/93		100	%		221,626
Parkwoods Apts.	Anson, ME		24		1,193,312	12/92	09/93		100	%		320,206
Ransom St. Apartments	Blowing Rock, NC		13		481,978	12/93	11/94		100	%		100,249
Simmesport Square Apts.	Simmesport, LA		32		810,141	04/93	06/93		100	%		198,500
St. Croix Commons Apts.	Woodville, WI		40		-	10/94	12/94		100	%		534,847
St. Joseph Square Apts.	St. Joseph, LA		32		876,968	05/93	09/93		100	%		206,086
Stony Ground Villas	St. Croix, VI		22		1,315,444	12/92	06/93		100	%		358,414
Talbot Village II	Talbotton, GA		24		630,512	08/92	04/93		100	%		129,683
Tan Yard Branch Apts. I	Blairsville, GA		24		714,707	12/92	09/94		100	%		151,154

12

Boston Capital Tax Credit Fund III L.P. - Series 16

PROPERTY PROFILES AS OF MARCH 31, 2013

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Tan Yard Branch Apts. II	Blairsville, GA		25	$	699,250	12/92	07/94		100	%	$	144,304
The Woodlands	Tupper Lake, NY		18		878,836	09/94	02/95		100	%		214,045
Tuolumne City Senior Apts.	Tuolumne, CA		30		1,485,656	12/92	08/93		100	%		376,535
Vista Linda Apartments	Sabana Grande, PR		50		2,368,306	01/93	12/93		100	%		445,530
West End Manor	Union, SC		28		916,874	05/93	05/93		100	%		231,741

13

Boston Capital Tax Credit Fund III L.P. - Series 17

PROPERTY PROFILES AS OF MARCH 31, 2013

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Annadale Apartments	Fresno, CA		222	$	15,805,058	01/96	06/90		100	%	$	1,108,873
Briarwood Apartments	Clio, SC		24		829,417	12/93	08/94		100	%		211,133
Briarwood Village	Buena Vista, GA		38		1,057,983	10/93	05/94		100	%		252,700
Cairo Senior Housing	Cairo, NY		24		1,000,402	05/93	04/93		100	%		201,711
Deerwood Village Apts	Adrian, GA		20		594,258	02/94	07/94		100	%		160,900
Doyle Village	Darien, GA		38		1,090,628	09/93	04/94		100	%		235,509
Fuera Bush Senior Housing	Fuera Bush, NY		24		1,020,030	07/93	05/93		100	%		189,364
Glenridge  Apartments	Bullhead City, AZ		52		1,916,747	06/94	06/94		100	%		520,500
Green Acres Estates	West Bath, ME		48		805,650	01/95	11/94		100	%		135,849
Green Court Apartments	Mt. Vernon, NY		76		2,054,589	11/94	11/94		100	%		964,813
Henson  Creek Manor	Fort Washington, MD		105		3,524,375	05/93	04/94		100	%		2,980,421
Hill Estates, II	Bladenboro, NC		24		938,365	03/95	07/95		100	%		132,300
Houston Village	Alamo, GA		24		625,999	12/93	05/94		100	%		169,418
Isola Square Apts.	Greenwood, MS		36		1,003,200	11/93	08/94		100	%		304,556

14

Boston Capital Tax Credit Fund III L.P. - Series 17

PROPERTY PROFILES AS OF MARCH 31, 2013

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Jonestown Manor Apts.	Jonestown, MS		28	$	810,589	12/93	12/94		100	%	$	243,605
Largo Ctr. Apartments	Largo, MD		100		3,585,037	03/93	06/94		100	%		2,753,475
Oakwood Manor of Bennetts-ville	Bennetts-ville, SC		24		814,393	09/93	12/93		100	%		89,200
Opelousas Point Apts.	Opelousas, LA		44		1,275,461	11/93	03/94		100	%		439,277
Pinehurst Senior Apts.	Farwell, MI		24		739,787	02/94	02/94		100	%		183,176
Quail Village	Reedsville, GA		31		808,000	09/93	02/94		100	%		171,855
Royale Townhomes	Glen Muskegon, MI		79		1,788,429	12/93	12/94		100	%		909,231
Waynesburg House Apts.	Waynesburg, PA		34		1,394,217	07/94	12/95		100	%		501,140
West Front Residence	Skowhegan, ME		30		1,229,664	09/94	08/94		100	%		487,390
West Oaks Apartments	Raleigh, NC		50		1,454,125	06/93	07/93		100	%		811,994
White Castle Manor	White Castle, LA		24		726,911	06/94	05/94		100	%		198,684

15

Boston Capital Tax Credit Fund III L.P. - Series 18

PROPERTY PROFILES AS OF MARCH 31, 2013

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Briarwood Apartments	Humbolt, IA		20	$	670,663	08/94	04/95		100	%	$	162,536
Chelsea Sq. Apartments	Chelsea, MA		6		301,393	08/94	12/94		100	%		451,929
Clarke School	Newport, RI		56		2,246,100	12/94	12/94		100	%		1,804,536
Cox Creek Apartments	Ellijay, GA		25		789,232	01/94	01/95		100	%		214,824
Harris Music Building	West Palm Beach, FL		38		1,450,370	06/94	11/95		100	%		1,286,304
Kristine Apartments	Bakersfield, CA		60		836,412	10/94	10/94		100	%		1,636,293
Lakeview Meadows II	Battle Creek, MI		60		1,324,370	08/93	05/94		100	%		1,029,000
Leesville Elderly Apts.	Leesville, LA		54		1,996,045	06/94	06/94		100	%		776,500
Lockport Seniors Apts.	Lockport, LA		40		1,104,824	07/94	09/94		100	%		595,439
Marengo Park Apts.	Marengo, IA		24		695,295	10/93	03/94		100	%		133,552
Meadowbrook Apartments	Oskaloosa, IA		16		451,140	11/93	09/94		100	%		96,908
Meadows Apartments	Show Low, AZ		40		1,387,371	03/94	05/94		100	%		420,302
Natchitoches Senior Apartments	Natchitoches, LA		40		1,510,035	06/94	12/94		100	%		644,175

16

Boston Capital Tax Credit Fund III L.P. - Series 18

PROPERTY PROFILES AS OF MARCH 31, 2013

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Newton Plaza Apts.	Newton, IA		24	$	755,730	11/93	09/94		100	%	$	166,441
Oakhaven Apartments	Ripley, MS		24		447,709	01/94	07/94		100	%		116,860
Peach Tree Apartments	Felton, DE		32		1,376,710	01/94	07/93		100	%		206,100
Pepperton Villas	Jackson, GA		29		806,135	01/94	06/94		100	%		222,762
Rio Grande Apartments	Eagle Pass, TX		100		1,813,882	06/94	05/94		100	%		666,840
Vista Loma Apartments	Bullhead City, AZ		41		1,505,078	05/94	09/94		100	%		465,650
Vivian Seniors Apts.	Vivian, LA		40		1,576,302	07/94	09/94		100	%		625,691

17

Boston Capital Tax Credit Fund III L.P. - Series 19

PROPERTY PROFILES AS OF MARCH 31, 2013

Property Name	Location	Units		Mortgage Balance As of 12/31/12		Acq Date	Const Comp	Qualified Occupancy 3/31/13			Cap Con Paid Thru 3/31/13
Carrollton Villa	Carrollton, MO		48	$	1,322,464	06/94	03/95		100	%	$	1,121,758
Clarke School	Newport, RI		56		2,246,100	12/94	12/94		100	%		1,153,719
Mansura Villa II Apartments	Mansura, LA		32		892,739	05/94	08/95		100	%		227,910
Munford Village	Munford, AL		24		745,659	10/93	04/94		100	%		165,800
Northpoint Commons	Kansas City, MO		158		3,587,361	07/94	06/95		100	%		2,124,024
Poplar Ridge Apts.	Madison, VA		16		607,707	12/93	10/94		100	%		124,704
Sherwood Knoll	Rainsville, AL		24		725,831	10/93	04/94		100	%		162,500
Summerset Apartments	Swainsboro, GA		30		880,886	01/94	11/95		100	%		223,029
Village North I	Independence, KS		24		787,141	06/94	12/94		100	%		190,471

18

Item 3. Legal Proceedings

None.

Item 4. Mine Safety Disclosures

Not Applicable.

19

PART II

Item 5. Market for the Fund's Limited Partnership Interests, Related Fund Matters and Issuer Purchases of Fund Interests

(a) Market Information

The Fund is classified as a limited partnership and does not have common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.

(b) Approximate number of security holders

As of March 31, 2013 the Fund has 12,728 BAC holders for an aggregate of 21,996,102 BACs, at a subscription price of $10 per BAC, received and accepted.

The BACs were issued in series. Series 15 consists of 2,366 investors holding 3,870,500 BACs, Series 16 consists of 3,270 investors holding 5,429,402 BACs, Series 17 consists of 2,801 investors holding 5,000,000 BACs, Series 18 consists of 2,043 investors holding 3,616,200 BACs, and Series 19 consists of 2,248 investors holding 4,080,000 BACs at March 31, 2013.

(c) Dividend history and restriction

The Fund has made no distributions of net cash flow to its BAC holders from its inception, September 19, 1991 through March 31, 2013.

During the year ended March 31, 2005, the Fund made a return of equity distribution to the Series 15 and 17 BAC holders in the amount of $107,567 and $24,767, respectively. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

During the year ended March 31, 2007, the Fund made a return of equity distribution to the Series 15 and 17 BAC holders in the amount of $940,481 and $865,443, respectively. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

During the year ended March 31, 2011, the Fund made a return of equity distribution to the Series 19 BAC holders in the amount of $1,500,000. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

During the year ended March 31, 2012, the Fund made a return of equity distribution to the Series 19 BAC holders in the amount of $261,830. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

During the year ended March 31, 2013, the Fund did not make a return of equity distribution to the BAC holders.

20

The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC holder.

Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by the holder on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

Item 6. Selected Financial Data

     Not applicable.

21

Item 7. Management's Discussion 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 1993, 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 of this Report. 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 each Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. All sources of liquidity are available to meet the obligations of the Fund. The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.

The Fund is currently accruing the annual fund management fee to enable each series to meet current and future third party obligations. Fund management fees accrued during the year ended March 31, 2013 were $1,094,518, and total fund management fees accrued as of March 31, 2013 were $23,197,360. During the year ended March 31, 2013 the Fund paid fees of $1,612,876 which were applied to prior year accruals.

Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sale or refinancing proceeds from Operating Partnerships, and at that time proceeds from such sales or refinancing would be used to satisfy such liabilities.

Capital Resources

The Fund offered BACs in the Offering declared effective by the Securities and Exchange Commission on January 24, 1992. The Fund received and accepted subscriptions for $219,961,020 representing 21,996,102 BACs from investors admitted as BAC holders in Series 15 through 19 of the Fund. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund.

(Series 15). The Fund commenced offering BACs in Series 15 on January 24, 1992. The Fund received and accepted subscriptions for $38,705,000 representing 3,870,500 BACs from investors admitted as BAC holders in Series 15. Offers and sales of BACs in Series 15 were completed and the last of BACs in Series 15 were issued by the Fund on June 26, 1992.

22

During the fiscal year ended March 31, 2013, the Fund did not use any of Series 15 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2013, proceeds from the offer and sale of BACs in Series 15 had been used to invest in a total of 68 Operating Partnerships in an aggregate amount of $29,390,546. As of March 31, 2013, 43 of the properties have been disposed of and 25 remain. The Fund had completed payment of all installments of its capital contributions to the Operating Partnerships.

(Series 16). The Fund commenced offering BACs in Series 16 on July 10, 1992. The Fund received and accepted subscriptions for $54,293,000, representing 5,429,402 BACs in Series 16. Offers and sales of BACs in Series 16 were completed and the last of the BACs in Series 16 were issued by the Fund on December 28, 1992.

During the fiscal year ended March 31, 2013, the Fund did not use any of Series 16 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2013, the net proceeds from the offer and sale of BACs in Series 16 had been used to invest in a total of 64 Operating Partnerships in an aggregate amount of $40,829,228. As of March 31, 2013, 33 of the properties have been disposed of and 31 remain. The Fund had completed payment of all installments of its capital contributions to 63 of the 64 Operating Partnerships. Series 16 has $50,008 in capital contributions that remain to be paid to 1 Operating Partnership. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in their partnership agreements.

(Series 17). The Fund commenced offering BACs in Series 17 on January 24, 1993. The Fund received and accepted subscriptions for $50,000,000 representing 5,000,000 BACs from investors admitted as BAC holders in Series 17. Offers and sales of BACs in Series 17 were completed and the last of the BACs in Series 17 were issued on June 17, 1993.

During the fiscal year ended March 31, 2013, the Fund did not use any of Series 17 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2013, proceeds from the offer and sale of BACs in Series 17 had been used to invest in a total of 49 Operating Partnerships in an aggregate amount of $37,062,980. As of March 31, 2013, 24 of the properties have been disposed of and 25 remain. The Fund had completed payments of all installments of its capital contributions to 46 of the 49 Operating Partnerships. Series 17 has outstanding contributions payable to 3 Operating Partnerships in the amount of $22,798 as of March 31, 2013. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 18). The Fund commenced offering BACs in Series 18 on June 17,1993. The Fund received and accepted subscriptions for $36,162,000 representing 3,616,200 BACs from investors admitted as BAC holders in Series 18. Offers and sales of BACs in Series 18 were completed and the last of the BACs in Series 18 were issued on September 22, 1993.

During the fiscal year ended March 31, 2013, the Fund did not use any of Series 18 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2013, proceeds from the offer and sale of BACs in Series 18 had been used to invest in a total of 34 Operating Partnerships in an aggregate amount of $26,652,205. As of March 31, 2013, 14 of the properties have been disposed of and 20 remain. The Fund had completed payments of all installments of its capital contributions to 32 of the 34

23

Operating Partnerships. Series 18 has $18,554 in capital contributions that remain to be paid to the other 2 Operating Partnerships. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 19). The Fund commenced offering BACs in Series 19 on October 8, 1993. The Fund received and accepted subscriptions for $40,800,000 representing 4,080,000 BACs from investors admitted as BAC holders in Series 19. Offers and sales of BACs in Series 19 were completed and the last of the BACs in Series 19 were issued on December 17, 1993.

During the fiscal year ended March 31, 2013, the Fund did not use any of Series 19 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2013, proceeds from the offer and sale of BACs in Series 19 had been used to invest in a total of 26 Operating Partnerships in an aggregate amount of $30,164,485. As of March 31, 2013, 17 of the properties have been disposed of and 9 remain. The Fund had completed payments of all installments of its capital contributions to the Operating Partnerships.

Results of Operations

The Fund incurred an annual fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various partnership management and reporting fees paid or payable by the Operating Partnerships. The annual fund management fee incurred, net of reporting fees received for the fiscal years ended March 31, 2013 and 2012, was $742,295 and $541,340, respectively.

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 and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

(Series 15). As of March 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 25 properties at March 31, 2013, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2012 and 2011, the series, in total, generated $1,219,508 and $1,856,626, respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2013 and 2012, Investments in Operating Partnerships for Series 15 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for its investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2013 and 2012, the net income (loss) for series 15 was $(152,736) and $133,226, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the partnership management fee.

24

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 2012, occupancy averaged 50%, down from 53% in 2011. The property generated an $27,445 deficit in 2012, 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 March 2013, the property is averaging 55% occupancy and is operating below breakeven. 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% and 64% in 2011 and 2012, respectively. As of March 31, 2013, Livingston Plaza’s average occupancy was 67%. 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 the low occupancy, with operating expenses tightly controlled by the operating general partner including its affiliated management company not charging a management fee to manage the property, Livingston Plaza was able to operate at a breakeven level in 2012 and during the first quarter of 2013. The property operated below breakeven in 2011 with the deficit funded primarily by withdrawals from the replacement reserve escrow account. The mortgage payments, real estate taxes, insurance, and accounts payable are current as of March 31, 2013. 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 Operating 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.

25

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.

26

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.

27

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 was 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.

In November 2012,the investment general partner transferred its interest in Grantsville Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,398,355 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,500 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 $6,500 as of December 31, 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.

28

In November 2012, the investment general partner transferred its interest in Shenandoah Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,385,751 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,500 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 $6,500 as of December 31, 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 November 2012, the investment general partner transferred its interest in Westernport Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,400,157 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $3,500 was be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,500 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 $6,500 as of December 31, 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.

29

In December 2012, the investment general partner transferred its interest in Bridlewood, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $726,108 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $6,875 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,600 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $525 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 $525 as of December 31, 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.

(Series 16). As of March 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 31 properties at March 31, 2012, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2012 and 2011, the series, in total, generated $806,237 and $(838,708), respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2013 and 2012, Investments in Operating Partnerships for Series 16 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for these investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2013, and 2012, the net income (loss) for series 16 was $(165,922) and $(166,198), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the partnership management fee.

Butler Rental Housing LP (Forest Pointe Apartments) is a 25-unit family property located in Butler, Georgia. In 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 80% occupancy in 2012. Occupancy had declined due to high unemployment and an overall trend of household consolidation in the market. In 2012 the management company, responsible for the property, hired new onsite and district managers. The new staff has improved operations. They have increased marketing efforts and are offering tenant referral incentives to counter the effects of the competitive rental market. As of March 2013, the property was 92% occupied. As a result of the increased occupancy, the property is operating only slightly below breakeven. 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 operating general partner is funding deficits as needed. The mortgage payments, taxes, and insurance 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.

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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. Many employers have either closed or continue to significantly reduce 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. 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, as occupancy increased from 63% in January 2012 to 88% in March 2013. However, the property continued to operate below breakeven in the first quarter of 2013. A successful 2012 tax appeal effort will reduce property taxes into 2013. The deficit is being funded through the accrual of related party management fees. The mortgage, real estate taxes, and insurance payments are all 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 first quarter of 2013 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 commenced foreclosure proceedings. The redemption period for the foreclosure in this action was six months. The default foreclosure judgment was entered on February 23, 2012; the redemption period ended on August 23, 2012. The resulting foreclosure sale in 2012 did not result in any recapture or penalties because the property was 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.

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Greenfield Properties, Limited Partnership (Greenfield Properties) is a 20-unit elderly property located in Greenfield, Missouri. The property operated below breakeven in 2012 and continues to operate below breakeven in 2013 due to insufficient rental rates, inconsistent occupancy and high operating expenses. Occupancy increased from 80% as of December 2012 to 85% as of March 2013. To increase leasing activity and improve operating efficiency, management is in the process of replacing the management and maintenance staff. 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 improved revenue, but not enough to greatly improve performance. MHDC approved management’s petition for an additional $15 per unit, per month, effective January 1, 2013. This will 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 increased legal fees tied to collections, high utility costs and maintenance costs related to vacant unit turnovers. All taxes, insurance and mortgage payments are current as of December 31, 2012. 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.

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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.

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Meadows of Southgate L.D.H.A., LP (Meadows of Southgate) is an 83-unit elderly property located in Southgate, Michigan. In 2012 the property continued to operate below breakeven largely due to ongoing occupancy challenges caused by a weak rental market. Occupancy averaged 65% in 2012, and as of March 2013, the property was 74% occupied. The operating general partner confirmed that the Down River area of Detroit is still dealing with a very soft rental market. In addition, Wayne County continues to reduce supportive services, which is accelerating the deterioration of the low-income rental market. The management agent, an affiliate of the operating general partner, continues to focus on improving occupancy through marketing initiatives including rental concessions, lowered rental rates, and extended leasing office hours. A Craigslist advertising campaign was initiated in 2012 and is the primary cause of the improvement in occupancy over the last 12 months. Deficits are being funded through the accrual of related party management fees. 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. The Note was paid on November 7, 2012. Of the amounts paid under the Note, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $73,516 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 $73,516 as of September 30, 2012. In December 2012, additional sale proceeds of $557 were received and returned to the cash reserves held by Series 16.

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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 was 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. Rural Development approved a change in management in December 2012. The change was made without the consent of the investment general partner. Upon discussions with Rural Development, the opertaing general partner believes the change is in the best interest of the Operating Partnership. The new management company has been focusing on deferred maintenance issues, and has not yet provided reporting. As of the end of first quarter 2013, management verbally reports the property at 90% occupancy. The operating general partner intendes to continue to work with management to receive the reporting in writing. The low income housing tax credit compliance period expired on December 31, 2007.

In December 2012, the investment general partner transferred its interest in Bentonia Elderly, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $783,133 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $1,050 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,600 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,350 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 $6,350 as of December 31, 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.

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In December 2012, the investment general partner transferred its interest in Joiner Elderly, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $681,441 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $6,361 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,600 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,039 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 $1,039 as of December 31, 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.

In December 2012, the investment general partner transferred its interest in Tchula Elderly, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $760,436 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $2,150 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,600 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,250 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 $5,250 as of December 31, 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.

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In December 2012, the investment general partner transferred its interest in Turtle Creek Family LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $790,251 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $7,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,600 was paid to BCAMLP for expenses related to the transfer, which include 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 December 31, 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.

In December 2012, the investment general partner transferred its interest in Twin Oaks Associates LP (VA) to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,343,303 and receipt of a Promissory Note (the “Note”) to the investment partnership in the amount of $70,000 maturing on June 30, 2013. Of the amounts payable under the Note, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $65,000 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 $65,000 as of December 31, 2012.

Falcon Ridge L.P. (Falcon Ridge Apartments) is a 32-unit family property located in Beattyville, Kentucky. Although occupancy remained stable at 97% between 2011 and 2012, the 2012 audit resulted in a cash flow deficit. This was due to decreased rental income and increased maintenance expenses and real estate taxes. USDA assistance payments remained unchanged, while tenant rent decreased from $22,447 in 2011 to $16,065 in 2012. The operating general partner has requested, but not yet received, clarification as to why rental revenue decreased as well as operating and occupancy information for the first quarter of 2013. The 15-year low income tax credit compliance period expired in December 2008.

(Series 17). As of March 31, 2013 and 2012, the average Qualified Occupancy for the Series was 100%. The series had a total of 25 properties at March 31, 2013, all of which were at 100% Qualified Occupancy.

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For the tax years ended December 31, 2012 and 2011, the series, in total, generated $(1,091,245) and $250,150, respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2013 and 2012, Investments in Operating Partnerships for Series 17 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for these investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2013 and 2012, the net income (loss) for series 17 was $85,976 and $(25,508), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the partnership management fee.

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 2012 due to insufficient rental rates and high debt service. The mortgage has been placed in default and the operating general partner has filed for bankruptcy protection. Occupancy as of December 2012 was 93% but has dropped to 87% as of March 2013. 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). A second request made to MSHA for a $10 per unit, per month rent increase, to be effective January 1, 2013, was approved and was implemented as planned. This will add an additional $3,600 annually to revenue but will not on its own be enough to push operations above breakeven.

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 Operating 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 in receivership and takes direction from the trustee appointed by the bankruptcy court. The operating general partner is in negotiations with MSHA to restructure the debt at a lower interest rate. The operating general partner projects that a new agreement will decrease the interest rate on the loan by two to three percentage points annually and include a balloon payment due at the end of year five. This would produce a savings of more than $50,000 annually and would likely allow the property to operate above breakeven. At the end of year five, the operating general partner plans to explore various disposition opportunities consistent with the investment objectives of the investment partnership. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Skowhegan Housing, LP.

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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 and 2012 due to high vacancy, insufficient rental rates, high operating expenses, and high debt service. Occupancy ended 2012 at 81% and remains at 81% as of March 31, 2013. Improving occupancy is a challenge due 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 led to the relocation of many potential new tenants. Management has no plans to petition MSHA for a rental increase until occupancy improves. Higher operating expenses in 2012 are the result of management’s efforts to improve the quality of its resident base by aggressively pursuing collections and the eviction of non-performing tenants and the high cost of vacant unit turnover caused by the poor condition of the buildings.

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 Operating 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 in receivership and takes direction from the trustee appointed by the bankruptcy court. The operating general partner is in negotiations with MSHA to restructure the debt at a lower interest rate. The operating general partner projects that a new agreement will decrease the interest rate on the loan by two to three percentage points annually and include a balloon payment due at the end of year five. This would produce a savings of more than $30,000 annually and would likely allow the property to operate above breakeven. At the end of year five, the operating general partner plans to explore 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 Green Acres Limited Partnership.

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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 2012 and it averaged 89% occupancy for the year. However, the property operated below breakeven in the first quarter of 2013 and occupancy was 88% as of March 31, 2013. In the second quarter of 2012 the investment general 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 successful discussions with MVURA and no payments are being required at this time due to a pending debt restructure.  To date, MVURA is cooperating with the operating general partner and has not issued a default notice.  The operating general partner expects the debt restructure will allow the property to meet its debt service and will resolve the delinquent debt payment issue. 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. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Hackley-Barclay Limited Partnership (Royal Glen Townhomes) is a 78-unit property located in Muskegon, Michigan. The property averaged 97% occupancy in 2012 and operated above breakeven. On March 17, 2013, a fire broke out in one unit when a tenant forgot to turn the iron off and left for the day. No injuries were caused by the fire but there were significant damages to the unit. Management has filed an insurance claim and has received a check for $40,000. Repairs have commenced in the unit and management plans to have the unit rent ready by the end of June 2013. As of March 31, 2013, the property is 94% occupied and operating above breakeven. All taxes, insurance, and payments on the mortgage are current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Hackley-Barclay 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 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.

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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.

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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 was 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.

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In December 2012, the investment general partner of Briarwood of DeKalb, LP entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on December 20, 2012. The sales price of the property was $1,200,000, which included the outstanding mortgage balance of approximately $612,300 and cash proceeds to the investment partnership of $386,367. Of the total proceeds received by the investment partnership, $63,242 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $315,625 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 $315,625 as of December 31, 2012.

(Series 18). As of March 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at March 31, 2013, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2012 and 2011, the series, in total, generated $3,070,339 and $(1,437,190), respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2013 and 2012, Investments in Operating Partnerships for Series 18 was $0. Investments in Operating Partnerships were affected by the way the Fund accounts for these investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2013 and 2012, the net income (loss) for series 18 was $681,398 and $169,974, respectively. The major components of these amounts are the Fund's share of reporting fees from Operating Partnerships and the partnership management fee.

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Ripley Housing, Limited Partnership (Oakhaven Apartments) is a 24-unit family property located in Ripley, Mississippi. The property struggled with low occupancy in 2011 and early 2012. The vacancy was a direct reflection of economic conditions in Ripley, where ongoing job losses led to increased evictions and migration from the area. Management has focused on marketing efforts, particularly internet advertising. They also perform outreach to the local HUD office, the Mississippi Housing Authority, and the Tippah County housing agencies. As the result of management’s efforts, occupancy averaged 90% in the first quarter of 2013 and the property was operating above breakeven. 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 stabilizing occupancy and controlling expenses. Occupancy increased throughout 2011 and ended the year at 95%. Although operations improved, the property still operated below breakeven for the year 2011. As of December 2012, the property operated only slightly below breakeven with strong occupancy and lower operating expenses. As of March 31, 2013 occupancy increased to 97%. Maintenance and administrative expenses decreased as a result of the lower vacancy. The operating general partner stated that the deficit was funded by deferring management fees and, if necessary, funds will be advanced to the operating partnership. All mortgage, insurance, and tax 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 2009, 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 and operated above breakeven. Occupancy trended downward again in 2012 with average occupancy at 77%. Occupancy has struggled due to soft market conditions. Management continues to increase advertising in surrounding areas and to offer incentives but has experienced difficulty in finding qualified applicants. As a result of the low occupancy, the property operated slightly below breakeven in 2012. Through the first quarter of 2013, the property has continued to operate below breakeven. As of March 31, 2013, the property is 71% occupied. A site visit was completed 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.

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In November 2012, the operating general partner of Bear Creek of Naples entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on December 12, 2012. The sales price of the property was $6,960,000, which included the outstanding mortgage balance of approximately $4,608,790 and cash proceeds to the investment partnership of $833,501. Of the total proceeds received by the investment partnership, $15,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $818,501 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 $818,501 as of December 31, 2012. The gain on the sale includes a receivable in the amount of $70,000, which was recorded for Series 18 as of December 31, 2012. In February 2013, additional sale proceeds of $20,000 were received and returned to the cash reserves held by Series 18. In May 2013, additional sale proceeds of $13,000 were received and returned to the cash reserves held by Series 18.

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 was 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.

Marengo Park Apartments LP (West Pine Homes) is a 24-unit property located in Marengo Park, IA. Occupancy has historically been an issue at the property, mainly due to evictions for nonpayment of rent and residents vacating because of job losses. The property was previously operating under a Servicing Workout Plan approved by Rural Development which expired on September 30, 2012. The Plan aimed to fund the replacement reserves, make payables current, and resolve capital improvement issues through expanded marketing efforts to improve occupancy. Currently, a new workout plan for the property is being reviewed by Rural Development. 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. In 2012, occupancy remained a concern as the property averaged 78% occupancy for the year. However, despite the low occupancy, the property operated above breakeven. The property is able to operate above breakeven at low occupancy levels because management keeps very tight control on expenses. As of March 31, 2013, the property is 67% occupied and operating above breakeven. 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.

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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 was 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.

In January 2013, the operating general partner of Lakeview Meadows II LDHA LP approved an agreement to sell the property to an unaffiliated third party buyer and the transaction is scheduled to close in December 2013. The sales price for the property is $2,044,250, which includes the outstanding mortgage balance of approximately $1,317,196 and estimated cash proceeds to the investment partnership of $810,520. Of the estimated proceeds to be received by the investment partnership, $60,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $743,020 will be 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.

In February 2013, the operating general partner of Westminster Meadow LDHA Limited Partnership entered into an agreement to sell the property to an unaffiliated third party buyer and the transaction closed on March 26, 2013. The sales price of the property was $1,817,470, which included the outstanding mortgage balance of approximately $1,767,470 and cash proceeds to the investment partnership of $1,000. Of the total proceeds received by the investment partnership, $1,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. There were no remaining proceeds from the sale 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, 2013.

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(Series 19). As of March 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at March 31, 2013, all of which were at 100% Qualified Occupancy.

For the tax year ended December 31, 2012 and 2011, the series, in total, generated $489,430 and $3,724,924, respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2013 and 2012, Investments in Operating Partnerships for Series 19 was $0. Investments in Operating Partnerships are affected by the way the Fund accounts for these investments, the equity method. By using the

equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2013 and 2012, the net income (loss) for series 19 was $1,175,048 and $(39,453), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and partnership management fee.

Carrollton Villa, L.P. (Meadow Ridge Apartments), is a 35-unit family project in Carrollton, Missouri. The property is operating with below breakeven operations caused by low rental rates and high operating expenses, specifically high utility costs. The property averaged 99% occupancy throughout 2012 and continues to maintain 99% as of March 31, 2013. Management petitioned the Missouri Housing Development Commission (MHDC) for a rent increase, to be effective May 1, 2013, and expects to receive approval within the next few weeks. This is projected to increase revenue by an additional $8,100 annually. Operating expenses were reduced in 2012 by discontinuing the use of outside contractors for cleaning, maintenance and repairs which were completed more economically by in-house staff. 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 has allowed the property to reduce its debt service payments, and operating deficits. The real estate taxes, mortgage and insurance are all current as of March 2013. 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.

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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 family project in Rainsville, Alabama. Occupancy averaged 90% and 91% in 2011 and 2012, respectively. A new site manager was hired in the second quarter of 2011, and regional management reports that she has been 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 first quarter of 2013, occupancy dropped to 88%, with operations below breakeven status. The property has no operating cash and reported an underfunded tax & insurance escrow account for the year. 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 recently developed tax credit properties and two similarly priced market rate properties located nearby. Through the fourth quarter of 2012, occupancy averaged 94% and was at 92% as of December 2012. Occupancy has declined slightly in 2013 averaging 91% at March 31, 2013. The property appears to be operating at breakeven through December 2012 due to reduced maintenance and administrative costs and despite low rental rates and high debt service payments. To remain competitive, rather than increase its advertised rates, management has elected to gradually increase rental rates on its existing tenant base at the time of renewal. It is also planning a temporary, $499 per month, special offer in the first quarter of 2013 for new applicants considering one of the eight, one-bedroom apartments currently available on site. Management continues to advertise in For Rent Magazine and online. By increasing the frequency of unit inspections and through increased regular contact with residents, management has been able to reduce maintenance expenses and vacant unit turnover costs by identifying and billing for damages before residents exit the property. By also working harder to convince non-performing residents to vacate prior to eviction, legal and administrative expenses were reduced and costs savings realized throughout the year. 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. Written documentation received confirms that the property’s mortgage, real estate taxes and insurance payments are all current through December 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.

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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 was 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.

49

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 was 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 was 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.

50

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 was 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 was 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.

51

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.

In December 2012, the investment general partner transferred its interest in Holts Summit Square, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $997,010 and cash proceeds to the investment partnership of $51,360. Of the total proceeds received, $8,125 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 include third party legal costs. The remaining proceeds of approximately $38,235 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 $38,235 as of December 31, 2012.

52

Munford Village Ltd. (Munford Village) is a 24-unit family property in Munford, Alabama. Occupancy decreased from 93% in 2011 to 84% in 2012. The cash flow deficit reported for the year was due to a decreased rental income, resulting from a decline in occupancy. Administrative, maintenance and insurance expenses all increased in 2012. The operating general partner has requested, but not yet received, explanation for the decline in occupancy and management’s plan to improve revenue as well as operating information for the first quarter of 2013. The 15-year low income housing tax credit compliance period expired in 2008.

Contractual Obligations

Not Applicable

Off Balance Sheet Arrangements

None

53

Principal Accounting Policies and Estimates

The 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.

54

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 7a.	Quantitative and Qualitative Disclosure About Market Risk
	Not Applicable
Item 8.	Financial Statements and Supplementary Data
	The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
	None

55

Item 9a.		Controls and 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 in 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 Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the disclosure controls and procedures with respect to each series individually, as well as the Fund as a whole, were adequate and effective in timely alerting them to material information relating to any series or the Fund as a whole required to be included in the Fund’s periodic SEC filings.
	(b)	Management’s Annual Report on Internal Control over Financial Reporting
		Management of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) of each series individually, as well as the Fund as a whole. The Fund’s internal control system over financial reporting is designed to provide reasonable assurance to the Fund’s management regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.
		Due to inherent limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.
		The Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates III LP, assessed the effectiveness of the internal controls and procedures over financial reporting with respect to each series individually, as well as the Fund as a whole, as of March 31, 2013. In making this assessment, the Fund's management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework. Based on this assessment, management believes that, as of March 31, 2013, its internal control over financial reporting with respect to each series individually, as well as the Fund as a whole was effective.
	(c)	Changes in Internal Controls
		There were no changes in the Fund management's internal control over financial reporting that occurred during the quarter ended March 31, 2013 that materially affected, or are reasonably likely to materially affect, the Fund management's internal control over financial reporting.

56

PART III

Item 10. Directors, Executive Officers and Corporate Governance of the Fund (a), (b), (c), (d) and (e)

The Fund has no directors or executive officers of its own. The following biographical information is presented for the partners of the general partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Fund's affairs.

John P. Manning, age 64, is co-founder, and since 1974 has been the President and Chief Executive Officer, of Boston Capital Corporation. As co-founder and CEO of Boston Capital, Mr. Manning’s primary responsibilities include strategic planning, business development and the continued oversight of newopportunities.In addition to his responsibilities at Boston Capital Corporation, Mr. Manning is a proactive leader in the multifamily real estate industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, which reviewed and suggested reforms to the Low Income Housing Tax Credit program. He was the founding President of the Affordable Housing Tax Credit Coalition and is a former member of the board of the National Leased Housing Association. During the 1980s, he served as a member of the Massachusetts Housing Policy Committee as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit. In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton appointed Mr. Manning to the President’s Export Council, the premiere committee comprised of major corporate CEOs that advise the President on matters of foreign trade and commerce. In 2003, he was appointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manning sits on the Board of Directors of the John F. Kennedy Presidential Library in Boston where he serves as Chairman of the Distinguished Visitors Program. He is also on the Board of Directors of the Beth Israel Deaconess Medical Center in Boston. Mr. Manning is a graduate of Boston College.

Mr. Manning is the managing member of Boston Associates. Mr. Manning is also the principal of Boston Capital Corporation. While Boston Capital is not a direct subsidiary of Boston Capital Corporation, it is under the common control of Mr. Manning.

Jeffrey H. Goldstein, age 51, is Chief Operating Officer and has been the Director of Real Estate of Boston Capital Corporation since 1996. He directs Boston Capital Corporation’s comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital Corporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as Manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

57

Kevin P. Costello, age 66, is Executive Vice President and has been the Director of Institutional Investing of Boston Capital Corporation since 1992 and serves on the firm’s Executive Committee. He is responsible for all corporate investment activity and has spent over 20 years in the real estate syndication and investment business. Mr. Costello’s prior responsibilities at Boston Capital Corporation have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit private placements. Prior to joining Boston Capital Corporation in 1987, he held positions with First Winthrop, Reynolds Securities and Bache & Company. Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

Marc N. Teal, age 49, has been Chief Financial Officer of Boston Capital Corporation since May2003. Mr. Teal previously served as Senior Vice President and Director of Accounting and prior to that served as Vice President of Partnership Accounting. He has been with Boston Capital Corporation since 1990. In his current role as CFO he oversees all of the accounting, financial reporting, SEC reporting, budgeting, audit, tax and compliance for Boston Capital Corporation, its affiliated entities and all Boston Capital Corporation sponsored programs. Additionally, Mr. Teal is responsible for maintaining all banking and borrowing relationships of Boston Capital Corporation and treasury management of all working capital reserves. He also oversees Boston Capital Corporation's information and technology areas, including the strategic planning for Boston Capital Corporation and its affiliaties. Prior to joining Boston Capital Corporation in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted real estate company, and prior to that was a Senior Accountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancy from Bentley College and a Masters in Finance from Suffolk University.

58

(f)	Involvement in certain legal proceedings.
	None.
(g)	Promoters and control persons.
	None.
(h) and (i)	The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert.  The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.
	The general partner of the Fund, Boston Capital Associates III LP, has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer of C&M Management, Inc.  The Code of Ethics will be provided without charge to any person who requests it.  Such request should be directed to Marc N. Teal Boston Capital Corp. One Boston Place Boston, MA 02108.
Item 11.	Executive Compensation
	(a), (b), (c), (d) and (e)

The Fund has no officers or directors and no compensation committee. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the general partner and its affiliates for the following fees during the 2013 fiscal year:

1.    An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fee charged to operations, net of reporting fees received, during the year ended March 31, 2013 was $742,295.

2.    The Fund has reimbursed an affiliate of the general partner a total of $107,439 for amounts charged to operations during the year ended March 31, 2013. The reimbursement includes postage, printing, travel, and overhead allocations.

59

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(a)	Security ownership of certain beneficial owners.
	As of March 31, 2013, 21,996,102 BACs had been issued. The following Series are known to have one investor, Everest Housing, 199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.

Series	% of BACs held
Series 15		8.25	%
Series 16		10.23	%
Series 17		9.71	%
Series 18		9.32	%
Series 19		6.97	%

(b)	Security ownership of management.
	The general partner has a 1% interest in all profits, losses, credits and distributions of the Fund.
(c)	Changes in control.

There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Fund's Partnership Agreement which allows, under certain circumstances, the ability to change control.

The Fund has no compensation plans under which interests in the Fund are authorized for issuance.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

(a) Transactions with related persons.  

The Fund has no officers or directors. However, under the terms of the Offering, various kinds of compensation and fees are payable to the general partner and its affiliates during the organization and operation of the Fund. Additionally, the general partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Partnership Agreement. See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the general partner and its affiliates during the period from April 1, 1995 through March 31, 2013.

(b)	Review, Approval or Ratification of transactions with related persons.
	The Fund response to Item 13(a) is incorporated herein by reference.
(c)	Transactions with Promoters and certain control persons.
	Not applicable.
(d)	Independence.
	The Fund has no directors.

60

Item 14.	Principal Accountant Fees and Services
	Fees paid to the Fund’s independent auditors for fiscal year 2013 were comprised of the following:

Fee Type	Ser. 15		Ser. 16		Ser. 17		Ser. 18		Ser. 19
Audit Fees	$	21,665	$	24,325	$	20,145	$	17,105	$	14,445
Audit Related Fees		-		-		-		-		-
Tax Fees		10,170		11,370		9,170		7,370		6,170
All Other Fees		-		-		-		-		-
Total	$	31,835	$	35,695	$	29,315	$	24,475	$	20,615

Fees paid to the Fund’s independent auditors for fiscal year 2012 were comprised of the following:

Fee Type	Ser. 15		Ser. 16		Ser. 17		Ser. 18		Ser. 19
Audit Fees	$	22,580	$	24,805	$	22,205	$	17,405	$	14,805
Audit Related Fees		-		-		-		-		-
Tax Fees		10,095		11,265		10,095		7,755		6,000
All Other Fees		1,820		380		380		380		1,780
Total	$	34,495	$	36,450	$	32,680	$	25,540	$	22,585
Audit Committee

The Fund has no Audit Committee.  All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by C&M Management, Inc.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) 1 and 2. Financial Statements and Financial Statement Schedules, filed herein as Exhibit 13 -

Reports of Independent Registered Public Accounting Firms

Balance Sheets, March 31, 2013 and 2012

Statements of Operations for the years ended March 31, 2013 and 2012.

Statements of Changes in Partners' Capital (Deficit) for the years ended March 31, 2013 and 2012.

Statements of Cash Flows for the years ended March 31, 2013 and 2012.

Notes to Financial Statements March 31, 2013 and 2012

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes hereto.

(b) 1.Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

Exhibit No. 3 - Organization Documents.

a. Certificate of Limited Partnership of Boston Capital Tax Credit Fund III L.P. (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 33-42999 on Form S-11 as filed with the Securities and Exchange Commission on September 26, 1991.)

Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.

a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund III L.P. (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 33-42999 on Form S-11 as filed with the Securities and Exchange Commission on September 26, 1991.)

Exhibit No. 10 - Material contracts.

a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 33-42999 on Form S-11 as filed with the Securities and Exchange Commission on September 26, 1991.)

Exhibit No. 13 - Financial Statements.

a. Financial Statement of Boston Capital Tax Credit Fund III L.P., filed herein

62

Exhibit No. 28 - Additional exhibits.

a. Agreement of Limited Partnership of Branson Christian County (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 4, 1994).

b. Agreement of Limited Partnership of Peachtree L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 4, 1994).

c. Agreement of Limited Partnership of Cass Partners, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 7, 1994).

d. Agreement of Limited Partnership of Sable Chase of McDonough L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 8, 1994).

e. Agreement of Limited Partnership of Ponderosa Meadows Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 12, 1994).

f. Agreement of Limited Partnership of Hackley-Barclay LDHA (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 14, 1994).

g. Agreement of Limited Partnership of Sugarwood Park (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 12, 1994).

h. Agreement of Limited Partnership of West End Manor of Union Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 29, 1994).

i. Agreement of Limited Partnership of Vista Loma (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 31, 1994).

j. Agreement of Limited Partnership of Palmetto Properties (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on June 16, 1994).

k. Agreement of Limited Partnership of Jefferson Square (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on June 27, 1994).

l. Agreement of Limited Partnership of Holts Summit Square (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on June 27, 1994).

63

m. Agreement of Limited Partnership of Harris Housing (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on July 8, 1994).

n. Agreement of Limited Partnership of Branson Christian County II (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on September 1, 1994).

o. Agreement of Limited Partnership of Chelsea Square (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on September 12, 1994).

p. Agreement of Limited Partnership of Palatine Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on September 21, 1994).

q. Agreement of Limited Partnership of Mansura Villa II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 19, 1994).

r. Agreement of Limited Partnership of Haynes House Associates II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 25, 1994).

s. Agreement of Limited Partnership of Skowhegan Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 28, 1994).

t. Agreement of Limited Partnership of Mt. Vernon Associates, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on November 19, 1994).

u. Agreement of Limited Partnership of Clinton Estates, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995.)

64

Exhibit No. 31 Certification 302

a. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

b. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

Exhibit No. 32 Certification 906

a. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

b. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

Exhibit No. 101

The following materials from the Boston Capital Tax Credit Fund III, L.P. Annual Report on Form 10-K for the period ended March 31, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Changes in Partners' Capital (Deficit), (iv) the Statements of Cash Flows and (v) related notes, furnished herewith

65

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.,
Date:		General Partner
June 27, 2013	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:
June 27, 2013	/s/ John P. Manning	Director, President
		(Principal Executive
	John P. Manning	Officer) C&M Management
		Inc.; Director,
		President (Principal
		Executive Officer)
		BCTC III Assignor Corp.

DATE:	SIGNATURE:	TITLE:
June 27, 2013	/s/ Marc N. Teal	Chief Financial Officer
		(Principal Financial
	Marc N. Teal	and Accounting Officer) C&M Management Inc.; Chief Financial Officer
		(Principal Financial and Accounting Officer)
		BCTC III Assignor Corp.

66

EX-13

FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BOSTON CAPITAL TAX CREDIT FUND III

LIMITED PARTNERSHIP -

SERIES 15 THROUGH SERIES 19

MARCH 31, 2013 AND 2012

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

	TABLE OF CONTENTS
		PAGE
REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS		F-3
FINANCIAL STATEMENTS
	BALANCE SHEETS	F-5
	STATEMENTS OF OPERATIONS	F-11
	STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-17
	STATEMENTS OF CASH FLOWS	F-23
	NOTES TO FINANCIAL STATEMENTS	F-29

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

F-2

Report of Independent Registered Public Accounting Firm

To the Partners  

Boston Capital Tax Credit Fund III Limited Partnership

We have audited the accompanying balance sheet of Boston Capital Tax Credit Fund III Limited Partnership - Series 15 through Series 19 (the Partnership), in total and for each series, as of March 31, 2013, and the related statements of operations, partners’ capital (deficit) and cash flow for the total partnership and for each series for the year ended March 31, 2013. The Partnership’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit of the financial statements provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund III Limited Partnership - Series 15 through Series 19, in total and for each series, as of March 31, 2013, and the results of its operations and cash flows for the total Partnership and for each series for the year ended March 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

/s/ CohnReznick LLP

COHNREZNICK LLP

Bethesda, Maryland

June 27, 2013

F-3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Boston Capital Tax Credit Fund III Limited Partnership

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund III Limited Partnership - Series 15 through Series 19, in total and for each series, as of March 31, 2012, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for the year ended March 31, 2012. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund III Limited Partnership - Series 15 through Series 19, in total and for each series, as of March 31, 2012, and the results of its operations and its cash flows for the total partnership and for each of the series for the year ended March 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Reznick Group, P.C.

REZNICK GROUP, P.C.

Bethesda, Maryland

June 29, 2012

F-4

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS

March 31, 2013 and 2012

	Total
	2013			2012
ASSETS
OTHER ASSETS
Cash and cash equivalents	$	5,933,101		$	4,880,195
Other assets		69,400			14,400
	$	6,002,501		$	4,894,595
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	32,246		$	29,746
Accounts payable - affiliates		23,832,722			24,351,080
Capital contributions payable		91,360			91,360
		23,956,328			24,472,186
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 21,996,102 issued to the assignees at March 31, 2013 and 2012		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 21,996,102 issued and 21,986,702 and 21,992,202 outstanding at March 31, 2013 and 2012, respectively		(15,919,011	)		(17,526,537	)
General partner		(2,034,816	)		(2,051,054	)
		(17,953,827	)		(19,577,591	)
	$	6,002,501		$	4,894,595

(continued)

F-5

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2013 and 2012

	Series 15
	2013			2012
ASSETS
OTHER ASSETS
Cash and cash equivalents	$	184,136		$	198,803
Other assets		-			-
	$	184,136		$	198,803
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,246		$	1,246
Accounts payable - affiliates		3,943,793			3,805,724
Capital contributions payable		-			-
		3,945,039			3,806,970
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,870,500 issued to the assignees at March 31, 2013 and 2012		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,870,500 issued 3,866,900 and 3,869,900 outstanding at March 31, 2013 and 2012, respectively		(3,401,105	)		(3,249,896	)
General partner		(359,798	)		(358,271	)
		(3,760,903	)		(3,608,167	)
	$	184,136		$	198,803

(continued)

F-6

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2013 and 2012

	Series 16
	2013			2012
ASSETS
OTHER ASSETS
Cash and cash equivalents	$	264,550		$	360,565
Other assets		65,000			-
	$	329,550		$	360,565
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,000		$	5,000
Accounts payable - affiliates		8,656,186			8,521,279
Capital contributions payable		50,008			50,008
		8,711,194			8,576,287
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,429,402 issued to the assignees at March 31, 2013 and 2012		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,429,402 issued and 5,425,102 and 5,427,102 outstanding at March 31, 2013 and 2012, respectively		(7,831,219	)		(7,666,956	)
General partner		(550,425	)		(548,766	)
		(8,381,644	)		(8,215,722	)
	$	329,550		$	360,565

(continued)

F-7

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2013 and 2012

	Series 17
	2013			2012
ASSETS
OTHER ASSETS
Cash and cash equivalents	$	258,319		$	344,436
Other assets		4,400			4,400
	$	262,719		$	348,836
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	18,500		$	18,500
Accounts payable - affiliates		6,830,975			7,003,068
Capital contributions payable		22,798			22,798
		6,872,273			7,044,366
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,000,000 issued to the assignees at March 31, 2013 and 2012		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,000,000 issued 4,998,500 and 4,999,000 outstanding at March 31, 2013 and 2012, respectively		(6,122,681	)		(6,207,797	)
General partner		(486,873	)		(487,733	)
		(6,609,554	)		(6,695,530	)
	$	262,719		$	348,836

(continued)

F-8

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2013 and 2012

	Series 18
	2013			2012
ASSETS
OTHER ASSETS
Cash and cash equivalents	$	231,682		$	164,525
Other assets		-			10,000
	$	231,682		$	174,525
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	5,000
Accounts payable - affiliates		4,401,768			5,021,009
Capital contributions payable		18,554			18,554
		4,420,322			5,044,563
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,616,200 issued to the assignees at March 31, 2013 and 2012		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,616,200 issued and outstanding at March 31, 2013 and 2012		(3,836,526	)		(4,511,110	)
General partner		(352,114	)		(358,928	)
		(4,188,640	)		(4,870,038	)
	$	231,682		$	174,525

(continued)

F-9

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2013 and 2012

	Series 19
	2013			2012
ASSETS
OTHER ASSETS
Cash and cash equivalents	$	4,994,414		$	3,811,866
Other assets		-			-
	$	4,994,414		$	3,811,866
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	7,500		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		7,500			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 4,080,000 issued to the assignees at March 31, 2013 and 2012		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,080,000 issued and outstanding at March 31, 2013 and 2012		5,272,520			4,109,222
General partner		(285,606	)		(297,356	)
		4,986,914			3,811,866
	$	4,994,414		$	3,811,866

See notes to financial statements

F-10

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS

Years ended March 31, 2013 and 2012

	Total
	2013		2012
Income
Interest income	$	20,309	$	26,922
Other income		75,693		30,350
Total income		96,002		57,272
Share of income from operating limited partnerships		2,581,396		820,440
Expenses
Professional fees		165,859		160,346
Partnership management fee		742,295		541,340
General and administrative expenses		145,480		103,985
		1,053,634		805,671
NET INCOME (LOSS)	$	1,623,764	$	72,041
Net income (loss) allocated to general partner	$	16,238	$	720
Net income (loss) allocated to limited partners	$	1,607,526	$	71,321
Net income (loss) per BAC	$	0.07	$	0.00

(continued)

F-11

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 15
	2013			2012
Income
Interest income	$	648		$	1,439
Other income		856			1,318
Total income		1,504			2,757
Share of income from operating limited partnerships		40,762			325,050
Expenses
Professional fees		33,804			35,926
Partnership management fee		133,941			138,632
General and administrative expenses		27,257			20,023
		195,002			194,581
NET INCOME (LOSS)	$	(152,736	)	$	133,226
Net income (loss) allocated to general partner	$	(1,527	)	$	1,332
Net income (loss) allocated to limited partners	$	(151,209	)	$	131,894
Net income (loss) per BAC	$	(0.04	)	$	0.03

(continued)

F-12

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 16
	2013			2012
Income
Interest income	$	762		$	1,848
Other income		1,637			2,024
Total income		2,399			3,872
Share of income from operating limited partnerships		149,074			148,294
Expenses
Professional fees		43,914			39,313
Partnership management fee		240,696			254,665
General and administrative expenses		32,785			24,386
		317,395			318,364
NET INCOME (LOSS)	$	(165,922	)	$	(166,198	)
Net income (loss) allocated to general partner	$	(1,659	)	$	(1,662	)
Net income (loss) allocated to limited partners	$	(164,263	)	$	(164,536	)
Net income (loss) per BAC	$	(0.03	)	$	(0.03	)

(continued)

F-13

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 17
	2013		2012
Income
Interest income	$	796	$	1,642
Other income		11,427		16,209
Total income		12,223		17,851
Share of income from operating limited partnerships		336,562		247,646
Expenses
Professional fees		35,656		34,300
Partnership management fee		196,681		234,245
General and administrative expenses		30,472		22,460
		262,809		291,005
NET INCOME (LOSS)	$	85,976	$	(25,508	)
Net income (loss) allocated to general partner	$	860	$	(255	)
Net income (loss) allocated to limited partners	$	85,116	$	(25,253	)
Net income (loss) per BAC	$	0.02	$	(0.01	)

(continued)

F-14

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 18
	2013		2012
Income
Interest income	$	436	$	630
Other income		51,933		10,485
Total income		52,369		11,115
Share of income from operating limited partnerships		859,438		-
Expenses
Professional fees		27,441		26,832
Partnership management fee		177,773		(203,875	)
General and administrative expenses		25,195		18,184
		230,409		(158,859	)
NET INCOME (LOSS)	$	681,398	$	169,974
Net income (loss) allocated to general partner	$	6,814	$	1,700
Net income (loss) allocated to limited partners	$	674,584	$	168,274
Net income (loss) per BAC	$	0.19	$	0.05

(continued)

F-15

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 19
	2013			2012
Income
Interest income	$	17,667		$	21,363
Other income		9,840			314
Total income		27,507			21,677
Share of income from operating limited partnerships		1,195,560			99,450
Expenses
Professional fees		25,044			23,975
Partnership management fee		(6,796	)		117,673
General and administrative expenses		29,771			18,932
		48,019			160,580
NET INCOME (LOSS)	$	1,175,048		$	(39,453	)
Net income (loss) allocated to general partner	$	11,750		$	(395	)
Net income (loss) allocated to limited partners	$	1,163,298		$	(39,058	)
Net income (loss) per BAC	$	0.29		$	(0.01	)

See notes to financial statements

F-16

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2013 and 2012

	Limited			General
Total	partners			partner			Total
Partners’ capital (deficit), March 31, 2011	$	(17,338,646	)	$	(2,049,156	)	$	(19,387,802	)
Distributions to partners		(259,212	)		(2,618	)		(261,830	)
Net income (loss)		71,321			720			72,041
Partners’ capital (deficit), March 31, 2012	$	(17,526,537	)	$	(2,051,054	)	$	(19,577,591	)
Distributions to partners		-			-			-
Net income (loss)		1,607,526			16,238			1,623,764
Partners’ capital (deficit), March 31, 2013	$	(15,919,011	)	$	(2,034,816	)	$	(17,953,827	)

(continued)

F-17

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2013 and 2012

	Limited			General
Series 15	partners			partner			Total
Partners’ capital (deficit), March 31, 2011	$	(3,381,790	)	$	(359,603	)	$	(3,741,393	)
Distributions to partners		-			-			-
Net income (loss)		131,894			1,332			133,226
Partners’ capital (deficit), March 31, 2012		(3,249,896	)		(358,271	)		(3,608,167	)
Distributions to partners		-			-			-
Net income (loss)		(151,209	)		(1,527	)		(152,736	)
Partners’ capital (deficit), March 31, 2013	$	(3,401,105	)	$	(359,798	)	$	(3,760,903	)

(continued)

F-18

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2013 and 2012

	Limited			General
Series 16	partners			partner			Total
Partners’ capital (deficit), March 31, 2011	$	(7,502,420	)	$	(547,104	)	$	(8,049,524	)
Distributions to partners		-			-			-
Net income (loss)		(164,536	)		(1,662	)		(166,198	)
Partners’ capital (deficit), March 31, 2012		(7,666,956	)		(548,766	)		(8,215,722	)
Distributions to partners		-			-			-
Net income (loss)		(164,263	)		(1,659	)		(165,922	)
Partners’ capital (deficit), March 31, 2013	$	(7,831,219	)	$	(550,425	)	$	(8,381,644	)

(continued)

F-19

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2013 and 2012

	Limited			General
Series 17	partners			partner			Total
Partners’ capital (deficit), March 31, 2011	$	(6,182,544	)	$	(487,478	)	$	(6,670,022	)
Distributions to partners		-			-			-
Net income (loss)		(25,253	)		(255	)		(25,508	)
Partners’ capital (deficit), March 31, 2012		(6,207,797	)		(487,733	)		(6,695,530	)
Distributions to partners		-			-			-
Net income (loss)		85,116			860			85,976
Partners’ capital (deficit), March 31, 2013	$	(6,122,681	)	$	(486,873	)	$	(6,609,554	)

(continued)

F-20

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2013 and 2012

	Limited			General
Series 18	partners			partner			Total
Partners’ capital (deficit), March 31, 2011	$	(4,679,384	)	$	(360,628	)	$	(5,040,012	)
Distributions to partners		-			-			-
Net income (loss)		168,274			1,700			169,974
Partners’ capital (deficit), March 31, 2012		(4,511,110	)		(358,928	)		(4,870,038	)
Distributions to partners		-			-			-
Net income (loss)		674,584			6,814			681,398
Partners’ capital (deficit), March 31, 2013	$	(3,836,526	)	$	(352,114	)	$	(4,188,640	)

(continued)

F-21

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2013 and 2012

	Limited			General
Series 19	partners			partner			Total
Partners’ capital (deficit), March 31, 2011	$	4,407,492		$	(294,343	)	$	4,113,149
Distributions to partners		(259,212	)		(2,618	)		(261,830	)
Net income (loss)		(39,058	)		(395	)		(39,453	)
Partners’ capital (deficit), March 31, 2012		4,109,222			(297,356	)		3,811,866
Distributions to partners		-			-			-
Net income (loss)		1,163,298			11,750			1,175,048
Partners’ capital (deficit), March 31, 2013	$	5,272,520		$	(285,606	)	$	4,986,914

See notes to financial statements

F-22

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS

Years ended March 31, 2013 and 2012

	Total
	2013			2012
Cash flows from operating activities
Net income (loss)	$	1,623,764		$	72,041
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(2,581,396	)		(820,440	)
Changes in assets and liabilities
Other assets		(13,575	)		61,538
Accounts payable and accrued expenses		2,500			(82,800	)
Accounts payable - affiliates		(518,358	)		(370,629	)
Net cash used in operating activities		(1,487,065	)		(1,140,290	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,539,971			818,656
Net cash provided by investing activities		2,539,971			818,656
Cash flows from financing activities
Distributions to partners		-			(261,830	)
Net cash used in financing activities		-			(261,830	)
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		1,052,906			(583,464	)
Cash and cash equivalents, beginning		4,880,195			5,463,659
Cash and cash equivalents, end	$	5,933,101		$	4,880,195

(continued)

F-23

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 15
	2013			2012
Cash flows from operating activities
Net income (loss)	$	(152,736	)	$	133,226
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(40,762	)		(325,050	)
Changes in assets and liabilities
Other assets		-			69,038
Accounts payable and accrued expenses		-			(37,500	)
Accounts payable - affiliates		138,069			(265,407	)
Net cash used in operating activities		(55,429	)		(425,693	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		40,762			325,050
Net cash provided by investing activities		40,762			325,050
Cash flows from financing activities
Distributions to partners		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(14,667	)		(100,643	)
Cash and cash equivalents, beginning		198,803			299,446
Cash and cash equivalents, end	$	184,136		$	198,803

(continued)

F-24

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 16
	2013			2012
Cash flows from operating activities
Net income (loss)	$	(165,922	)	$	(166,198	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(149,074	)		(148,294	)
Changes in assets and liabilities
Other assets		(23,575	)		2,500
Accounts payable and accrued expenses		-			(7,500	)
Accounts payable - affiliates		134,907			116,741
Net cash used in operating activities		(203,664	)		(202,751	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		107,649			146,510
Net cash provided by investing activities		107,649			146,510
Cash flows from financing activities
Distributions to partners		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(96,015	)		(56,241	)
Cash and cash equivalents, beginning		360,565			416,806
Cash and cash equivalents, end	$	264,550		$	360,565

(continued)

F-25

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 17
	2013			2012
Cash flows from operating activities
Net income (loss)	$	85,976		$	(25,508	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(336,562	)		(247,646	)
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(30,000	)
Accounts payable - affiliates		(172,093	)		71,531
Net cash used in operating activities		(422,679	)		(231,623	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		336,562			247,646
Net cash provided by investing activities		336,562			247,646
Cash flows from financing activities
Distributions to partners		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(86,117	)		16,023
Cash and cash equivalents, beginning		344,436			328,413
Cash and cash equivalents, end	$	258,319		$	344,436

(continued)

F-26

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 18
	2013			2012
Cash flows from operating activities
Net income (loss)	$	681,398		$	169,974
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(859,438	)		-
Changes in assets and liabilities
Other assets		10,000			(10,000	)
Accounts payable and accrued expenses		(5,000	)		5,000
Accounts payable - affiliates		(619,241	)		(293,494	)
Net cash used in operating activities		(792,281	)		(128,520	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		859,438			-
Net cash provided by investing activities		859,438			-
Cash flows from financing activities
Distributions to partners		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		67,157			(128,520	)
Cash and cash equivalents, beginning		164,525			293,045
Cash and cash equivalents, end	$	231,682		$	164,525

(continued)

F-27

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2013 and 2012

	Series 19
	2013			2012
Cash flows from operating activities
Net income (loss)	$	1,175,048		$	(39,453	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(1,195,560	)		(99,450	)
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		7,500			(12,800	)
Accounts payable - affiliates		-			-
Net cash used in operating activities		(13,012	)		(151,703	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		1,195,560			99,450
Net cash provided by investing activities		1,195,560			99,450
Cash flows from financing activities
Distributions to partners		-			(261,830	)
Net cash used in financing activities		-			(261,830	)
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		1,182,548			(314,083	)
Cash and cash equivalents, beginning		3,811,866			4,125,949
Cash and cash equivalents, end	$	4,994,414		$	3,811,866

See notes to financial statements

F-28

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS

March 31, 2013 and 2012

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund III L.P. (the “Partnership” or “Fund”) was formed under the laws of the State of Delaware on September 19, 1991, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates III L.P. and the limited partner is BCTC III Assignor Corp. (the “assignor limited partner”).

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 originally registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC.

F-29

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The BACs issued and outstanding in each series as of March 31, 2013 and 2012 are as follows:

	Issued				Outstanding
	2013		2012		2013		2012
Series 15		3,870,500		3,870,500		3,866,900		3,869,900
Series 16		5,429,402		5,429,402		5,425,102		5,427,102
Series 17		5,000,000		5,000,000		4,998,500		4,999,000
Series 18		3,616,200		3,616,200		3,616,200		3,616,200
Series 19		4,080,000		4,080,000		4,080,000		4,080,000
		21,996,102		21,996,102		21,986,702		21,992,202

In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

F-30

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2013 and 2012

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:

	2013		2012
Series 15	$	36,759	$	36,759
Series 16		31,893		8,318
Series 17		60,785		60,785
Series 18		51,536		62,536
Series 19		25,120		25,120
	$	206,093	$	193,518

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. During the years ended March 31, 2013 and 2012, the Fund did not record an impairment loss.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.

F-31

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2013 and 2012

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received.

The Fund records certain acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the Fund. These differences are shown as reconciling items in note C.

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. 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 is required to consolidate the VIE.

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

F-32

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2013 and 2012

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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 limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

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 Funds’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. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

Cash Equivalents

Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less.

Fiscal Year

For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

F-33

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Net Income (Loss) per Beneficial Assignee Certificate

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15		3,868,900		3,869,900
Series 16		5,426,435		5,427,102
Series 17		4,998,833		4,999,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,990,368		21,992,202

Recent Accounting Pronouncements

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.

F-34

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2013 and 2012, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2013 and 2012, are as follows:

F-35

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

	2013
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	163,069	$	29,128	$	133,941
Series 16		292,407		51,711		240,696
Series 17		291,969		95,288		196,681
Series 18		240,197		62,424		177,773
Series 19		106,876		113,672		(6,796	)
	$	1,094,518	$	352,223	$	742,295

	2012
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	199,593	$	60,961	$	138,632
Series 16		346,741		92,076		254,665
Series 17		316,531		82,286		234,245
Series 18		264,840		468,715		(203,875	)
Series 19		152,661		34,988		117,673
	$	1,280,366	$	739,026	$	541,340

The partnership management fees paid for the years ended March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15	$	25,000	$	465,000
Series 16		157,500		230,000
Series 17		464,062		245,000
Series 18		859,438		400,000
Series 19		106,876		152,661
	$	1,612,876	$	1,492,661

F-36

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2013 and 2012, total partnership management fees accrued were $23,197,360 and $23,715,718, respectively.

An affiliate of the general partner of the Partnership advanced funds to pay some operating expenses of the Partnership, and to make advances and/or loans to Operating Partnerships. These advances are included in accounts payable-affiliates. During the years ended March 31, 2013 and 2012 there were no advances. The total advances from the affiliate of the general partner to the Operating Partnerships as of March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15	$	-	$	-
Series 16		-		-
Series 17		635,362		635,362
Series 18		-		-
Series 19		-		-
	$	635,362	$	635,362

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

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2013 and 2012 charged to each series’ operations are as follows:

	2013		2012
Series 15	$	21,065	$	13,372
Series 16		24,361		15,446
Series 17		23,229		13,880
Series 18		19,440		12,269
Series 19		19,344		12,342
	$	107,439	$	67,309

F-37

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

Accounts payable - affiliates at March 31, 2013 and 2012 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership.

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2013 and 2012, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2013 and 2012 by series are as follows:

	2013		2012
Series 15		25		30
Series 16		31		38
Series 17		25		27
Series 18		20		23
Series 19		9		16
		110		134

F-38

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (CONTINUED)

During the year ended March 31, 2013 the Fund disposed of twenty-four operating limited partnerships. A summary of the dispositions by Series for March 31, 2013 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		-	$	40,762	$	40,762
Series 16		7		-		107,649		172,649
Series 17		1		1		336,562		336,562
Series 18		1		2		859,438		859,438
Series 19		7		-		1,195,560		1,195,560
Total		21		3	$	2,539,971	$	2,604,971

* Fund proceeds from disposition does not include $65,000 recorded as a receivable as of March 31, 2013 for Series 16.

During the year ended March 31, 2012 the Fund disposed of eighteen operating limited partnerships and received additional proceeds from one operating limited partnership disposed of in the prior year. A summary of the dispositions by Series for March 31, 2012 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		1	$	325,050	$	325,050
Series 16		5		-		146,510		148,294
Series 17		4		1		247,646		247,646
Series 18		-		1		-		-
Series 19		1		-		99,450		99,450
Total		15		3	$	818,656	$	820,440

* 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.

F-39

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (CONTINUED)

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.

The contributions payable to operating limited partnerships at March 31, 2013 and 2012 by series are as follows:

	2013		2012
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

F-40

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2013 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	51,341,667		$	7,581,708		$	12,074,291
Acquisition costs of operating limited partnerships		7,056,310			1,075,998			1,583,249
Syndication costs from operating limited partnerships		(36,455	)		-			-
Cumulative distributions from operating limited partnerships		(111,389	)		(4,207	)		(20,268	)
Cumulative impairment loss in investment in operating limited partnerships		(12,876,562	)		(764,836	)		(2,512,421	)
Cumulative losses from operating limited partnerships		(45,373,571	)		(7,888,663	)		(11,124,851	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(257,860	)		(14,246	)		(93,920	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(921,085	)		(180,526	)		(121,307	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		883,274			111,396			-

F-41

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A)		(35,033,727	)		(7,552,909	)		(9,782,878	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		300,838			86,996			123,421
Cumulative impairment loss in investment in operating limited partnerships		12,876,562			764,836			2,512,421
Other		267,534			(29,476	)		429,517
Equity per operating limited partnerships’ combined financial statements	$	(21,884,464	)	$	(6,813,929	)	$	(6,932,746	)

F-42

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2013 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	14,491,224		$	11,702,540		$	5,491,904
Acquisition costs of operating limited partnerships		2,117,487			1,514,128			765,448
Syndication costs from operating limited partnerships		-			(36,455	)		-
Cumulative distributions from operating limited partnerships		(28,883	)		(54,267	)		(3,764	)
Cumulative impairment loss in investment in operating limited partnerships		(3,288,846	)		(4,172,906	)		(2,137,553	)
Cumulative losses from operating limited partnerships		(13,290,982	)		(8,953,040	)		(4,116,035	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(124,842	)		(5,588	)		(19,264	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(591,855	)		-			(27,397	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		418,588			309,042			44,248

F-43

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(7,473,233	)		(6,478,163	)		(3,746,544	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			-
Cumulative impairment loss in investment in operating limited partnerships		3,288,846			4,172,906			2,137,553
Other		(22,278	)		(89,451	)		(20,778	)
Equity per operating limited partnerships’ combined financial statements	$	(4,490,042	)	$	(2,015,565	)	$	(1,632,182	)

F-44

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		67,188,022		$	9,051,543		$	13,600,679
Acquisition costs of operating limited partnerships		9,171,431			1,218,899			1,788,508
Syndication costs from operating limited partnerships		(36,455	)		-			-
Cumulative distributions from operating limited partnerships		(188,000	)		(10,831	)		(26,120	)
Cumulative impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)
Cumulative losses from operating limited partnerships		(58,831,115	)		(9,392,202	)		(12,501,682	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2011 (see note A)		(348,203	)		(14,246	)		(93,920	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(1,556,118	)		(180,526	)		(121,307	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		1,012,965			136,871			-

F-45

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(40,003,128	)		(8,366,571	)		(9,860,741	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		314,521			86,996			130,181
Cumulative impairment loss in investment in operating limited partnerships		17,303,883			867,409			2,861,385
Other		271,864			(41,552	)		438,273
Equity per operating limited partnerships’ combined financial statements	$	(23,004,216	)	$	(7,511,619	)	$	(6,646,129	)

F-46

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	15,940,952		$	17,186,357		$	11,408,491
Acquisition costs of operating limited partnerships		2,328,579			2,310,366			1,525,079
Syndication costs from operating limited partnerships		-			(36,455	)		-
Cumulative distributions from operating limited partnerships		(28,883	)		(118,167	)		(3,999	)
Cumulative impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)
Cumulative losses from operating limited partnerships		(13,644,060	)		(14,979,038	)		(8,314,133	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2011 (see note A)		(174,842	)		(5,588	)		(59,607	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(650,525	)		-			(603,760	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		467,481			357,422			51,191

F-47

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(6,800,814	)		(9,565,423	)		(5,409,579	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			6,923
Cumulative impairment loss in investment in operating limited partnerships		4,596,588			4,363,063			4,615,438
Other		(9,562	)		(92,977	)		(22,318	)
Equity per operating limited partnerships’ combined financial statements	$	(2,556,942	)	$	(4,867,814	)	$	(1,421,712	)

F-48

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2012 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	95,826,256		$	11,960,583		$	22,821,455
Land		9,774,646			1,287,635			1,930,468
Other assets		18,999,881			4,023,199			6,004,950
	$	124,600,783		$	17,271,417		$	30,756,873
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	137,707,477		$	24,148,955		$	31,824,524
Accounts payable and accrued expenses		6,965,641			350,564			3,300,317
Other liabilities		12,147,565			872,433			2,298,505
		156,820,683			25,371,952			37,423,346
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(21,884,462	)		(6,813,927	)		(6,932,746	)
Other partners		(10,335,438	)		(1,286,608	)		266,273
		(32,219,900	)		(8,100,535	)		(6,666,473	)
	$	124,600,783		$	17,271,417		$	30,756,873

F-49

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2012 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,801,499		$	18,518,861		$	11,723,858
Land		3,860,381			1,830,682			865,480
Other assets		4,966,333			2,915,815			1,089,584
	$	39,628,213		$	23,265,358		$	13,678,922
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,893,314		$	23,044,796		$	11,795,888
Accounts payable and accrued expenses		1,209,547			1,299,758			805,455
Other liabilities		5,592,363			1,449,945			1,934,319
		53,695,224			25,794,499			14,535,662
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(4,490,042	)		(2,015,565	)		(1,632,182	)
Other partners		(9,576,969	)		(513,576	)		775,442
		(14,067,011	)		(2,529,141	)		(856,740	)
	$	39,628,213		$	23,265,358		$	13,678,922

F-50

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	129,457,020		$	16,874,324		$	28,711,071
Land		13,214,525			1,712,879			2,182,728
Other assets		23,094,868			4,812,799			7,265,124
	$	165,766,413		$	23,400,002		$	38,158,923
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	171,925,646		$	30,686,298		$	39,442,851
Accounts payable and accrued expenses		8,024,363			343,231			3,412,569
Other liabilities		16,888,786			982,737			1,433,900
		196,838,795			32,012,266			44,289,320
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(23,004,216	)		(7,511,619	)		(6,646,129	)
Other partners		(8,068,166	)		(1,100,645	)		515,732
		(31,072,382	)		(8,612,264	)		(6,130,397	)
	$	165,766,413		$	23,400,002		$	38,158,923

F-51

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	35,549,893		$	25,218,279		$	23,103,453
Land		4,296,381			2,627,321			2,395,216
Other assets		5,512,378			3,235,664			2,268,903
	$	45,358,652		$	31,081,264		$	27,767,572
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	49,568,081		$	31,300,678		$	20,927,738
Accounts payable and accrued expenses		1,188,711			2,142,120			937,732
Other liabilities		6,239,819			2,789,969			5,442,361
		56,996,611			36,232,767			27,307,831
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,556,942	)		(4,867,814	)		(1,421,712	)
Other partners		(9,081,017	)		(283,689	)		1,881,453
		(11,637,959	)		(5,151,503	)		459,741
	$	45,358,652		$	31,081,264		$	27,767,572

F-52

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	26,731,006		$	4,411,357		$	6,091,709
Interest and other		1,067,985			82,448			574,644
		27,798,991			4,493,805			6,666,353
Expenses
Interest		4,474,965			631,620			936,848
Depreciation and amortization		6,624,362			1,191,942			1,603,040
Taxes and insurance		3,210,387			536,484			706,281
Repairs and maintenance		6,581,642			1,009,388			1,648,565
Operating expenses		10,321,858			1,735,643			2,546,703
Other expenses		225,733			31,984			30,732
		31,438,947			5,137,061			7,472,169
NET LOSS	$	(3,639,956	)	$	(643,256	)	$	(805,816	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(2,962,809	)	$	(547,085	)	$	(833,896	)
Net loss allocated to other partners	$	(677,147	)	$	(96,171	)	$	28,080

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-53

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,098,192		$	4,762,942		$	2,366,806
Interest and other		238,140			129,361			43,392
		9,336,332			4,892,303			2,410,198
Expenses
Interest		1,594,515			749,490			562,492
Depreciation and amortization		2,101,456			1,143,170			584,754
Taxes and insurance		1,017,457			656,003			294,162
Repairs and maintenance		2,322,124			1,049,661			551,904
Operating expenses		3,359,421			1,760,101			919,990
Other expenses		35,553			71,381			56,083
		10,430,526			5,429,806			2,969,385
NET LOSS	$	(1,094,194	)	$	(537,503	)	$	(559,187	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(717,911	)	$	(537,292	)	$	(326,625	)
Net loss allocated to other partners	$	(376,283	)	$	(211	)	$	(232,562	)

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-54

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	33,706,796		$	5,392,708		$	7,295,567
Interest and other		855,012			156,911			155,808
		34,561,808			5,549,619			7,451,375
Expenses
Interest		6,075,031			767,359			1,141,429
Depreciation and amortization		8,244,794			1,448,769			1,812,739
Taxes and insurance		3,999,447			677,808			889,025
Repairs and maintenance		7,908,133			1,198,185			1,745,900
Operating expenses		12,640,384			2,134,670			2,744,393
Other expenses		319,101			43,422			38,647
		39,186,890			6,270,213			8,372,133
NET LOSS	$	(4,625,082	)	$	(720,594	)	$	(920,758	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(4,045,294	)	$	(730,809	)	$	(1,010,045	)
Net income (loss) allocated to other partners	$	(579,788	)	$	10,215		$	89,287

* Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-55

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,984,884		$	6,242,288		$	4,791,349
Interest and other		290,316			151,518			100,459
		10,275,200			6,393,806			4,891,808
Expenses
Interest		1,873,449			1,227,151			1,065,643
Depreciation and amortization		2,207,942			1,558,316			1,217,028
Taxes and insurance		1,109,017			823,809			499,788
Repairs and maintenance		2,426,319			1,668,122			869,607
Operating expenses		3,482,269			2,311,943			1,967,109
Other expenses		43,182			72,572			121,278
		11,142,178			7,661,913			5,740,453
NET LOSS	$	(866,978	)	$	(1,268,107	)	$	(848,645	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(733,673	)	$	(1,197,176	)	$	(373,591	)
Net income (loss) allocated to other partners	$	(133,305	)	$	(70,931	)	$	(475,054	)

* Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-56

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Total			Series 15			Series 16
Net income (loss) for financial reporting purposes	$	1,623,764		$	(152,736	)	$	(165,922	)
Operating limited partnership rents received in advance		(9,091	)		(5,565	)		(3,597	)
Accrued fund management fees not  deducted (deducted) for tax purposes		(518,358	)		138,069			134,907
Other		9,322,887			2,342,530			2,209,778
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(2,962,809	)		(547,085	)		(833,896	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,097,632	)		(170,171	)		(280,469	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,864,492	)		(385,534	)		(254,564	)
Income (loss) for tax return purposes, year ended December 31, 2012	$	4,494,269		$	1,219,508		$	806,237

F-57

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 17			Series 18			Series 19
Net income (loss) for financial reporting purposes	$	85,976		$	681,398		$	1,175,048
Operating limited partnership rents received in advance		526			(212	)		(243	)
Accrued fund management fees not deducted (deducted) for tax purposes		(172,093	)		(619,241	)		-
Other		(9,062	)		3,787,299			992,342
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(717,911	)		(537,292	)		(326,625	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(275,264	)		(224,315	)		(147,413	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(3,417	)		(17,298	)		(1,203,679	)
Income (loss) for tax return purposes, year ended December 31, 2012	$	(1,091,245	)	$	3,070,339		$	489,430

F-58

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Total			Series 15			Series 16
Net income (loss) for financial reporting purposes	$	72,041		$	133,226		$	(166,198	)
Operating limited partnership rents received in advance		(10,156	)		2,199			(1,715	)
Accrued fund management fees not  deducted (deducted) for tax purposes		(212,295	)		(265,407	)		116,741
Other		9,652,956			2,488,615			650,482
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(4,045,294	)		(730,809	)		(1,010,045	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,178,940	)		(243,438	)		(376,657	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(722,510	)		472,240			(51,316	)
Income (loss) for tax return purposes, year ended December 31, 2011	$	3,555,802		$	1,856,626		$	(838,708	)

F-59

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 17			Series 18			Series 19
Net income (loss) for financial reporting purposes	$	(25,508	)	$	169,974		$	(39,453	)
Operating limited partnership rents received in advance		(10,640	)		-			-
Accrued fund management fees not deducted (deducted) for tax purposes		71,531			(135,160	)		-
Other		2,197,089			(428	)		4,317,198
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(733,673	)		(1,197,176	)		(373,591	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(237,315	)		(245,477	)		(76,053	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,011,334	)		(28,923	)		(103,177	)
Income (loss) for tax return purposes, year ended December 31, 2011	$	250,150		$	(1,437,190	)	$	3,724,924

F-60

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2013, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships - tax return December 31, 2012	$	(37,176,555	)	$	(8,336,321	)	$	(11,498,827	)
Estimated share of loss for the three months ended March 31, 2013		(883,274	)		(111,396	)		-
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		35,033,727			7,552,909			9,782,878
Impairment loss in investment in operating limited partnerships		(12,876,562	)		(764,836	)		(2,512,421	)
Historic tax credits		5,325,806			-			1,844,836
Other		10,576,858			1,659,644			2,383,534
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-61

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2013, are as follows:

	Series 17			Series 18			Series 19
Investments in operating limited partnerships - tax return December 31, 2012	$	(7,623,374	)	$	(7,788,760	)	$	(1,929,273	)
Estimated share of loss for the three months ended March 31, 2013		(418,588	)		(309,042	)		(44,248	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,473,233			6,478,163			3,746,544
Impairment loss in investment in operating limited partnerships		(3,288,846	)		(4,172,906	)		(2,137,553	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		2,757,265			3,730,212			46,203
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-62

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships - tax return December 31, 2011	$	(39,842,699	)	$	(9,915,268	)	$	(12,422,684	)
Estimated share of loss for the three months ended March 31, 2012		(1,012,965	)		(136,871	)		-
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		40,003,128			8,366,571			9,860,741
Impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)
Historic tax credits		5,325,806			-			1,844,836
Other		12,830,613			2,552,977			3,578,492
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-63

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

	Series 17			Series 18			Series 19
Investments in operating limited partnerships - tax return December 31, 2011	$	(6,285,101	)	$	(9,967,872	)	$	(1,251,774	)
Estimated share of loss for the three months ended March 31, 2012		(467,481	)		(357,422	)		(51,191	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,800,814			9,565,423			5,409,579
Impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		3,448,046			3,060,601			190,497
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-64

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2013 and 2012

NOTE E - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2013.

NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Funds’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments.

NOTE G - SUBSEQUENT EVENTS

Subsequent to March 31, 2013, the Fund has not entered into any agreements to sell interests in operating limited partnerships. However, the Fund did receive $13,000 from a prior year sale of an operating limited partnership.

F-65

EX-31.A

Exhibit 31.a

I, John P. Manning, certify that:

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

2. 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;

3. 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;

4. 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:

(a) 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;

(b) 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;

(c) 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

(d) 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

5. 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):

(a) 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

(b) 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:  June 27, 2013	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

EX-31.B

Exhibit 31.b

I, Marc Teal, certify that:

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

2. 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;

3. 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;

4. 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:

(a) 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;

(b) 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;

(c) 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

(d) 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

5. 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):

(a) 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

(b) 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:  June 27, 2013	/s/ Marc N. Teal
	Marc N. Teal,
	Principal Financial Officer

EX-32.A

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 Annual Report of Boston Capital Tax Credit Fund III L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2013 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 Partnership’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 result of operations of the Partnership.

Date:
June 27, 2013	/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.B

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 Annual Report of Boston Capital Tax Credit Fund III L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2013 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 Partnership’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 result of operations of the Partnership.

Date:
June 27, 2013	/s/ Marc N. Teal
	Marc. N. Teal
	Principal Financial 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.

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables)

12 Months Ended

Mar. 31, 2013

Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2013 and 2012 by series are as follows:

	2013		2012
Series 15		25		30
Series 16		31		38
Series 17		25		27
Series 18		20		23
Series 19		9		16
		110		134

Schedule Of Dispositions By Series [Table Text Block]

A summary of the dispositions by Series for March 31, 2013 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		-	$	40,762	$	40,762
Series 16		7		-		107,649		172,649
Series 17		1		1		336,562		336,562
Series 18		1		2		859,438		859,438
Series 19		7		-		1,195,560		1,195,560
Total		21		3	$	2,539,971	$	2,604,971

*         Fund proceeds from disposition does not include $65,000 recorded as a receivable as of March 31, 2013 for Series 16.

A summary of the dispositions by Series for March 31, 2012 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		1	$	325,050	$	325,050
Series 16		5		-		146,510		148,294
Series 17		4		1		247,646		247,646
Series 18		-		1		-		-
Series 19		1		-		99,450		99,450
Total		15		3	$	818,656	$	820,440

* 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 Contributions Payable [Table Text Block]

The contributions payable to operating limited partnerships at March 31, 2013 and 2012 by series are as follows:

	2013		2012
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 Partnerships Investments In Operating Limited Partnerships [Table Text Block]

The Fund’s investments in operating limited partnerships at March 31, 2013 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	51,341,667		$	7,581,708		$	12,074,291
Acquisition costs of operating limited partnerships		7,056,310			1,075,998			1,583,249
Syndication costs from operating limited partnerships		(36,455	)		-			-
Cumulative distributions from operating limited partnerships		(111,389	)		(4,207	)		(20,268	)
Cumulative impairment loss in investment in operating limited partnerships		(12,876,562	)		(764,836	)		(2,512,421	)
Cumulative losses from operating limited partnerships		(45,373,571	)		(7,888,663	)		(11,124,851	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(257,860	)		(14,246	)		(93,920	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(921,085	)		(180,526	)		(121,307	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		883,274			111,396			-

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A)		(35,033,727	)		(7,552,909	)		(9,782,878	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		300,838			86,996			123,421
Cumulative impairment loss in investment in operating limited partnerships		12,876,562			764,836			2,512,421
Other		267,534			(29,476	)		429,517
Equity per operating limited partnerships’ combined financial statements	$	(21,884,464	)	$	(6,813,929	)	$	(6,932,746	)

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	14,491,224		$	11,702,540		$	5,491,904
Acquisition costs of operating limited partnerships		2,117,487			1,514,128			765,448
Syndication costs from operating limited partnerships		-			(36,455	)		-
Cumulative distributions from operating limited partnerships		(28,883	)		(54,267	)		(3,764	)
Cumulative impairment loss in investment in operating limited partnerships		(3,288,846	)		(4,172,906	)		(2,137,553	)
Cumulative losses from operating limited partnerships		(13,290,982	)		(8,953,040	)		(4,116,035	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(124,842	)		(5,588	)		(19,264	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(591,855	)		-			(27,397	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		418,588			309,042			44,248

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(7,473,233	)		(6,478,163	)		(3,746,544	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			-
Cumulative impairment loss in investment in operating limited partnerships		3,288,846			4,172,906			2,137,553
Other		(22,278	)		(89,451	)		(20,778	)
Equity per operating limited partnerships’ combined financial statements	$	(4,490,042	)	$	(2,015,565	)	$	(1,632,182	)

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		67,188,022		$	9,051,543		$	13,600,679
Acquisition costs of operating limited partnerships		9,171,431			1,218,899			1,788,508
Syndication costs from operating limited partnerships		(36,455	)		-			-
Cumulative distributions from operating limited partnerships		(188,000	)		(10,831	)		(26,120	)
Cumulative impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)
Cumulative losses from operating limited partnerships		(58,831,115	)		(9,392,202	)		(12,501,682	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2011 (see note A)		(348,203	)		(14,246	)		(93,920	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(1,556,118	)		(180,526	)		(121,307	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		1,012,965			136,871			-

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(40,003,128	)		(8,366,571	)		(9,860,741	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		314,521			86,996			130,181
Cumulative impairment loss in investment in operating limited partnerships		17,303,883			867,409			2,861,385
Other		271,864			(41,552	)		438,273
Equity per operating limited partnerships’ combined financial statements	$	(23,004,216	)	$	(7,511,619	)	$	(6,646,129	)

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	15,940,952		$	17,186,357		$	11,408,491
Acquisition costs of operating limited partnerships		2,328,579			2,310,366			1,525,079
Syndication costs from operating limited partnerships		-			(36,455	)		-
Cumulative distributions from operating limited partnerships		(28,883	)		(118,167	)		(3,999	)
Cumulative impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)
Cumulative losses from operating limited partnerships		(13,644,060	)		(14,979,038	)		(8,314,133	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2011 (see note A)		(174,842	)		(5,588	)		(59,607	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(650,525	)		-			(603,760	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		467,481			357,422			51,191

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(6,800,814	)		(9,565,423	)		(5,409,579	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			6,923
Cumulative impairment loss in investment in operating limited partnerships		4,596,588			4,363,063			4,615,438
Other		(9,562	)		(92,977	)		(22,318	)
Equity per operating limited partnerships’ combined financial statements	$	(2,556,942	)	$	(4,867,814	)	$	(1,421,712	)

Schedule Of Summarized Balance Sheets In Operating Partnerships [Table Text Block]

The combined summarized balance sheets of the operating limited partnerships at December 31, 2012 are as follows:

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	95,826,256		$	11,960,583		$	22,821,455
Land		9,774,646			1,287,635			1,930,468
Other assets		18,999,881			4,023,199			6,004,950
	$	124,600,783		$	17,271,417		$	30,756,873
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	137,707,477		$	24,148,955		$	31,824,524
Accounts payable and accrued expenses		6,965,641			350,564			3,300,317
Other liabilities		12,147,565			872,433			2,298,505
		156,820,683			25,371,952			37,423,346
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(21,884,462	)		(6,813,927	)		(6,932,746	)
Other partners		(10,335,438	)		(1,286,608	)		266,273
		(32,219,900	)		(8,100,535	)		(6,666,473	)
	$	124,600,783		$	17,271,417		$	30,756,873

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,801,499		$	18,518,861		$	11,723,858
Land		3,860,381			1,830,682			865,480
Other assets		4,966,333			2,915,815			1,089,584
	$	39,628,213		$	23,265,358		$	13,678,922
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,893,314		$	23,044,796		$	11,795,888
Accounts payable and accrued expenses		1,209,547			1,299,758			805,455
Other liabilities		5,592,363			1,449,945			1,934,319
		53,695,224			25,794,499			14,535,662
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(4,490,042	)		(2,015,565	)		(1,632,182	)
Other partners		(9,576,969	)		(513,576	)		775,442
		(14,067,011	)		(2,529,141	)		(856,740	)
	$	39,628,213		$	23,265,358		$	13,678,922

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	129,457,020		$	16,874,324		$	28,711,071
Land		13,214,525			1,712,879			2,182,728
Other assets		23,094,868			4,812,799			7,265,124
	$	165,766,413		$	23,400,002		$	38,158,923
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	171,925,646		$	30,686,298		$	39,442,851
Accounts payable and accrued expenses		8,024,363			343,231			3,412,569
Other liabilities		16,888,786			982,737			1,433,900
		196,838,795			32,012,266			44,289,320
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(23,004,216	)		(7,511,619	)		(6,646,129	)
Other partners		(8,068,166	)		(1,100,645	)		515,732
		(31,072,382	)		(8,612,264	)		(6,130,397	)
	$	165,766,413		$	23,400,002		$	38,158,923

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	35,549,893		$	25,218,279		$	23,103,453
Land		4,296,381			2,627,321			2,395,216
Other assets		5,512,378			3,235,664			2,268,903
	$	45,358,652		$	31,081,264		$	27,767,572
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	49,568,081		$	31,300,678		$	20,927,738
Accounts payable and accrued expenses		1,188,711			2,142,120			937,732
Other liabilities		6,239,819			2,789,969			5,442,361
		56,996,611			36,232,767			27,307,831
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,556,942	)		(4,867,814	)		(1,421,712	)
Other partners		(9,081,017	)		(283,689	)		1,881,453
		(11,637,959	)		(5,151,503	)		459,741
	$	45,358,652		$	31,081,264		$	27,767,572

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	26,731,006		$	4,411,357		$	6,091,709
Interest and other		1,067,985			82,448			574,644
		27,798,991			4,493,805			6,666,353
Expenses
Interest		4,474,965			631,620			936,848
Depreciation and amortization		6,624,362			1,191,942			1,603,040
Taxes and insurance		3,210,387			536,484			706,281
Repairs and maintenance		6,581,642			1,009,388			1,648,565
Operating expenses		10,321,858			1,735,643			2,546,703
Other expenses		225,733			31,984			30,732
		31,438,947			5,137,061			7,472,169
NET LOSS	$	(3,639,956	)	$	(643,256	)	$	(805,816	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(2,962,809	)	$	(547,085	)	$	(833,896	)
Net loss allocated to other partners	$	(677,147	)	$	(96,171	)	$	28,080

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,098,192		$	4,762,942		$	2,366,806
Interest and other		238,140			129,361			43,392
		9,336,332			4,892,303			2,410,198
Expenses
Interest		1,594,515			749,490			562,492
Depreciation and amortization		2,101,456			1,143,170			584,754
Taxes and insurance		1,017,457			656,003			294,162
Repairs and maintenance		2,322,124			1,049,661			551,904
Operating expenses		3,359,421			1,760,101			919,990
Other expenses		35,553			71,381			56,083
		10,430,526			5,429,806			2,969,385
NET LOSS	$	(1,094,194	)	$	(537,503	)	$	(559,187	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(717,911	)	$	(537,292	)	$	(326,625	)
Net loss allocated to other partners	$	(376,283	)	$	(211	)	$	(232,562	)

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

	Total			Series 15			Series 16
Revenue
Rental	$	33,706,796		$	5,392,708		$	7,295,567
Interest and other		855,012			156,911			155,808
		34,561,808			5,549,619			7,451,375
Expenses
Interest		6,075,031			767,359			1,141,429
Depreciation and amortization		8,244,794			1,448,769			1,812,739
Taxes and insurance		3,999,447			677,808			889,025
Repairs and maintenance		7,908,133			1,198,185			1,745,900
Operating expenses		12,640,384			2,134,670			2,744,393
Other expenses		319,101			43,422			38,647
		39,186,890			6,270,213			8,372,133
NET LOSS	$	(4,625,082	)	$	(720,594	)	$	(920,758	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(4,045,294	)	$	(730,809	)	$	(1,010,045	)
Net income (loss) allocated to other partners	$	(579,788	)	$	10,215		$	89,287

* Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,984,884		$	6,242,288		$	4,791,349
Interest and other		290,316			151,518			100,459
		10,275,200			6,393,806			4,891,808
Expenses
Interest		1,873,449			1,227,151			1,065,643
Depreciation and amortization		2,207,942			1,558,316			1,217,028
Taxes and insurance		1,109,017			823,809			499,788
Repairs and maintenance		2,426,319			1,668,122			869,607
Operating expenses		3,482,269			2,311,943			1,967,109
Other expenses		43,182			72,572			121,278
		11,142,178			7,661,913			5,740,453
NET LOSS	$	(866,978	)	$	(1,268,107	)	$	(848,645	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(733,673	)	$	(1,197,176	)	$	(373,591	)
Net income (loss) allocated to other partners	$	(133,305	)	$	(70,931	)	$	(475,054	)

* Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

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STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income
Interest income	$ 20,309	$ 26,922
Other income	75,693	30,350
Total income	96,002	57,272
Share of income from operating limited partnerships	2,581,396	820,440
Expenses
Professional fees	165,859	160,346
Partnership management fee	742,295	541,340
General and administrative expenses	145,480	103,985
Operating expenses	1,053,634	805,671
NET INCOME (LOSS)	1,623,764	72,041
Net income (loss) allocated to general partner	16,238	720
Net income (loss) allocated to limited partners	1,607,526	71,321
Net income (loss) per BAC (in dollars per unit)	0.07	0.00
Series Fifteen [Member]
Income
Interest income	648	1,439
Other income	856	1,318
Total income	1,504	2,757
Share of income from operating limited partnerships	40,762	325,050
Expenses
Professional fees	33,804	35,926
Partnership management fee	133,941	138,632
General and administrative expenses	27,257	20,023
Operating expenses	195,002	194,581
NET INCOME (LOSS)	(152,736)	133,226
Net income (loss) allocated to general partner	(1,527)	1,332
Net income (loss) allocated to limited partners	(151,209)	131,894
Net income (loss) per BAC (in dollars per unit)	(0.04)	0.03
Series Sixteen [Member]
Income
Interest income	762	1,848
Other income	1,637	2,024
Total income	2,399	3,872
Share of income from operating limited partnerships	149,074	148,294
Expenses
Professional fees	43,914	39,313
Partnership management fee	240,696	254,665
General and administrative expenses	32,785	24,386
Operating expenses	317,395	318,364
NET INCOME (LOSS)	(165,922)	(166,198)
Net income (loss) allocated to general partner	(1,659)	(1,662)
Net income (loss) allocated to limited partners	(164,263)	(164,536)
Net income (loss) per BAC (in dollars per unit)	(0.03)	(0.03)
Series Seventeen [Member]
Income
Interest income	796	1,642
Other income	11,427	16,209
Total income	12,223	17,851
Share of income from operating limited partnerships	336,562	247,646
Expenses
Professional fees	35,656	34,300
Partnership management fee	196,681	234,245
General and administrative expenses	30,472	22,460
Operating expenses	262,809	291,005
NET INCOME (LOSS)	85,976	(25,508)
Net income (loss) allocated to general partner	860	(255)
Net income (loss) allocated to limited partners	85,116	(25,253)
Net income (loss) per BAC (in dollars per unit)	0.02	(0.01)
Series Eighteen [Member]
Income
Interest income	436	630
Other income	51,933	10,485
Total income	52,369	11,115
Share of income from operating limited partnerships	859,438	0
Expenses
Professional fees	27,441	26,832
Partnership management fee	177,773	(203,875)
General and administrative expenses	25,195	18,184
Operating expenses	230,409	(158,859)
NET INCOME (LOSS)	681,398	169,974
Net income (loss) allocated to general partner	6,814	1,700
Net income (loss) allocated to limited partners	674,584	168,274
Net income (loss) per BAC (in dollars per unit)	0.19	0.05
Series Nineteen [Member]
Income
Interest income	17,667	21,363
Other income	9,840	314
Total income	27,507	21,677
Share of income from operating limited partnerships	1,195,560	99,450
Expenses
Professional fees	25,044	23,975
Partnership management fee	(6,796)	117,673
General and administrative expenses	29,771	18,932
Operating expenses	48,019	160,580
NET INCOME (LOSS)	1,175,048	(39,453)
Net income (loss) allocated to general partner	11,750	(395)
Net income (loss) allocated to limited partners	$ 1,163,298	$ (39,058)
Net income (loss) per BAC (in dollars per unit)	0.29	(0.01)

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RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

12 Months Ended

Mar. 31, 2013

Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract]

Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Text Block]

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Total			Series 15			Series 16
Net income (loss) for financial reporting purposes	$	1,623,764		$	(152,736	)	$	(165,922	)
Operating limited partnership rents received in advance		(9,091	)		(5,565	)		(3,597	)
Accrued fund management fees not  deducted (deducted) for tax purposes		(518,358	)		138,069			134,907
Other		9,322,887			2,342,530			2,209,778
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(2,962,809	)		(547,085	)		(833,896	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,097,632	)		(170,171	)		(280,469	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,864,492	)		(385,534	)		(254,564	)
Income (loss) for tax return purposes, year ended December 31, 2012	$	4,494,269		$	1,219,508		$	806,237

	Series 17			Series 18			Series 19
Net income (loss) for financial reporting purposes	$	85,976		$	681,398		$	1,175,048
Operating limited partnership rents received in advance		526			(212	)		(243	)
Accrued fund management fees not deducted (deducted) for tax purposes		(172,093	)		(619,241	)		-
Other		(9,062	)		3,787,299			992,342
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(717,911	)		(537,292	)		(326,625	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(275,264	)		(224,315	)		(147,413	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(3,417	)		(17,298	)		(1,203,679	)
Income (loss) for tax return purposes, year ended December 31, 2012	$	(1,091,245	)	$	3,070,339		$	489,430

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Total			Series 15			Series 16
Net income (loss) for financial reporting purposes	$	72,041		$	133,226		$	(166,198	)
Operating limited partnership rents received in advance		(10,156	)		2,199			(1,715	)
Accrued fund management fees not  deducted (deducted) for tax purposes		(212,295	)		(265,407	)		116,741
Other		9,652,956			2,488,615			650,482
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(4,045,294	)		(730,809	)		(1,010,045	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,178,940	)		(243,438	)		(376,657	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(722,510	)		472,240			(51,316	)
Income (loss) for tax return purposes, year ended December 31, 2011	$	3,555,802		$	1,856,626		$	(838,708	)

	Series 17			Series 18			Series 19
Net income (loss) for financial reporting purposes	$	(25,508	)	$	169,974		$	(39,453	)
Operating limited partnership rents received in advance		(10,640	)		-			-
Accrued fund management fees not deducted (deducted) for tax purposes		71,531			(135,160	)		-
Other		2,197,089			(428	)		4,317,198
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(733,673	)		(1,197,176	)		(373,591	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(237,315	)		(245,477	)		(76,053	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,011,334	)		(28,923	)		(103,177	)
Income (loss) for tax return purposes, year ended December 31, 2011	$	250,150		$	(1,437,190	)	$	3,724,924

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2013, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships - tax return December 31, 2012	$	(37,176,555	)	$	(8,336,321	)	$	(11,498,827	)
Estimated share of loss for the three months ended March 31, 2013		(883,274	)		(111,396	)		-
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		35,033,727			7,552,909			9,782,878
Impairment loss in investment in operating limited partnerships		(12,876,562	)		(764,836	)		(2,512,421	)
Historic tax credits		5,325,806			-			1,844,836
Other		10,576,858			1,659,644			2,383,534
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

	Series 17			Series 18			Series 19
Investments in operating limited partnerships - tax return December 31, 2012	$	(7,623,374	)	$	(7,788,760	)	$	(1,929,273	)
Estimated share of loss for the three months ended March 31, 2013		(418,588	)		(309,042	)		(44,248	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,473,233			6,478,163			3,746,544
Impairment loss in investment in operating limited partnerships		(3,288,846	)		(4,172,906	)		(2,137,553	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		2,757,265			3,730,212			46,203
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships - tax return December 31, 2011	$	(39,842,699	)	$	(9,915,268	)	$	(12,422,684	)
Estimated share of loss for the three months ended March 31, 2012		(1,012,965	)		(136,871	)		-
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		40,003,128			8,366,571			9,860,741
Impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)
Historic tax credits		5,325,806			-			1,844,836
Other		12,830,613			2,552,977			3,578,492
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

	Series 17			Series 18			Series 19
Investments in operating limited partnerships - tax return December 31, 2011	$	(6,285,101	)	$	(9,967,872	)	$	(1,251,774	)
Estimated share of loss for the three months ended March 31, 2012		(467,481	)		(357,422	)		(51,191	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,800,814			9,565,423			5,409,579
Impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		3,448,046			3,060,601			190,497
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

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RELATED PARTY TRANSACTIONS (Details 1) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Management Fees Paid	$ 1,612,876	$ 1,492,661
Series Fifteen [Member]
Management Fees Paid	25,000	465,000
Series Sixteen [Member]
Management Fees Paid	157,500	230,000
Series Seventeen [Member]
Management Fees Paid	464,062	245,000
Series Eighteen [Member]
Management Fees Paid	859,438	400,000
Series Nineteen [Member]
Management Fees Paid	$ 106,876	$ 152,661

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RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Tables)

12 Months Ended

Mar. 31, 2013

Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract]

Schedule Of Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Table Text Block]

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Total			Series 15			Series 16
Net income (loss) for financial reporting purposes	$	1,623,764		$	(152,736	)	$	(165,922	)
Operating limited partnership rents received in advance		(9,091	)		(5,565	)		(3,597	)
Accrued fund management fees not  deducted (deducted) for tax purposes		(518,358	)		138,069			134,907
Other		9,322,887			2,342,530			2,209,778
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(2,962,809	)		(547,085	)		(833,896	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,097,632	)		(170,171	)		(280,469	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,864,492	)		(385,534	)		(254,564	)
Income (loss) for tax return purposes, year ended December 31, 2012	$	4,494,269		$	1,219,508		$	806,237

	Series 17			Series 18			Series 19
Net income (loss) for financial reporting purposes	$	85,976		$	681,398		$	1,175,048
Operating limited partnership rents received in advance		526			(212	)		(243	)
Accrued fund management fees not deducted (deducted) for tax purposes		(172,093	)		(619,241	)		-
Other		(9,062	)		3,787,299			992,342
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(717,911	)		(537,292	)		(326,625	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(275,264	)		(224,315	)		(147,413	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(3,417	)		(17,298	)		(1,203,679	)
Income (loss) for tax return purposes, year ended December 31, 2012	$	(1,091,245	)	$	3,070,339		$	489,430

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Total			Series 15			Series 16
Net income (loss) for financial reporting purposes	$	72,041		$	133,226		$	(166,198	)
Operating limited partnership rents received in advance		(10,156	)		2,199			(1,715	)
Accrued fund management fees not  deducted (deducted) for tax purposes		(212,295	)		(265,407	)		116,741
Other		9,652,956			2,488,615			650,482
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(4,045,294	)		(730,809	)		(1,010,045	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,178,940	)		(243,438	)		(376,657	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(722,510	)		472,240			(51,316	)
Income (loss) for tax return purposes, year ended December 31, 2011	$	3,555,802		$	1,856,626		$	(838,708	)

	Series 17			Series 18			Series 19
Net income (loss) for financial reporting purposes	$	(25,508	)	$	169,974		$	(39,453	)
Operating limited partnership rents received in advance		(10,640	)		-			-
Accrued fund management fees not deducted (deducted) for tax purposes		71,531			(135,160	)		-
Other		2,197,089			(428	)		4,317,198
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(733,673	)		(1,197,176	)		(373,591	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(237,315	)		(245,477	)		(76,053	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,011,334	)		(28,923	)		(103,177	)
Income (loss) for tax return purposes, year ended December 31, 2011	$	250,150		$	(1,437,190	)	$	3,724,924

Schedule Of Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Table Text Block]

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2013, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships - tax return December 31, 2012	$	(37,176,555	)	$	(8,336,321	)	$	(11,498,827	)
Estimated share of loss for the three months ended March 31, 2013		(883,274	)		(111,396	)		-
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		35,033,727			7,552,909			9,782,878
Impairment loss in investment in operating limited partnerships		(12,876,562	)		(764,836	)		(2,512,421	)
Historic tax credits		5,325,806			-			1,844,836
Other		10,576,858			1,659,644			2,383,534
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

	Series 17			Series 18			Series 19
Investments in operating limited partnerships - tax return December 31, 2012	$	(7,623,374	)	$	(7,788,760	)	$	(1,929,273	)
Estimated share of loss for the three months ended March 31, 2013		(418,588	)		(309,042	)		(44,248	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,473,233			6,478,163			3,746,544
Impairment loss in investment in operating limited partnerships		(3,288,846	)		(4,172,906	)		(2,137,553	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		2,757,265			3,730,212			46,203
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

	Total			Series 15			Series 16
Investments in operating limited partnerships - tax return December 31, 2011	$	(39,842,699	)	$	(9,915,268	)	$	(12,422,684	)
Estimated share of loss for the three months ended March 31, 2012		(1,012,965	)		(136,871	)		-
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		40,003,128			8,366,571			9,860,741
Impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)
Historic tax credits		5,325,806			-			1,844,836
Other		12,830,613			2,552,977			3,578,492
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

	Series 17			Series 18			Series 19
Investments in operating limited partnerships - tax return December 31, 2011	$	(6,285,101	)	$	(9,967,872	)	$	(1,251,774	)
Estimated share of loss for the three months ended March 31, 2012		(467,481	)		(357,422	)		(51,191	)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,800,814			9,565,423			5,409,579
Impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)
Historic tax credits		1,100,310			2,062,333			318,327
Other		3,448,046			3,060,601			190,497
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

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RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Percentage Of Annual Management Fee	0.50%
Percentage Of Permanent Financing	99.00%
Accrued Management Fees	$ 23,197,360	$ 23,715,718

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RELATED PARTY TRANSACTIONS (Details 3) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
General and administrative expenses	$ 107,439	$ 67,309
Series Fifteen [Member]
General and administrative expenses	21,065	13,372
Series Sixteen [Member]
General and administrative expenses	24,361	15,446
Series Seventeen [Member]
General and administrative expenses	23,229	13,880
Series Eighteen [Member]
General and administrative expenses	19,440	12,269
Series Nineteen [Member]
General and administrative expenses	$ 19,344	$ 12,342

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2013
Series Fifteen [Member]
Income Loss Not Recognized Under Equity Method Accounting	$ 547,085		$ 730,809
Series Sixteen [Member]
Write Off Of Capital Contribution Payable		1,784
Income Loss Not Recognized Under Equity Method Accounting	833,896		1,010,045
Fund Receivable				65,000
Series Seventeen [Member]
Income Loss Not Recognized Under Equity Method Accounting	717,911		733,673
Series Eighteen [Member]
Income Loss Not Recognized Under Equity Method Accounting	537,292		1,197,176
Series Nineteen [Member]
Income Loss Not Recognized Under Equity Method Accounting	$ 326,625		$ 373,591

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) (USD $)	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$ 51,341,667		$ 67,188,022
Acquisition costs of operating limited partnerships	7,056,310		9,171,431
Syndication costs from operating limited partnerships	(36,455)		(36,455)
Cumulative distributions from operating limited partnerships	(111,389)		(188,000)
Cumulative impairment loss in investment in operating limited partnerships	(12,876,562)		(17,303,883)
Cumulative losses from operating limited partnerships	(45,373,571)		(58,831,115)
Investments in operating limited partnerships per balance sheets	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended, which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements (see note A)	(257,860)		(348,203)
The Fund has recorded acquisition costs which have not been recorded in the net assets of the operating limited partnerships (see note A)	(921,085)		(1,556,118)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)	883,274		1,012,965
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)	(35,033,727)		(40,003,128)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)	300,838		314,521
Cumulative impairment loss in investment in operating limited partnerships	12,876,562		17,303,883
Other	267,534		271,864
Equity per operating limited partnerships' combined financial statements	(21,884,464)	(21,884,462)	(23,004,216)	(23,004,216)
Series Fifteen [Member]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	7,581,708		9,051,543
Acquisition costs of operating limited partnerships	1,075,998		1,218,899
Syndication costs from operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(4,207)		(10,831)
Cumulative impairment loss in investment in operating limited partnerships	(764,836)		(867,409)
Cumulative losses from operating limited partnerships	(7,888,663)		(9,392,202)
Investments in operating limited partnerships per balance sheets	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended, which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements (see note A)	(14,246)		(14,246)
The Fund has recorded acquisition costs which have not been recorded in the net assets of the operating limited partnerships (see note A)	(180,526)		(180,526)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)	111,396		136,871
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)	(7,552,909)		(8,366,571)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)	86,996		86,996
Cumulative impairment loss in investment in operating limited partnerships	764,836		867,409
Other	(29,476)		(41,552)
Equity per operating limited partnerships' combined financial statements	(6,813,929)	(6,813,927)	(7,511,619)	(7,511,619)
Series Sixteen [Member]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	12,074,291		13,600,679
Acquisition costs of operating limited partnerships	1,583,249		1,788,508
Syndication costs from operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(20,268)		(26,120)
Cumulative impairment loss in investment in operating limited partnerships	(2,512,421)		(2,861,385)
Cumulative losses from operating limited partnerships	(11,124,851)		(12,501,682)
Investments in operating limited partnerships per balance sheets	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended, which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements (see note A)	(93,920)		(93,920)
The Fund has recorded acquisition costs which have not been recorded in the net assets of the operating limited partnerships (see note A)	(121,307)		(121,307)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)	(9,782,878)		(9,860,741)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)	123,421		130,181
Cumulative impairment loss in investment in operating limited partnerships	2,512,421		2,861,385
Other	429,517		438,273
Equity per operating limited partnerships' combined financial statements	(6,932,746)	(6,932,746)	(6,646,129)	(6,646,129)
Series Seventeen [Member]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	14,491,224		15,940,952
Acquisition costs of operating limited partnerships	2,117,487		2,328,579
Syndication costs from operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(28,883)		(28,883)
Cumulative impairment loss in investment in operating limited partnerships	(3,288,846)		(4,596,588)
Cumulative losses from operating limited partnerships	(13,290,982)		(13,644,060)
Investments in operating limited partnerships per balance sheets	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended, which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements (see note A)	(124,842)		(174,842)
The Fund has recorded acquisition costs which have not been recorded in the net assets of the operating limited partnerships (see note A)	(591,855)		(650,525)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)	418,588		467,481
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)	(7,473,233)		(6,800,814)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)	14,732		14,732
Cumulative impairment loss in investment in operating limited partnerships	3,288,846		4,596,588
Other	(22,278)		(9,562)
Equity per operating limited partnerships' combined financial statements	(4,490,042)	(4,490,042)	(2,556,942)	(2,556,942)
Series Eighteen [Member]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	11,702,540		17,186,357
Acquisition costs of operating limited partnerships	1,514,128		2,310,366
Syndication costs from operating limited partnerships	(36,455)		(36,455)
Cumulative distributions from operating limited partnerships	(54,267)		(118,167)
Cumulative impairment loss in investment in operating limited partnerships	(4,172,906)		(4,363,063)
Cumulative losses from operating limited partnerships	(8,953,040)		(14,979,038)
Investments in operating limited partnerships per balance sheets	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended, which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements (see note A)	(5,588)		(5,588)
The Fund has recorded acquisition costs which have not been recorded in the net assets of the operating limited partnerships (see note A)	0		0
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)	309,042		357,422
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)	(6,478,163)		(9,565,423)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)	75,689		75,689
Cumulative impairment loss in investment in operating limited partnerships	4,172,906		4,363,063
Other	(89,451)		(92,977)
Equity per operating limited partnerships' combined financial statements	(2,015,565)	(2,015,565)	(4,867,814)	(4,867,814)
Series Nineteen [Member]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	5,491,904		11,408,491
Acquisition costs of operating limited partnerships	765,448		1,525,079
Syndication costs from operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(3,764)		(3,999)
Cumulative impairment loss in investment in operating limited partnerships	(2,137,553)		(4,615,438)
Cumulative losses from operating limited partnerships	(4,116,035)		(8,314,133)
Investments in operating limited partnerships per balance sheets	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended, which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements (see note A)	(19,264)		(59,607)
The Fund has recorded acquisition costs which have not been recorded in the net assets of the operating limited partnerships (see note A)	(27,397)		(603,760)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)	44,248		51,191
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)	(3,746,544)		(5,409,579)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)	0		6,923
Cumulative impairment loss in investment in operating limited partnerships	2,137,553		4,615,438
Other	(20,778)		(22,318)
Equity per operating limited partnerships' combined financial statements	$ (1,632,182)	$ (1,632,182)	$ (1,421,712)	$ (1,421,712)

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RELATED PARTY TRANSACTIONS (Details 2) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Advances From Affiliate Of General Partner	$ 635,362	$ 635,362
Series Fifteen [Member]
Advances From Affiliate Of General Partner	0	0
Series Sixteen [Member]
Advances From Affiliate Of General Partner	0	0
Series Seventeen [Member]
Advances From Affiliate Of General Partner	635,362	635,362
Series Eighteen [Member]
Advances From Affiliate Of General Partner	0	0
Series Nineteen [Member]
Advances From Affiliate Of General Partner	$ 0	$ 0

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STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Cash flows from operating activities
Net income (loss)	$ 1,623,764		$ 72,041
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(2,581,396)		(820,440)
Changes in assets and liabilities
Other assets	(13,575)		61,538
Accounts payable and accrued expenses	2,500		(82,800)
Accounts payable - affiliates	(518,358)		(370,629)
Net cash used in operating activities	(1,487,065)		(1,140,290)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	2,539,971	[1]	818,656	[2]
Net cash provided by investing activities	2,539,971		818,656
Cash flows from financing activities
Distributions to partners	0		(261,830)
Net cash used in financing activities	0		(261,830)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,052,906		(583,464)
Cash and cash equivalents, beginning	4,880,195		5,463,659
Cash and cash equivalents, end	5,933,101		4,880,195
Series Fifteen [Member]
Cash flows from operating activities
Net income (loss)	(152,736)		133,226
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(40,762)		(325,050)
Changes in assets and liabilities
Other assets	0		69,038
Accounts payable and accrued expenses	0		(37,500)
Accounts payable - affiliates	138,069		(265,407)
Net cash used in operating activities	(55,429)		(425,693)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	40,762	[1]	325,050	[2]
Net cash provided by investing activities	40,762		325,050
Cash flows from financing activities
Distributions to partners	0		0
Net cash used in financing activities	0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(14,667)		(100,643)
Cash and cash equivalents, beginning	198,803		299,446
Cash and cash equivalents, end	184,136		198,803
Series Sixteen [Member]
Cash flows from operating activities
Net income (loss)	(165,922)		(166,198)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(149,074)		(148,294)
Changes in assets and liabilities
Other assets	(23,575)		2,500
Accounts payable and accrued expenses	0		(7,500)
Accounts payable - affiliates	134,907		116,741
Net cash used in operating activities	(203,664)		(202,751)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	107,649	[1]	146,510	[2]
Net cash provided by investing activities	107,649		146,510
Cash flows from financing activities
Distributions to partners	0		0
Net cash used in financing activities	0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(96,015)		(56,241)
Cash and cash equivalents, beginning	360,565		416,806
Cash and cash equivalents, end	264,550		360,565
Series Seventeen [Member]
Cash flows from operating activities
Net income (loss)	85,976		(25,508)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(336,562)		(247,646)
Changes in assets and liabilities
Other assets	0		0
Accounts payable and accrued expenses	0		(30,000)
Accounts payable - affiliates	(172,093)		71,531
Net cash used in operating activities	(422,679)		(231,623)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	336,562	[1]	247,646	[2]
Net cash provided by investing activities	336,562		247,646
Cash flows from financing activities
Distributions to partners	0		0
Net cash used in financing activities	0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(86,117)		16,023
Cash and cash equivalents, beginning	344,436		328,413
Cash and cash equivalents, end	258,319		344,436
Series Eighteen [Member]
Cash flows from operating activities
Net income (loss)	681,398		169,974
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(859,438)		0
Changes in assets and liabilities
Other assets	10,000		(10,000)
Accounts payable and accrued expenses	(5,000)		5,000
Accounts payable - affiliates	(619,241)		(293,494)
Net cash used in operating activities	(792,281)		(128,520)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	859,438	[1]	0	[2]
Net cash provided by investing activities	859,438		0
Cash flows from financing activities
Distributions to partners	0		0
Net cash used in financing activities	0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	67,157		(128,520)
Cash and cash equivalents, beginning	164,525		293,045
Cash and cash equivalents, end	231,682		164,525
Series Nineteen [Member]
Cash flows from operating activities
Net income (loss)	1,175,048		(39,453)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(1,195,560)		(99,450)
Changes in assets and liabilities
Other assets	0		0
Accounts payable and accrued expenses	7,500		(12,800)
Accounts payable - affiliates	0		0
Net cash used in operating activities	(13,012)		(151,703)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	1,195,560	[1]	99,450	[2]
Net cash provided by investing activities	1,195,560		99,450
Cash flows from financing activities
Distributions to partners	0		(261,830)
Net cash used in financing activities	0		(261,830)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,182,548		(314,083)
Cash and cash equivalents, beginning	3,811,866		4,125,949
Cash and cash equivalents, end	$ 4,994,414		$ 3,811,866

[1] Fund proceeds from disposition does not include $65,000 recorded as a receivable as of March 31, 2013 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.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2013 and 2012, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2013 and 2012, are as follows:

	2013
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	163,069	$	29,128	$	133,941
Series 16		292,407		51,711		240,696
Series 17		291,969		95,288		196,681
Series 18		240,197		62,424		177,773
Series 19		106,876		113,672		(6,796	)
	$	1,094,518	$	352,223	$	742,295

	2012
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	199,593	$	60,961	$	138,632
Series 16		346,741		92,076		254,665
Series 17		316,531		82,286		234,245
Series 18		264,840		468,715		(203,875	)
Series 19		152,661		34,988		117,673
	$	1,280,366	$	739,026	$	541,340

The partnership management fees paid for the years ended March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15	$	25,000	$	465,000
Series 16		157,500		230,000
Series 17		464,062		245,000
Series 18		859,438		400,000
Series 19		106,876		152,661
	$	1,612,876	$	1,492,661

All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2013 and 2012, total partnership management fees accrued were $23,197,360 and $23,715,718, respectively.

An affiliate of the general partner of the Partnership advanced funds to pay some operating expenses of the Partnership, and to make advances and/or loans to Operating Partnerships. These advances are included in accounts payable-affiliates. During the years ended March 31, 2013 and 2012 there were no advances. The total advances from the affiliate of the general partner to the Operating Partnerships as of March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15	$	-	$	-
Series 16		-		-
Series 17		635,362		635,362
Series 18		-		-
Series 19		-		-
	$	635,362	$	635,362

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

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2013 and 2012 charged to each series’ operations are as follows:

	2013		2012
Series 15	$	21,065	$	13,372
Series 16		24,361		15,446
Series 17		23,229		13,880
Series 18		19,440		12,269
Series 19		19,344		12,342
	$	107,439	$	67,309

Accounts payable - affiliates at March 31, 2013 and 2012 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership.

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CONCENTRATION OF CREDIT RISK

12 Months Ended

Mar. 31, 2013

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

NOTE E - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2013.

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2013

Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2013 and 2012, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2013 and 2012 by series are as follows:

	2013		2012
Series 15		25		30
Series 16		31		38
Series 17		25		27
Series 18		20		23
Series 19		9		16
		110		134

During the year ended March 31, 2013 the Fund disposed of twenty-four operating limited partnerships. A summary of the dispositions by Series for March 31, 2013 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		-	$	40,762	$	40,762
Series 16		7		-		107,649		172,649
Series 17		1		1		336,562		336,562
Series 18		1		2		859,438		859,438
Series 19		7		-		1,195,560		1,195,560
Total		21		3	$	2,539,971	$	2,604,971

* Fund proceeds from disposition does not include $65,000 recorded as a receivable as of March 31, 2013 for Series 16.

During the year ended March 31, 2012 the Fund disposed of eighteen operating limited partnerships and received additional proceeds from one operating limited partnership disposed of in the prior year. A summary of the dispositions by Series for March 31, 2012 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		1	$	325,050	$	325,050
Series 16		5		-		146,510		148,294
Series 17		4		1		247,646		247,646
Series 18		-		1		-		-
Series 19		1		-		99,450		99,450
Total		15		3	$	818,656	$	820,440

* 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.

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.

The contributions payable to operating limited partnerships at March 31, 2013 and 2012 by series are as follows:

	2013		2012
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

The Fund’s investments in operating limited partnerships at March 31, 2013 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	51,341,667		$	7,581,708		$	12,074,291
Acquisition costs of operating limited partnerships		7,056,310			1,075,998			1,583,249
Syndication costs from operating limited partnerships		(36,455	)		-			-
Cumulative distributions from operating limited partnerships		(111,389	)		(4,207	)		(20,268	)
Cumulative impairment loss in investment in operating limited partnerships		(12,876,562	)		(764,836	)		(2,512,421	)
Cumulative losses from operating limited partnerships		(45,373,571	)		(7,888,663	)		(11,124,851	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(257,860	)		(14,246	)		(93,920	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(921,085	)		(180,526	)		(121,307	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		883,274			111,396			-

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A)		(35,033,727	)		(7,552,909	)		(9,782,878	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		300,838			86,996			123,421
Cumulative impairment loss in investment in operating limited partnerships		12,876,562			764,836			2,512,421
Other		267,534			(29,476	)		429,517
Equity per operating limited partnerships’ combined financial statements	$	(21,884,464	)	$	(6,813,929	)	$	(6,932,746	)

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	14,491,224		$	11,702,540		$	5,491,904
Acquisition costs of operating limited partnerships		2,117,487			1,514,128			765,448
Syndication costs from operating limited partnerships		-			(36,455	)		-
Cumulative distributions from operating limited partnerships		(28,883	)		(54,267	)		(3,764	)
Cumulative impairment loss in investment in operating limited partnerships		(3,288,846	)		(4,172,906	)		(2,137,553	)
Cumulative losses from operating limited partnerships		(13,290,982	)		(8,953,040	)		(4,116,035	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2012 (see note A)		(124,842	)		(5,588	)		(19,264	)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(591,855	)		-			(27,397	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		418,588			309,042			44,248

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(7,473,233	)		(6,478,163	)		(3,746,544	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			-
Cumulative impairment loss in investment in operating limited partnerships		3,288,846			4,172,906			2,137,553
Other		(22,278	)		(89,451	)		(20,778	)
Equity per operating limited partnerships’ combined financial statements	$	(4,490,042	)	$	(2,015,565	)	$	(1,632,182	)

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		67,188,022		$	9,051,543		$	13,600,679
Acquisition costs of operating limited partnerships		9,171,431			1,218,899			1,788,508
Syndication costs from operating limited partnerships		(36,455	)		-			-
Cumulative distributions from operating limited partnerships		(188,000	)		(10,831	)		(26,120	)
Cumulative impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)
Cumulative losses from operating limited partnerships		(58,831,115	)		(9,392,202	)		(12,501,682	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2011 (see note A)		(348,203	)		(14,246	)		(93,920	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(1,556,118	)		(180,526	)		(121,307	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		1,012,965			136,871			-

	Total			Series 15			Series 16
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(40,003,128	)		(8,366,571	)		(9,860,741	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		314,521			86,996			130,181
Cumulative impairment loss in investment in operating limited partnerships		17,303,883			867,409			2,861,385
Other		271,864			(41,552	)		438,273
Equity per operating limited partnerships’ combined financial statements	$	(23,004,216	)	$	(7,511,619	)	$	(6,646,129	)

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	15,940,952		$	17,186,357		$	11,408,491
Acquisition costs of operating limited partnerships		2,328,579			2,310,366			1,525,079
Syndication costs from operating limited partnerships		-			(36,455	)		-
Cumulative distributions from operating limited partnerships		(28,883	)		(118,167	)		(3,999	)
Cumulative impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)
Cumulative losses from operating limited partnerships		(13,644,060	)		(14,979,038	)		(8,314,133	)
Investments in operating limited partnerships per balance sheets		-			-			-
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2011 (see note A)		(174,842	)		(5,588	)		(59,607	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(650,525	)		-			(603,760	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		467,481			357,422			51,191

	Series 17			Series 18			Series 19
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(6,800,814	)		(9,565,423	)		(5,409,579	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			6,923
Cumulative impairment loss in investment in operating limited partnerships		4,596,588			4,363,063			4,615,438
Other		(9,562	)		(92,977	)		(22,318	)
Equity per operating limited partnerships’ combined financial statements	$	(2,556,942	)	$	(4,867,814	)	$	(1,421,712	)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2012 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	95,826,256		$	11,960,583		$	22,821,455
Land		9,774,646			1,287,635			1,930,468
Other assets		18,999,881			4,023,199			6,004,950
	$	124,600,783		$	17,271,417		$	30,756,873
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	137,707,477		$	24,148,955		$	31,824,524
Accounts payable and accrued expenses		6,965,641			350,564			3,300,317
Other liabilities		12,147,565			872,433			2,298,505
		156,820,683			25,371,952			37,423,346
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(21,884,462	)		(6,813,927	)		(6,932,746	)
Other partners		(10,335,438	)		(1,286,608	)		266,273
		(32,219,900	)		(8,100,535	)		(6,666,473	)
	$	124,600,783		$	17,271,417		$	30,756,873

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,801,499		$	18,518,861		$	11,723,858
Land		3,860,381			1,830,682			865,480
Other assets		4,966,333			2,915,815			1,089,584
	$	39,628,213		$	23,265,358		$	13,678,922
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,893,314		$	23,044,796		$	11,795,888
Accounts payable and accrued expenses		1,209,547			1,299,758			805,455
Other liabilities		5,592,363			1,449,945			1,934,319
		53,695,224			25,794,499			14,535,662
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(4,490,042	)		(2,015,565	)		(1,632,182	)
Other partners		(9,576,969	)		(513,576	)		775,442
		(14,067,011	)		(2,529,141	)		(856,740	)
	$	39,628,213		$	23,265,358		$	13,678,922

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS
Buildings and improvements, net of accumulated depreciation	$	129,457,020		$	16,874,324		$	28,711,071
Land		13,214,525			1,712,879			2,182,728
Other assets		23,094,868			4,812,799			7,265,124
	$	165,766,413		$	23,400,002		$	38,158,923
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	171,925,646		$	30,686,298		$	39,442,851
Accounts payable and accrued expenses		8,024,363			343,231			3,412,569
Other liabilities		16,888,786			982,737			1,433,900
		196,838,795			32,012,266			44,289,320
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(23,004,216	)		(7,511,619	)		(6,646,129	)
Other partners		(8,068,166	)		(1,100,645	)		515,732
		(31,072,382	)		(8,612,264	)		(6,130,397	)
	$	165,766,413		$	23,400,002		$	38,158,923

	Series 17			Series 18			Series 19
ASSETS
Buildings and improvements, net of accumulated depreciation	$	35,549,893		$	25,218,279		$	23,103,453
Land		4,296,381			2,627,321			2,395,216
Other assets		5,512,378			3,235,664			2,268,903
	$	45,358,652		$	31,081,264		$	27,767,572
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	49,568,081		$	31,300,678		$	20,927,738
Accounts payable and accrued expenses		1,188,711			2,142,120			937,732
Other liabilities		6,239,819			2,789,969			5,442,361
		56,996,611			36,232,767			27,307,831
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,556,942	)		(4,867,814	)		(1,421,712	)
Other partners		(9,081,017	)		(283,689	)		1,881,453
		(11,637,959	)		(5,151,503	)		459,741
	$	45,358,652		$	31,081,264		$	27,767,572

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	26,731,006		$	4,411,357		$	6,091,709
Interest and other		1,067,985			82,448			574,644
		27,798,991			4,493,805			6,666,353
Expenses
Interest		4,474,965			631,620			936,848
Depreciation and amortization		6,624,362			1,191,942			1,603,040
Taxes and insurance		3,210,387			536,484			706,281
Repairs and maintenance		6,581,642			1,009,388			1,648,565
Operating expenses		10,321,858			1,735,643			2,546,703
Other expenses		225,733			31,984			30,732
		31,438,947			5,137,061			7,472,169
NET LOSS	$	(3,639,956	)	$	(643,256	)	$	(805,816	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(2,962,809	)	$	(547,085	)	$	(833,896	)
Net loss allocated to other partners	$	(677,147	)	$	(96,171	)	$	28,080

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,098,192		$	4,762,942		$	2,366,806
Interest and other		238,140			129,361			43,392
		9,336,332			4,892,303			2,410,198
Expenses
Interest		1,594,515			749,490			562,492
Depreciation and amortization		2,101,456			1,143,170			584,754
Taxes and insurance		1,017,457			656,003			294,162
Repairs and maintenance		2,322,124			1,049,661			551,904
Operating expenses		3,359,421			1,760,101			919,990
Other expenses		35,553			71,381			56,083
		10,430,526			5,429,806			2,969,385
NET LOSS	$	(1,094,194	)	$	(537,503	)	$	(559,187	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(717,911	)	$	(537,292	)	$	(326,625	)
Net loss allocated to other partners	$	(376,283	)	$	(211	)	$	(232,562	)

* Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	33,706,796		$	5,392,708		$	7,295,567
Interest and other		855,012			156,911			155,808
		34,561,808			5,549,619			7,451,375
Expenses
Interest		6,075,031			767,359			1,141,429
Depreciation and amortization		8,244,794			1,448,769			1,812,739
Taxes and insurance		3,999,447			677,808			889,025
Repairs and maintenance		7,908,133			1,198,185			1,745,900
Operating expenses		12,640,384			2,134,670			2,744,393
Other expenses		319,101			43,422			38,647
		39,186,890			6,270,213			8,372,133
NET LOSS	$	(4,625,082	)	$	(720,594	)	$	(920,758	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(4,045,294	)	$	(730,809	)	$	(1,010,045	)
Net income (loss) allocated to other partners	$	(579,788	)	$	10,215		$	89,287

* Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,984,884		$	6,242,288		$	4,791,349
Interest and other		290,316			151,518			100,459
		10,275,200			6,393,806			4,891,808
Expenses
Interest		1,873,449			1,227,151			1,065,643
Depreciation and amortization		2,207,942			1,558,316			1,217,028
Taxes and insurance		1,109,017			823,809			499,788
Repairs and maintenance		2,426,319			1,668,122			869,607
Operating expenses		3,482,269			2,311,943			1,967,109
Other expenses		43,182			72,572			121,278
		11,142,178			7,661,913			5,740,453
NET LOSS	$	(866,978	)	$	(1,268,107	)	$	(848,645	)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(733,673	)	$	(1,197,176	)	$	(373,591	)
Net income (loss) allocated to other partners	$	(133,305	)	$	(70,931	)	$	(475,054	)

* Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details)	Mar. 31, 2013	Mar. 31, 2012
Number Of Operating Partnerships	110	134
Series Fifteen [Member]
Number Of Operating Partnerships	25	30
Series Sixteen [Member]
Number Of Operating Partnerships	31	38
Series Seventeen [Member]
Number Of Operating Partnerships	25	27
Series Eighteen [Member]
Number Of Operating Partnerships	20	23
Series Nineteen [Member]
Number Of Operating Partnerships	9	16

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) (USD $)	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Buildings and improvements, net of accumulated depreciation		$ 95,826,256		$ 129,457,020
Land		9,774,646		13,214,525
Other assets		18,999,881		23,094,868
Operating Limited Partnerships Assets		124,600,783		165,766,413
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		137,707,477		171,925,646
Accounts payable and accrued expenses		6,965,641		8,024,363
Other liabilities		12,147,565		16,888,786
Operating Limited Partnerships Liabilities		156,820,683		196,838,795
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.	(21,884,464)	(21,884,462)	(23,004,216)	(23,004,216)
Other partners		(10,335,438)		(8,068,166)
Operating Limited Partnerships Partners Capital		(32,219,900)		(31,072,382)
Operating Limited Partnerships Liabilities and Stockholders Equity		124,600,783		165,766,413
Series Fifteen [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		11,960,583		16,874,324
Land		1,287,635		1,712,879
Other assets		4,023,199		4,812,799
Operating Limited Partnerships Assets		17,271,417		23,400,002
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		24,148,955		30,686,298
Accounts payable and accrued expenses		350,564		343,231
Other liabilities		872,433		982,737
Operating Limited Partnerships Liabilities		25,371,952		32,012,266
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.	(6,813,929)	(6,813,927)	(7,511,619)	(7,511,619)
Other partners		(1,286,608)		(1,100,645)
Operating Limited Partnerships Partners Capital		(8,100,535)		(8,612,264)
Operating Limited Partnerships Liabilities and Stockholders Equity		17,271,417		23,400,002
Series Sixteen [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		22,821,455		28,711,071
Land		1,930,468		2,182,728
Other assets		6,004,950		7,265,124
Operating Limited Partnerships Assets		30,756,873		38,158,923
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		31,824,524		39,442,851
Accounts payable and accrued expenses		3,300,317		3,412,569
Other liabilities		2,298,505		1,433,900
Operating Limited Partnerships Liabilities		37,423,346		44,289,320
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.	(6,932,746)	(6,932,746)	(6,646,129)	(6,646,129)
Other partners		266,273		515,732
Operating Limited Partnerships Partners Capital		(6,666,473)		(6,130,397)
Operating Limited Partnerships Liabilities and Stockholders Equity		30,756,873		38,158,923
Series Seventeen [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		30,801,499		35,549,893
Land		3,860,381		4,296,381
Other assets		4,966,333		5,512,378
Operating Limited Partnerships Assets		39,628,213		45,358,652
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		46,893,314		49,568,081
Accounts payable and accrued expenses		1,209,547		1,188,711
Other liabilities		5,592,363		6,239,819
Operating Limited Partnerships Liabilities		53,695,224		56,996,611
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.	(4,490,042)	(4,490,042)	(2,556,942)	(2,556,942)
Other partners		(9,576,969)		(9,081,017)
Operating Limited Partnerships Partners Capital		(14,067,011)		(11,637,959)
Operating Limited Partnerships Liabilities and Stockholders Equity		39,628,213		45,358,652
Series Eighteen [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		18,518,861		25,218,279
Land		1,830,682		2,627,321
Other assets		2,915,815		3,235,664
Operating Limited Partnerships Assets		23,265,358		31,081,264
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		23,044,796		31,300,678
Accounts payable and accrued expenses		1,299,758		2,142,120
Other liabilities		1,449,945		2,789,969
Operating Limited Partnerships Liabilities		25,794,499		36,232,767
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.	(2,015,565)	(2,015,565)	(4,867,814)	(4,867,814)
Other partners		(513,576)		(283,689)
Operating Limited Partnerships Partners Capital		(2,529,141)		(5,151,503)
Operating Limited Partnerships Liabilities and Stockholders Equity		23,265,358		31,081,264
Series Nineteen [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		11,723,858		23,103,453
Land		865,480		2,395,216
Other assets		1,089,584		2,268,903
Operating Limited Partnerships Assets		13,678,922		27,767,572
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		11,795,888		20,927,738
Accounts payable and accrued expenses		805,455		937,732
Other liabilities		1,934,319		5,442,361
Operating Limited Partnerships Liabilities		14,535,662		27,307,831
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.	(1,632,182)	(1,632,182)	(1,421,712)	(1,421,712)
Other partners		775,442		1,881,453
Operating Limited Partnerships Partners Capital		(856,740)		459,741
Operating Limited Partnerships Liabilities and Stockholders Equity		$ 13,678,922		$ 27,767,572

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SUBSEQUENT EVENTS (Details Textual) (USD $)	12 Months Ended
	Mar. 31, 2013
Gain On Sale Of Operating Partnerships	$ 13,000

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BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2013	Mar. 31, 2012
Assignor Limited Partners Capital Account Units Authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	21,996,102	21,996,102
Units of limited partnership interest, issued	21,996,102	21,996,102
Units of limited partnership interest, outstanding	21,986,702	21,992,202
Series Fifteen [Member]
Assignor Limited Partners Capital Account Units Authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,870,500	3,870,500
Units of limited partnership interest, issued	3,870,500	3,870,500
Units of limited partnership interest, outstanding	3,866,900	3,869,900
Series Sixteen [Member]
Assignor Limited Partners Capital Account Units Authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	5,429,402	5,429,402
Units of limited partnership interest, issued	5,429,402	5,429,402
Units of limited partnership interest, outstanding	5,425,102	5,427,102
Series Seventeen [Member]
Assignor Limited Partners Capital Account Units Authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	5,000,000	5,000,000
Units of limited partnership interest, issued	5,000,000	5,000,000
Units of limited partnership interest, outstanding	4,998,500	4,999,000
Series Eighteen [Member]
Assignor Limited Partners Capital Account Units Authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,616,200	3,616,200
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]
Assignor Limited Partners Capital Account Units Authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	4,080,000	4,080,000
Units of limited partnership interest, issued	4,080,000	4,080,000
Units of limited partnership interest, outstanding	4,080,000	4,080,000

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Investment In Operating Limited Partnerships [Policy Text Block]

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:

	2013		2012
Series 15	$	36,759	$	36,759
Series 16		31,893		8,318
Series 17		60,785		60,785
Series 18		51,536		62,536
Series 19		25,120		25,120
	$	206,093	$	193,518

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. During the years ended March 31, 2013 and 2012, the Fund did not record an impairment loss.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received.

The Fund records certain acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the Fund. These differences are shown as reconciling items in note C.

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. 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 is required to consolidate the VIE.

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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 limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

Income Tax, Policy [Policy Text Block]

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 Funds’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. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents

Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less.

Fiscal Period, Policy [Policy Text Block]

Fiscal Year

For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Earnings Perbenefical Assignee Partnership Unit [Policy Text Block]

Net Income (Loss) per Beneficial Assignee Certificate

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15		3,868,900		3,869,900
Series 16		5,426,435		5,427,102
Series 17		4,998,833		4,999,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,990,368		21,992,202

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

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.

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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $)	Total	Limited Partner [Member]	General Partner [Member]	Series Fifteen [Member]	Series Fifteen [Member] Limited Partner [Member]	Series Fifteen [Member] General Partner [Member]	Series Sixteen [Member]	Series Sixteen [Member] Limited Partner [Member]	Series Sixteen [Member] General Partner [Member]	Series Seventeen [Member]	Series Seventeen [Member] Limited Partner [Member]	Series Seventeen [Member] General Partner [Member]	Series Eighteen [Member]	Series Eighteen [Member] Limited Partner [Member]	Series Eighteen [Member] General Partner [Member]	Series Nineteen [Member]	Series Nineteen [Member] Limited Partner [Member]	Series Nineteen [Member] General Partner [Member]
Partners' capital (deficit) at Mar. 31, 2011	$ (19,387,802)	$ (17,338,646)	$ (2,049,156)	$ (3,741,393)	$ (3,381,790)	$ (359,603)	$ (8,049,524)	$ (7,502,420)	$ (547,104)	$ (6,670,022)	$ (6,182,544)	$ (487,478)	$ (5,040,012)	$ (4,679,384)	$ (360,628)	$ 4,113,149	$ 4,407,492	$ (294,343)
Distributions to partners	(261,830)	(259,212)	(2,618)	0	0	0	0	0	0	0	0	0	0	0	0	(261,830)	(259,212)	(2,618)
Net income (loss)	72,041	71,321	720	133,226	131,894	1,332	(166,198)	(164,536)	(1,662)	(25,508)	(25,253)	(255)	169,974	168,274	1,700	(39,453)	(39,058)	(395)
Partners' capital (deficit) at Mar. 31, 2012	(19,577,591)	(17,526,537)	(2,051,054)	(3,608,167)	(3,249,896)	(358,271)	(8,215,722)	(7,666,956)	(548,766)	(6,695,530)	(6,207,797)	(487,733)	(4,870,038)	(4,511,110)	(358,928)	3,811,866	4,109,222	(297,356)
Distributions to partners	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net income (loss)	1,623,764	1,607,526	16,238	(152,736)	(151,209)	(1,527)	(165,922)	(164,263)	(1,659)	85,976	85,116	860	681,398	674,584	6,814	1,175,048	1,163,298	11,750
Partners' capital (deficit) at Mar. 31, 2013	$ (17,953,827)	$ (15,919,011)	$ (2,034,816)	$ (3,760,903)	$ (3,401,105)	$ (359,798)	$ (8,381,644)	$ (7,831,219)	$ (550,425)	$ (6,609,554)	$ (6,122,681)	$ (486,873)	$ (4,188,640)	$ (3,836,526)	$ (352,114)	$ 4,986,914	$ 5,272,520	$ (285,606)

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BALANCE SHEETS (USD $)	Mar. 31, 2013	Mar. 31, 2012
ASSETS
Cash and cash equivalents	$ 5,933,101	$ 4,880,195
Other assets	69,400	14,400
Assets	6,002,501	4,894,595
LIABILITIES
Accounts payable and accrued expenses	32,246	29,746
Accounts payable - affiliates	23,832,722	24,351,080
Capital contributions payable	91,360	91,360
Liabilities	23,956,328	24,472,186
PARTNERS' CAPITAL (DEFICIT)
Assignor Limited Partners Interest	0	0
Limited Partners Interest	(15,919,011)	(17,526,537)
General partner	(2,034,816)	(2,051,054)
Partners' capital (deficit)	(17,953,827)	(19,577,591)
Liabilities and Stockholders' Equity	6,002,501	4,894,595
Series Fifteen [Member]
ASSETS
Cash and cash equivalents	184,136	198,803
Other assets	0	0
Assets	184,136	198,803
LIABILITIES
Accounts payable and accrued expenses	1,246	1,246
Accounts payable - affiliates	3,943,793	3,805,724
Capital contributions payable	0	0
Liabilities	3,945,039	3,806,970
PARTNERS' CAPITAL (DEFICIT)
Assignor Limited Partners Interest	0	0
Limited Partners Interest	(3,401,105)	(3,249,896)
General partner	(359,798)	(358,271)
Partners' capital (deficit)	(3,760,903)	(3,608,167)
Liabilities and Stockholders' Equity	184,136	198,803
Series Sixteen [Member]
ASSETS
Cash and cash equivalents	264,550	360,565
Other assets	65,000	0
Assets	329,550	360,565
LIABILITIES
Accounts payable and accrued expenses	5,000	5,000
Accounts payable - affiliates	8,656,186	8,521,279
Capital contributions payable	50,008	50,008
Liabilities	8,711,194	8,576,287
PARTNERS' CAPITAL (DEFICIT)
Assignor Limited Partners Interest	0	0
Limited Partners Interest	(7,831,219)	(7,666,956)
General partner	(550,425)	(548,766)
Partners' capital (deficit)	(8,381,644)	(8,215,722)
Liabilities and Stockholders' Equity	329,550	360,565
Series Seventeen [Member]
ASSETS
Cash and cash equivalents	258,319	344,436
Other assets	4,400	4,400
Assets	262,719	348,836
LIABILITIES
Accounts payable and accrued expenses	18,500	18,500
Accounts payable - affiliates	6,830,975	7,003,068
Capital contributions payable	22,798	22,798
Liabilities	6,872,273	7,044,366
PARTNERS' CAPITAL (DEFICIT)
Assignor Limited Partners Interest	0	0
Limited Partners Interest	(6,122,681)	(6,207,797)
General partner	(486,873)	(487,733)
Partners' capital (deficit)	(6,609,554)	(6,695,530)
Liabilities and Stockholders' Equity	262,719	348,836
Series Eighteen [Member]
ASSETS
Cash and cash equivalents	231,682	164,525
Other assets	0	10,000
Assets	231,682	174,525
LIABILITIES
Accounts payable and accrued expenses	0	5,000
Accounts payable - affiliates	4,401,768	5,021,009
Capital contributions payable	18,554	18,554
Liabilities	4,420,322	5,044,563
PARTNERS' CAPITAL (DEFICIT)
Assignor Limited Partners Interest	0	0
Limited Partners Interest	(3,836,526)	(4,511,110)
General partner	(352,114)	(358,928)
Partners' capital (deficit)	(4,188,640)	(4,870,038)
Liabilities and Stockholders' Equity	231,682	174,525
Series Nineteen [Member]
ASSETS
Cash and cash equivalents	4,994,414	3,811,866
Other assets	0	0
Assets	4,994,414	3,811,866
LIABILITIES
Accounts payable and accrued expenses	7,500	0
Accounts payable - affiliates	0	0
Capital contributions payable	0	0
Liabilities	7,500	0
PARTNERS' CAPITAL (DEFICIT)
Assignor Limited Partners Interest	0	0
Limited Partners Interest	5,272,520	4,109,222
General partner	(285,606)	(297,356)
Partners' capital (deficit)	4,986,914	3,811,866
Liabilities and Stockholders' Equity	$ 4,994,414	$ 3,811,866

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1) (USD $)	12 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Operating Partnership Interest Transferred	21		15
Sale of Underlying Operating Partnership	3		3
Partnership Proceeds from Disposition	$ 2,539,971	[1]	$ 818,656	[2]
Gain/(Loss) on Disposition	2,581,396		820,440
Series Fifteen [Member]
Operating Partnership Interest Transferred	5		5
Sale of Underlying Operating Partnership	0		1
Partnership Proceeds from Disposition	40,762	[1]	325,050	[2]
Gain/(Loss) on Disposition	40,762		325,050
Series Sixteen [Member]
Operating Partnership Interest Transferred	7		5
Sale of Underlying Operating Partnership	0		0
Partnership Proceeds from Disposition	107,649	[1]	146,510	[2]
Gain/(Loss) on Disposition	149,074		148,294
Series Seventeen [Member]
Operating Partnership Interest Transferred	1		4
Sale of Underlying Operating Partnership	1		1
Partnership Proceeds from Disposition	336,562	[1]	247,646	[2]
Gain/(Loss) on Disposition	336,562		247,646
Series Eighteen [Member]
Operating Partnership Interest Transferred	1		0
Sale of Underlying Operating Partnership	2		1
Partnership Proceeds from Disposition	859,438	[1]	0	[2]
Gain/(Loss) on Disposition	859,438		0
Series Nineteen [Member]
Operating Partnership Interest Transferred	7		1
Sale of Underlying Operating Partnership	0		0
Partnership Proceeds from Disposition	1,195,560	[1]	99,450	[2]
Gain/(Loss) on Disposition	$ 1,195,560		$ 99,450

[1] Fund proceeds from disposition does not include $65,000 recorded as a receivable as of March 31, 2013 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.

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RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Gross Partnership Management Fee	$ 1,094,518	$ 1,280,366
Asset Management and Reporting Fee	352,223	739,026
Partnership Management Fee net of Asset Management and Reporting Fee	742,295	541,340
Series Fifteen [Member]
Gross Partnership Management Fee	163,069	199,593
Asset Management and Reporting Fee	29,128	60,961
Partnership Management Fee net of Asset Management and Reporting Fee	133,941	138,632
Series Sixteen [Member]
Gross Partnership Management Fee	292,407	346,741
Asset Management and Reporting Fee	51,711	92,076
Partnership Management Fee net of Asset Management and Reporting Fee	240,696	254,665
Series Seventeen [Member]
Gross Partnership Management Fee	291,969	316,531
Asset Management and Reporting Fee	95,288	82,286
Partnership Management Fee net of Asset Management and Reporting Fee	196,681	234,245
Series Eighteen [Member]
Gross Partnership Management Fee	240,197	264,840
Asset Management and Reporting Fee	62,424	468,715
Partnership Management Fee net of Asset Management and Reporting Fee	177,773	(203,875)
Series Nineteen [Member]
Gross Partnership Management Fee	106,876	152,661
Asset Management and Reporting Fee	113,672	34,988
Partnership Management Fee net of Asset Management and Reporting Fee	$ (6,796)	$ 117,673

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RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Net income (loss) for financial reporting purposes	$ 1,623,764	$ 72,041
Operating limited partnership rents received in advance	(9,091)	(10,156)
Accrued fund management fees not deducted (deducted) for tax purposes	(518,358)	(370,629)
Other	9,322,887	9,652,956
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(2,962,809)	(4,045,294)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(1,097,632)	(1,178,940)
Difference due to fiscal year for book purposes and calendar year for tax purposes	(1,864,492)	(722,510)
Income (loss) for tax return purposes, year ended	4,494,269	3,555,802
Series Fifteen [Member]
Net income (loss) for financial reporting purposes	(152,736)	133,226
Operating limited partnership rents received in advance	(5,565)	2,199
Accrued fund management fees not deducted (deducted) for tax purposes	138,069	(265,407)
Other	2,342,530	2,488,615
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(547,085)	(730,809)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(170,171)	(243,438)
Difference due to fiscal year for book purposes and calendar year for tax purposes	(385,534)	(472,240)
Income (loss) for tax return purposes, year ended	1,219,508	1,856,626
Series Sixteen [Member]
Net income (loss) for financial reporting purposes	(165,922)	(166,198)
Operating limited partnership rents received in advance	(3,597)	(1,715)
Accrued fund management fees not deducted (deducted) for tax purposes	134,907	116,741
Other	2,209,778	650,482
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(833,896)	(1,010,045)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(280,469)	(376,657)
Difference due to fiscal year for book purposes and calendar year for tax purposes	(254,564)	(51,316)
Income (loss) for tax return purposes, year ended	806,237	(838,708)
Series Seventeen [Member]
Net income (loss) for financial reporting purposes	85,976	(25,508)
Operating limited partnership rents received in advance	526	(10,640)
Accrued fund management fees not deducted (deducted) for tax purposes	(172,093)	71,531
Other	(9,062)	2,197,089
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(717,911)	(733,673)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(275,264)	(237,315)
Difference due to fiscal year for book purposes and calendar year for tax purposes	(3,417)	(1,011,334)
Income (loss) for tax return purposes, year ended	(1,091,245)	250,150
Series Eighteen [Member]
Net income (loss) for financial reporting purposes	681,398	169,974
Operating limited partnership rents received in advance	(212)	0
Accrued fund management fees not deducted (deducted) for tax purposes	(619,241)	(293,494)
Other	3,787,299	(428)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(537,292)	(1,197,176)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(224,315)	(245,477)
Difference due to fiscal year for book purposes and calendar year for tax purposes	(17,298)	(28,923)
Income (loss) for tax return purposes, year ended	3,070,339	(1,437,190)
Series Nineteen [Member]
Net income (loss) for financial reporting purposes	1,175,048	(39,453)
Operating limited partnership rents received in advance	(243)	0
Accrued fund management fees not deducted (deducted) for tax purposes	0	0
Other	992,342	4,317,198
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(326,625)	(373,591)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(147,413)	(76,053)
Difference due to fiscal year for book purposes and calendar year for tax purposes	(1,203,679)	(103,177)
Income (loss) for tax return purposes, year ended	$ 489,430	$ 3,724,924

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RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details 1) (USD $)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Investments in operating limited partnerships - tax return	$ (37,176,555)	$ (39,842,699)
Estimated share of loss	(883,274)	(1,012,965)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	35,033,727	40,003,128
Impairment loss in investment in operating limited partnerships	(12,876,562)	(17,303,883)
Historic tax credits	5,325,806	5,325,806
Other	10,576,858	12,830,613
Investments in operating limited partnerships per balance sheets	0	0
Series Fifteen [Member]
Investments in operating limited partnerships - tax return	(8,336,321)	(9,915,268)
Estimated share of loss	(111,396)	(136,871)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	7,552,909	8,366,571
Impairment loss in investment in operating limited partnerships	(764,836)	(867,409)
Historic tax credits	0	0
Other	1,659,644	2,552,977
Investments in operating limited partnerships per balance sheets	0	0
Series Sixteen [Member]
Investments in operating limited partnerships - tax return	(11,498,827)	(12,422,684)
Estimated share of loss	0	0
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	9,782,878	9,860,741
Impairment loss in investment in operating limited partnerships	(2,512,421)	(2,861,385)
Historic tax credits	1,844,836	1,844,836
Other	2,383,534	3,578,492
Investments in operating limited partnerships per balance sheets	0	0
Series Seventeen [Member]
Investments in operating limited partnerships - tax return	(7,623,374)	(6,285,101)
Estimated share of loss	(418,588)	(467,481)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	7,473,233	6,800,814
Impairment loss in investment in operating limited partnerships	(3,288,846)	(4,596,588)
Historic tax credits	1,100,310	1,100,310
Other	2,757,265	3,448,046
Investments in operating limited partnerships per balance sheets	0	0
Series Eighteen [Member]
Investments in operating limited partnerships - tax return	(7,788,760)	(9,967,872)
Estimated share of loss	(309,042)	(357,422)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	6,478,163	9,565,423
Impairment loss in investment in operating limited partnerships	(4,172,906)	(4,363,063)
Historic tax credits	2,062,333	2,062,333
Other	3,730,212	3,060,601
Investments in operating limited partnerships per balance sheets	0	0
Series Nineteen [Member]
Investments in operating limited partnerships - tax return	(1,929,273)	(1,251,774)
Estimated share of loss	(44,248)	(51,191)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,746,544	5,409,579
Impairment loss in investment in operating limited partnerships	(2,137,553)	(4,615,438)
Historic tax credits	318,327	318,327
Other	46,203	190,497
Investments in operating limited partnerships per balance sheets	$ 0	$ 0

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SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE G - SUBSEQUENT EVENTS

Subsequent to March 31, 2013, the Fund has not entered into any agreements to sell interests in operating limited partnerships. However, the Fund did receive $13,000 from a prior year sale of an operating limited partnership.

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Capital contributions payable	$ 91,360	$ 91,360
Series Fifteen [Member]
Capital contributions payable	0	0
Series Sixteen [Member]
Capital contributions payable	50,008	50,008
Series Seventeen [Member]
Capital contributions payable	22,798	22,798
Series Eighteen [Member]
Capital contributions payable	18,554	18,554
Series Nineteen [Member]
Capital contributions payable	$ 0	$ 0

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2013 and 2012, are as follows:

	2013
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	163,069	$	29,128	$	133,941
Series 16		292,407		51,711		240,696
Series 17		291,969		95,288		196,681
Series 18		240,197		62,424		177,773
Series 19		106,876		113,672		(6,796	)
	$	1,094,518	$	352,223	$	742,295

	2012
	Gross Partnership Management Fee		Asset Management and Reporting Fee		Partnership Management Fee net of Asset Management and Reporting Fee
Series 15	$	199,593	$	60,961	$	138,632
Series 16		346,741		92,076		254,665
Series 17		316,531		82,286		234,245
Series 18		264,840		468,715		(203,875	)
Series 19		152,661		34,988		117,673
	$	1,280,366	$	739,026	$	541,340

Schedule Of Management Fees Paid [Table Text Block]

The partnership management fees paid for the years ended March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15	$	25,000	$	465,000
Series 16		157,500		230,000
Series 17		464,062		245,000
Series 18		859,438		400,000
Series 19		106,876		152,661
	$	1,612,876	$	1,492,661

Schedule Of Advances From Affiliate [Table Text Block]

The total advances from the affiliate of the general partner to the Operating Partnerships as of March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15	$	-	$	-
Series 16		-		-
Series 17		635,362		635,362
Series 18		-		-
Series 19		-		-
	$	635,362	$	635,362

Schedule Of General Administrative [Table Text Block]

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2013 and 2012 charged to each series’ operations are as follows:

	2013		2012
Series 15	$	21,065	$	13,372
Series 16		24,361		15,446
Series 17		23,229		13,880
Series 18		19,440		12,269
Series 19		19,344		12,342
	$	107,439	$	67,309

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FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Funds’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund III L.P. (the “Partnership” or “Fund”) was formed under the laws of the State of Delaware on September 19, 1991, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates III L.P. and the limited partner is BCTC III Assignor Corp. (the “assignor limited partner”).

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 originally registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC.

The BACs issued and outstanding in each series as of March 31, 2013 and 2012 are as follows:

	Issued				Outstanding
	2013		2012		2013		2012
Series 15		3,870,500		3,870,500		3,866,900		3,869,900
Series 16		5,429,402		5,429,402		5,425,102		5,427,102
Series 17		5,000,000		5,000,000		4,998,500		4,999,000
Series 18		3,616,200		3,616,200		3,616,200		3,616,200
Series 19		4,080,000		4,080,000		4,080,000		4,080,000
		21,996,102		21,996,102		21,986,702		21,992,202

 \

In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:

	2013		2012
Series 15	$	36,759	$	36,759
Series 16		31,893		8,318
Series 17		60,785		60,785
Series 18		51,536		62,536
Series 19		25,120		25,120
	$	206,093	$	193,518

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. During the years ended March 31, 2013 and 2012, the Fund did not record an impairment loss.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received.

The Fund records certain acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the Fund. These differences are shown as reconciling items in note C.

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. 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 is required to consolidate the VIE.

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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 limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

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 Funds’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. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

Cash Equivalents

Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less.

Fiscal Year

For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Net Income (Loss) per Beneficial Assignee Certificate

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15		3,868,900		3,869,900
Series 16		5,426,435		5,427,102
Series 17		4,998,833		4,999,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,990,368		21,992,202

Recent Accounting Pronouncements

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.

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 5) (USD $)	12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011
Revenue
Rental	$ 26,731,006		$ 33,706,796
Interest and other	1,067,985		855,012
Operating Partnerships Revenues	27,798,991		34,561,808
Expenses
Interest	4,474,965		6,075,031
Depreciation and amortization	6,624,362		8,244,794
Taxes and insurance	3,210,387		3,999,447
Repairs and maintenance	6,581,642		7,908,133
Operating expenses	10,321,858		12,640,384
Other expenses	225,733		319,101
Operating Partnerships Total Expenses	31,438,947		39,186,890
NET LOSS	(3,639,956)		(4,625,082)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	(2,962,809)	[1]	(4,045,294)	[2]
Net income (loss) allocated to other partners	(677,147)		(579,788)
Series Fifteen [Member]
Revenue
Rental	4,411,357		5,392,708
Interest and other	82,448		156,911
Operating Partnerships Revenues	4,493,805		5,549,619
Expenses
Interest	631,620		767,359
Depreciation and amortization	1,191,942		1,448,769
Taxes and insurance	536,484		677,808
Repairs and maintenance	1,009,388		1,198,185
Operating expenses	1,735,643		2,134,670
Other expenses	31,984		43,422
Operating Partnerships Total Expenses	5,137,061		6,270,213
NET LOSS	(643,256)		(720,594)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	(547,085)	[1]	(730,809)	[2]
Net income (loss) allocated to other partners	(96,171)		10,215
Series Sixteen [Member]
Revenue
Rental	6,091,709		7,295,567
Interest and other	574,644		155,808
Operating Partnerships Revenues	6,666,353		7,451,375
Expenses
Interest	936,848		1,141,429
Depreciation and amortization	1,603,040		1,812,739
Taxes and insurance	706,281		889,025
Repairs and maintenance	1,648,565		1,745,900
Operating expenses	2,546,703		2,744,393
Other expenses	30,732		38,647
Operating Partnerships Total Expenses	7,472,169		8,372,133
NET LOSS	(805,816)		(920,758)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	(833,896)	[1]	(1,010,045)	[2]
Net income (loss) allocated to other partners	28,080		89,287
Series Seventeen [Member]
Revenue
Rental	9,098,192		9,984,884
Interest and other	238,140		290,316
Operating Partnerships Revenues	9,336,332		10,275,200
Expenses
Interest	1,594,515		1,873,449
Depreciation and amortization	2,101,456		2,207,942
Taxes and insurance	1,017,457		1,109,017
Repairs and maintenance	2,322,124		2,426,319
Operating expenses	3,359,421		3,482,269
Other expenses	35,553		43,182
Operating Partnerships Total Expenses	10,430,526		11,142,178
NET LOSS	(1,094,194)		(866,978)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	(717,911)	[1]	(733,673)	[2]
Net income (loss) allocated to other partners	(376,283)		(133,305)
Series Eighteen [Member]
Revenue
Rental	4,762,942		6,242,288
Interest and other	129,361		151,518
Operating Partnerships Revenues	4,892,303		6,393,806
Expenses
Interest	749,490		1,227,151
Depreciation and amortization	1,143,170		1,558,316
Taxes and insurance	656,003		823,809
Repairs and maintenance	1,049,661		1,668,122
Operating expenses	1,760,101		2,311,943
Other expenses	71,381		72,572
Operating Partnerships Total Expenses	5,429,806		7,661,913
NET LOSS	(537,503)		(1,268,107)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	(537,292)	[1]	(1,197,176)	[2]
Net income (loss) allocated to other partners	(211)		(70,931)
Series Nineteen [Member]
Revenue
Rental	2,366,806		4,791,349
Interest and other	43,392		100,459
Operating Partnerships Revenues	2,410,198		4,891,808
Expenses
Interest	562,492		1,065,643
Depreciation and amortization	584,754		1,217,028
Taxes and insurance	294,162		499,788
Repairs and maintenance	551,904		869,607
Operating expenses	919,990		1,967,109
Other expenses	56,083		121,278
Operating Partnerships Total Expenses	2,969,385		5,740,453
NET LOSS	(559,187)		(848,645)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	(326,625)	[1]	(373,591)	[2]
Net income (loss) allocated to other partners	$ (232,562)		$ (475,054)

[1] Amounts include $547,085, $833,896, $717,911, $537,292, and $326,625 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

[2] Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2013	Mar. 31, 2012
Partners Capital Account Units Issued	21,996,102	21,996,102
Partners Capital Account Units Outstanding	21,986,702	21,992,202
Series Fifteen [Member]
Partners Capital Account Units Issued	3,870,500	3,870,500
Partners Capital Account Units Outstanding	3,866,900	3,869,900
Series Sixteen [Member]
Partners Capital Account Units Issued	5,429,402	5,429,402
Partners Capital Account Units Outstanding	5,425,102	5,427,102
Series Seventeen [Member]
Partners Capital Account Units Issued	5,000,000	5,000,000
Partners Capital Account Units Outstanding	4,998,500	4,999,000
Series Eighteen [Member]
Partners Capital Account Units Issued	3,616,200	3,616,200
Partners Capital Account Units Outstanding	3,616,200	3,616,200
Series Nineteen [Member]
Partners Capital Account Units Issued	4,080,000	4,080,000
Partners Capital Account Units Outstanding	4,080,000	4,080,000

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Schedule of Capital Units [Table Text Block]

The BACs issued and outstanding in each series as of March 31, 2013 and 2012 are as follows:

	Issued				Outstanding
	2013		2012		2013		2012
Series 15		3,870,500		3,870,500		3,866,900		3,869,900
Series 16		5,429,402		5,429,402		5,425,102		5,427,102
Series 17		5,000,000		5,000,000		4,998,500		4,999,000
Series 18		3,616,200		3,616,200		3,616,200		3,616,200
Series 19		4,080,000		4,080,000		4,080,000		4,080,000
		21,996,102		21,996,102		21,986,702		21,992,202

Schedule Of Operating Partnership Valuation Allowance [Table Text Block]

the partnership recorded a valuation allowance as follows:

	2013		2012
Series 15	$	36,759	$	36,759
Series 16		31,893		8,318
Series 17		60,785		60,785
Series 18		51,536		62,536
Series 19		25,120		25,120
	$	206,093	$	193,518

Schedule Of Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Table Text Block]

The weighted average number of units in each series at March 31, 2013 and 2012 are as follows:

	2013		2012
Series 15		3,868,900		3,869,900
Series 16		5,426,435		5,427,102
Series 17		4,998,833		4,999,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,990,368		21,992,202

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)	12 Months Ended
	Mar. 31, 2013	Dec. 31, 1994	Mar. 31, 2012
Units of limited partnership interest, authorized		20,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10	$ 10
Limited Partners Capital Account Additional Units Registered For Sale		2,000,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	99.00%
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	1.00%

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Operating Partnership Valuation Allowance	$ 206,093	$ 193,518
Series Fifteen [Member]
Operating Partnership Valuation Allowance	36,759	36,759
Series Sixteen [Member]
Operating Partnership Valuation Allowance	31,893	8,318
Series Seventeen [Member]
Operating Partnership Valuation Allowance	60,785	60,785
Series Eighteen [Member]
Operating Partnership Valuation Allowance	51,536	62,536
Series Nineteen [Member]
Operating Partnership Valuation Allowance	$ 25,120	$ 25,120

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DOCUMENT AND ENTITY INFORMATION (USD $)	12 Months Ended
	Mar. 31, 2013
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-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2013
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 0

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Weighted average number of units outstanding	21,990,368	21,992,202
Series Fifteen [Member]
Weighted average number of units outstanding	3,868,900	3,869,900
Series Sixteen [Member]
Weighted average number of units outstanding	5,426,435	5,427,102
Series Seventeen [Member]
Weighted average number of units outstanding	4,998,833	4,999,000
Series Eighteen [Member]
Weighted average number of units outstanding	3,616,200	3,616,200
Series Nineteen [Member]
Weighted average number of units outstanding	4,080,000	4,080,000