|                                  |   |   | CAPITAL REALTY INVESTORS-III                                                                                                                  |
|---------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|                                  |   |   |   LIMITED PARTNERSHIP                                                   |
|                                  |   |   | (Registrant)                                                                                                                                  |
|                                  |   |   |                                                                                                                                          |
|                                  |   |   | by:    C.R.I., Inc.                  |
|                                  |   |   | Managing General Partner                                                                                                                      |
|                                  |   |   |                                                                                                                                          |
|                                  |   |   |                                                                                                                                          |
|                                  |   |   |                                                                                                                                          |
|     July 23, 2012 |   |   |    by:   /s/ William B. Dockser                                    |
| DATE                                  |   |   | William B. Dockser,                                                                                                                           |
|                                  |   |   | Director, Chairman of the Board                                                                                                               |
|                                  |   |   | and Treasurer                                                                                                                                 |
|                                  |   |   | (Principal Executive Officer)                                                                                                                 |
|                                  |   |   |                                                                                                                                          |
|                                  |   |   |                                                                                                                                          |
|                                  |   |   |                                                                                                                                          |
|     July 23, 2012 |   |   |    by:   /s/ H. William Willoughby                            |
| DATE                                  |   |   | H. William Willoughby,                                                                                                                        |
|                                  |   |   | Director, President, Secretary,                                                                                                               |
|                                  |   |   | Principal Financial Officer and                                                                                                               |
|                                  |   |   | Principal Accounting Officer                                                                                                                  |