SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2012

NOTE 7 – SUBSEQUENT EVENTS

Subsequent to March 31, 2012 the Partnership has identified seven Local Limited Partnerships for disposition as listed in the table below. The Compliance Period for all of these Local Limited Partnerships have expired so there is no risk of recapture to the investors in the Partnership. All dispositions are expected to close on July 31, 2012.

Local Limited Partnership	Debt at 12/31/11		Appraisal value		Value of Local Limited Partnership			Estimated sales price		Actual appraisal expense		Estimated legal expense		Estimated gain on sale
HOI Limited Partnership of Benson	$	888,000	$	825,000	$	(63,000	)	$	36,650	$	1,000	$	385	$	35,265
HOI Limited Partnership of Dallas		1,529,000		1,120,000		(409,000	)		36,650		1,000		385		35,265
Hoi Limited Partnership of Dunn		724,000		445,000		(279,000	)		36,650		1,000		385		35,265
HOI Limited Partnership of Kings Mountain		1,091,000		745,000		(346,000	)		36,650		1,000		385		35,265
HOI Limited Partnership of Lee		1,739,000		1,340,000		(399,000	)		36,650		1,000		385		35,265
HOI Limited Partnership of Sanford		1,610,000		965,000		(645,000	)		36,650		1,000		385		35,265
HOI Limited Partnership of Selma		838,000		805,000		(33,000	)		36,650		1,000		385		35,265

- Definition

Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.

+ References+ Details

WNC HOUSING TAX CREDIT FUND III L P 10-K