<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>
<CIK> 0000924124
<NAME> INDEPENDENCE TAX CREDIT PLUS L.P. III
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2001
<PERIOD-START> APR-01-2000
<PERIOD-END> JUN-30-2000
<CASH> 7,672,355
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 500,576
<PP&E> 85,823,953
<DEPRECIATION> 9,571,572
<TOTAL-ASSETS> 85,464,586
<CURRENT-LIABILITIES> 9,752,239
<BONDS> 44,727,462
0
0
<COMMON> 0
<OTHER-SE> 30,984,885
<TOTAL-LIABILITY-AND-EQUITY> 85,464,586
<SALES> 0
<TOTAL-REVENUES> 1,580,271
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,813,460
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 381,455
<INCOME-PRETAX> (602,517)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (602,517)
<EPS-BASIC> (13.73)
<EPS-DILUTED> 0
</TABLE>