<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>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-1-1999
<PERIOD-END> MAR-31-2000
<CASH> 6,422,601
<SECURITIES> 1,300,000
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 608,331
<PP&E> 85,827,948
<DEPRECIATION> 8,939,838
<TOTAL-ASSETS> 86,067,310
<CURRENT-LIABILITIES> 9,873,110
<BONDS> 44,560,867
0
0
<COMMON> 0
<OTHER-SE> 31,633,333
<TOTAL-LIABILITY-AND-EQUITY> 86,067,310
<SALES> 0
<TOTAL-REVENUES> 5,873,889
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7,557,416
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,779,791
<INCOME-PRETAX> (3,483,318)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,474,187)
<EPS-BASIC> (79.18)
<EPS-DILUTED> 0
</TABLE>