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CRITEF-III PARTNERSHIP REPORTS SECOND QUARTER CASH FLOW OF 41 CENTS PER BAC

 ROCKVILLE, Md., Sept. 22 /PRNewswire/ -- Capital Realty Investors Tax Exempt Fund III Limited Partnership (CRITEF-III) (AMEX: CRL) reported that total cash flow for the three months ended June 30, 1993, was approximately $2.1 million (41 cents per Beneficial Assignee Certificate, or BAC), which is approximately equal to the total for last year's second quarter.
 The portion of total cash flow from the partnership's operations increased due to one-time property tax refunds totaling approximately $400,000 and improved operations of the multifamily properties underlying the partnership's investments in tax-exempt mortgage revenue bonds. The portion of total cash flow funded by the partnership's reserves decreased compared to last year's second quarter.
 For the six-month period ending June 30, 1993, total cash flow was $4.3 million (81 cents per BAC), which is approximately equal to total cash flow for the first six months of last year. For this year's first half, withdrawals from reserves accounted for a smaller portion of total cash flow than for the same period last year.
 Total cash flow, rather than net income, is the basis for paying distributions to BAC holders. Total cash flow is composed of cash flow from the partnership's operations (which includes both operating income and the use of property level reserves) and net withdrawals from the partnership's reserves. Net income includes depreciation, which is a non-cash item and does not include cash flow from partnership reserves.
 Net income for the three months ended June 30, 1993, was $574,392 (approximately 11 cents per BAC), up from $168,586 (approximately 3 cents per BAC) for the same three months of last year.
 CRITEF III is a partnership formed in 1987. It invested in eight federally tax-exempt mortgage revenue bonds and three working capital loans which were used to finance multifamily housing. The eight underlying multifamily housing properties are located in seven states.
 CAPITAL REALTY INVESTORS TAX EXEMPT FUND III LIMITED PARTNERSHIP
 (CRITEF III)
 Summary of Cash Flow and Net Income
 (Unaudited)
 For the three months For the six months
 ended June 30, ended June 30,
 1993 1992 1993 1992
 Cash Flow:
 Cash flow from
 the partnership's
 operations $2,044,722 $ 968,926 $3,924,366 $2,886,097
 Net withdrawals
 from working capital/
 interest reserves 107,135 1,177,088 355,978 1,405,933
 Total cash flow $2,151,857 $2,146,014 $4,280,344 $4,292,030
 Distributions
 paid to:
 General partner $ 15,949 $ 21,674 $ 37,448 $ 43,350
 BAC holders $2,135,908 $2,124,340 $4,242,896 $4,248,680
 Cash Flow per BAC:
 Cash flow from
 the partnership's
 operations $ 0.3889 $ 0.1843 $ 0.7463 $ 0.5489
 Net withdrawals
 from working capital/
 interest reserves 0.0204 0.2239 0.0677 0.2674
 Total cash flow $ 0.4093 $ 0.4081 $ 0.8140 $ 0.8162
 Distribution per BAC
 paid to:
 General partner $ 0.0041 $ 0.0041 $ 0.0082 $ 0.0082
 BAC holders $ 0.4052 $ 0.4040 $ 0.8058 $ 0.8080
 Financial Statement
 Net Income:
 Net rental income
 (includes
 depreciation) $ 584,466 $ 206,120 $1,145,499 $ 652,185
 Other expenses (10,074) (37,534) (138,693) (61,492)
 Net income $ 574,392 $ 168,586 $1,006,806 $ 590,693
 Net income allocated
 to BAC holders
 (98.99 pct.) $ 568,591 $ 166,883 $ 996,637 $ 584,727
 Net income per BAC $ 0.11 $ 0.03 $ 0.19 $ 0.11
 BACs outstanding 5,258,268 5,258,268 5,258,268 5,258,268
 -0- 9/22/93
 /CONTACT: James T. Pastore, 301-231-0323, or Kathleen G. Sloan, 301-231-0384, both for CRITEF-III/
 (CRL)


CO: Capital Realty Investors Tax Exempt Fund III Limited Partnership ST: Maryland IN: FIN SU: ERN

MH-KD -- DC016 -- 4700 09/22/93 12:59 EDT
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Publication:PR Newswire
Date:Sep 22, 1993
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