<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR INDEPENDENCE TAX CREDIT PLUS L.P. III AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2001
<PERIOD-START> APR-01-2000
<PERIOD-END> SEP-30-2000
<CASH> 7,674,666
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 509,589
<PP&E> 85,916,904
<DEPRECIATION> 10,198,690
<TOTAL-ASSETS> 84,728,538
<CURRENT-LIABILITIES> 9,796,826
<BONDS> 44,684,014
0
0
<COMMON> 0
<OTHER-SE> 30,247,698
<TOTAL-LIABILITY-AND-EQUITY> 84,728,538
<SALES> 0
<TOTAL-REVENUES> 3,100,525
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,662,277
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 790,079
<INCOME-PRETAX> (1,344,536)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,344,536)
<EPS-BASIC> (30.64)
<EPS-DILUTED> 0
</TABLE>