Exhibit (a)(7)
LEHIGH TAX CREDIT PARTNERS III L.L.C.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
December 14, 1998
OFFER TO PURCHASE EXTENDED TO THURSDAY, DECEMBER 24, 1998
AT
$750 PER BAC
To BACs holders in Independence Tax Credit Plus L.P. III:
Lehigh Tax Credit Partners III L.L.C., a Delaware limited
liability company (the "Purchaser"), has extended its offer to purchase up to
10,860 of the outstanding Beneficial Assignment Certificates ("BACs")
representing assignments of limited partnership interests of Independence Tax
Credit Plus L.P. III (the "Partnership") for a cash purchase price of $750 per
BAC, net to the seller in cash, upon the terms and subject to the conditions in
the Offer to Purchase, dated October 9, 1998 and the related Letter of
Transmittal, as previously supplemented by letter dated November 9, 1998 as
further supplemented by the enclosed Supplement dated December 14, 1998 (the
"Supplement") (which together constitute the "Offer"). UNLESS EXTENDED BY THE
PURCHASER, THE OFFER WILL EXPIRE AT MIDNIGHT, NEW YORK CITY TIME, ON DECEMBER
24, 1998. Except as described in the Supplement, all other terms and conditions
of the Offer remain unchanged.
You should note that the Purchase Price remains at $750 per
BAC despite the fact that the original Offer contemplated that the Purchase
Price would be reduced by $14 per BAC if BACs were transferred after December
15, 1998. Furthermore, all investors who tender their BACs will now be entitled
to receive the benefit of additional tax credits applicable to their BACs for
the month of December (as well as any additional tax losses which may be
recognized in December).
If you have already tendered your BACs pursuant to the Offer,
we appreciate your participation and no further action is required.
If you have not already tendered and wish to do so now, please
complete the Letter of Transmittal previously sent to you with the Offer and
forward it to the Purchaser. If you need another copy of the Letter of
Transmittal or have any question regarding the Offer, please contact Xxxxxx
Xxxxxxxxx at 0-000-000-0000 (ext. 2030).
LEHIGH TAX CREDIT PARTNERS III L.L.C.
