UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended ~~September~~December 3031, 2017

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 0-21718

BOSTON CAPITAL TAX CREDIT FUND III L.P.

(Exact name of registrant as specified in its charter)

Delaware	52-1749505
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108

(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □		Accelerated Filer □
Non-accelerated filer □ (Do not check if a smaller reporting company)
		Smaller Reporting Company ý
		Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND III L.P.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED ~~SEPTEMBER~~DECEMBER 3031, 2017

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	4-9
		Condensed Statements of Operations	10-21
		Condensed Statements of Changes in Partners' Capital (Deficit)	22-25
		Condensed Statements of Cash Flows	26-31
		Notes to Condensed Financial Statements	32-44
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		45-5457
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		5558
	Item 4. Controls and Procedures		5558
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		5659
	Item 1A. Risk Factors		5659
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		5659
	Item 3. Defaults Upon Senior Securities		5659
	Item 4. Mine Safety Disclosures		5659
	Item 5. Other Information		5659
	Item 6. Exhibits		5659
	Signatures		5760

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		September 30, 2017	March 31, 2017
		December 31, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)		$ -	$ -
OTHER ASSETS
Cash and cash equivalents		2,~~022~~227,~~077~~329	1,460,257
		$ 2,022,077	$ 1,460,257
		$ 2,227,329	$ 1,460,257
LIABILITIES
Accounts payable & accrued expenses		$ 911,~~893~~001	$ 27,746
Accounts payable affiliates (Note C)		15,~~290~~350,~~360~~216	15,299,405
Capital contributions payable (Note D)		26,447	26,447
		15,326,700	15,353,598
		15,387,664	15,353,598
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 21,996,102 issued and 21,843,147 outstanding as of September 30, 2017 and March 31, 2017	(11,415,847)		(11,998,679)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 21,996,102 issued and 21,843,147 outstanding as of December 31, 2017 and March 31, 2017	(11,273,004)		(11,998,679)
General Partner		(1,~~888~~887,~~776~~331)	(1,894,662)
		(13,304,623)	(13,893,341)
		(13,160,335)	(13,893,341)
		$ 2,022,077	$ 1,460,257
		$ 2,227,329	$ 1,460,257

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 15

		September 30, 2017	March 31, 2017
		December 31, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)		$ -	$ -
OTHER ASSETS
Cash and cash equivalents		~~268~~301,~~319~~020	64,641
		$ 268,319	$ 64,641
		$ 301,020	$ 64,641
LIABILITIES
Accounts payable & accrued expenses		$ 93,~~893~~001	$ 6,246
Accounts payable affiliates (Note C)		3,~~058~~071,~~500~~436	3,039,294
Capital contributions payable (Note D)		-	-
		3,068,393	3,045,540
		3,074,437	3,045,540
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,870,500 issued and 3,830,900 outstanding as of September 30, 2017 and March 31, 2017	(2,449,884)		(2,628,901)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,870,500 issued and 3,830,900 outstanding as of December 31, 2017 and March 31, 2017	(2,423,494)		(2,628,901)
General Partner		(~~350~~349,~~190~~923)	(351,998)
		(2,800,074)	(2,980,899)
		(2,773,417)	(2,980,899)
		$ 268,319	$ 64,641
		$ 301,020	$ 64,641

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 16

		September 30, 2017		March 31, 2017
		December 31, 2017		March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	$ -		$ -
OTHER ASSETS
Cash and cash equivalents		~~305~~359,~~492~~273		327,901
		$ 305,492		$ 327,901
		$ 359,273		$ 327,901
LIABILITIES
Accounts payable & accrued expenses		$ -3,000		$ -
Accounts payable affiliates (Note C)		7,~~952~~977,~~497~~160		8,025,811
Capital contributions payable (Note D)		-		-
		7,952,497		8,025,811
		7,980,160		8,025,811
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,429,402 issued and 5,392,500 outstanding as of September 30, 2017 and March 31, 2017		(7,103,927)		(7,154,323)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,429,402 issued and 5,392,500 outstanding as of December 31, 2017 and March 31, 2017		(7,078,070)		(7,154,323)
General Partner		(~~543~~542,~~078~~817)		(543,587)
		(7,647,005)		(7,697,910)
		(7,620,887)		(7,697,910)
		$ 305,492		$ 327,901
		$ 359,273		$ 327,901

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 17

		September 30, 2017		March 31, 2017
		December 31, 2017		March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	$ -		$ -
OTHER ASSETS
Cash and cash equivalents		~~505~~556,~~388~~657		559,787
		$ 505,388		$ 559,787
		$ 556,657		$ 559,787
LIABILITIES
Accounts payable & accrued expenses		$ -2,000		$ 14,000
Accounts payable affiliates (Note C)		-		-
Capital contributions payable (Note D)		7,893		7,893
		7,893		21,893
		9,893		21,893
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,000,000 issued and 4,962,947 outstanding as of September 30, 2017 and March 31, 2017		864,727		904,722
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,000,000 issued and 4,962,947 outstanding as of December 31, 2017 and March 31, 2017		913,503		904,722
General Partner		(~~367~~366,~~232~~739)		(366,828)
		497,495		537,894
		546,764		537,894
		$ 505,388		$ 559,787
		$ 556,657		$ 559,787

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 18

	September 30, 2017		March 31, 2017
	December 31, 2017		March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)		$ -		$ -
OTHER ASSETS
Cash and cash equivalents	~~802~~814,~~338~~722		318,027
	$ 802,338		$ 318,027
	$ 814,722		$ 318,027
LIABILITIES
Accounts payable & accrued expenses	$ -		$ -
Accounts payable affiliates (Note C)	4,~~279~~301,~~363~~620		4,234,300
Capital contributions payable (Note D)	18,554		18,554
	4,297,917		4,252,854
	4,320,174		4,252,854
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,616,200 issued and 3,598,100 outstanding as of September 30, 2017 and March 31, 2017	(3,150,395)		(3,585,251)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,616,200 issued and 3,598,100 outstanding as of December 31, 2017 and March 31, 2017	(3,160,170)		(3,585,251)
General Partner	(345,~~184~~282)		(349,576)
	(3,495,579)		(3,934,827)
	(3,505,452)		(3,934,827)
	$ 802,338		$ 318,027
	$ 814,722		$ 318,027

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 19

		September 30, 2017	March 31, 2017
		December 31, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	$ -			$ -
OTHER ASSETS
Cash and cash equivalents		~~140~~195,~~540~~657	189,901
		$ 140,540	$ 189,901
		$ 195,657	$ 189,901
LIABILITIES
Accounts payable & accrued expenses		$ -3,000	$ 7,500
Accounts payable affiliates (Note C)		-	-
Capital contributions payable (Note D)		-	-
		-	7,500
		3,000	7,500
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 4,080,000 issued and 4,058,700 outstanding as of September 30, 2017 and March 31, 2017		423,632	465,074
Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 4,080,000 issued and 4,058,700 outstanding as of December 31, 2017 and March 31, 2017		475,227	465,074
General Partner		(~~283~~282,~~092~~570)	(282,673)
		140,540	182,401
		192,657	182,401
		$ 140,540	$ 189,901
		$ 195,657	$ 189,901

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~September~~December 3031, (Unaudited)

	2017	2016
Income
Interest income	$ ~~821~~2,303	$ ~~808~~712
Other income	~~3,337~~-	164,~~812~~565
	4,158	17,620
	2,303	5,277
Share of Income from Operating Partnerships(Note D)	~~107~~201,~~853~~065	~~170~~83,~~961~~978
Expenses
Professional fees	797,~~644~~150	9713,~~181~~916
Fund management fee, net (Note C)	6811,~~375~~994	8979,~~842~~509
General and administrative expenses	3139,~~459~~936	9743,~~198~~434
	179,478	284,221
	59,080	136,859
NET INCOME (LOSS)	$ ~~(67~~144,~~467)~~288	$ (9547,~~640~~604)
Net income (loss) allocated to limited assignees	$ ~~(66~~142,~~794)~~845	$ (9447,~~683~~128)
Net income (loss) allocated to general partner	$ ~~(673)~~1,443	$ (~~957~~476)
Net income (loss) per BAC	$ .0001	$ .00

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~September~~December 3031,

(Unaudited)

Series 15

	2017	2016
Income
Interest income	$ 28290	$ ~~114~~9
Other income	~~321~~-	~~321~~-
	349	435
	290	9
Share of Income from Operating Partnerships(Note D)	~~107~~47,~~853~~602	-16,000
Expenses
Professional fees	161,~~307~~430	221,~~614~~456
Fund management fee, net (Note C)	412,~~551~~936	59,~~777~~027
General and administrative expenses	6,~~064~~868	188,~~031~~456
	26,922	46,422
	21,234	18,939
NET INCOME (LOSS)	$ 8126,~~280~~658	$ (452,~~987~~930)
Net income (loss) allocated to limited assignees	$ 8026,~~467~~391	$ (452,~~527~~901)
Net income (loss) allocated to general partner	$ ~~813~~267	$ (~~460~~29)
Net income (loss) per BAC	$ .0201	$ (.0100)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~September~~December 3031, (Unaudited)

Series 16

	2017	2016
Income
Interest income	$ ~~326~~343	$ ~~258~~293
Other income	~~2,000~~-	-
	2,326	258
	343	293
Share of Income from Operating Partnerships(Note D)	-62,361	~~168,461~~-
Expenses
Professional fees	211,~~033~~430	222,~~397~~015
Fund management fee, net (Note C)	2224,~~463~~663	3129,~~815~~280
General and administrative expenses	710,~~053~~494	2310,~~787~~775
	50,549	77,999
	36,587	42,070
NET INCOME (LOSS)	$ ~~(48~~26,~~223)~~117	$ 90(41,~~720~~777)
Net income (loss) allocated to limited assignees	$ ~~(47~~25,~~741)~~856	$ 89(41,~~813~~359)
Net income (loss) allocated to general partner	$ ~~(482)~~261	$ ~~907~~(418)
Net income (loss) per BAC	$ (.~~01)~~00	$ (.0201)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~September~~December 3031, (Unaudited)

Series 17

	2017	2016
Income
Interest income	$ ~~348~~597	$ ~~272~~285
Other income	-	~~2,558~~-
	348	2,830
	597	285
Share of Income from Operating Partnerships(Note D)	-22,000	267,~~500~~978
Expenses
Professional fees	151,~~990~~430	207,~~211~~799
Fund management fee, net (Note C)	12(36,~~611~~389)	2219,~~603~~005
General and administrative expenses	68,~~583~~287	208,~~654~~540
	35,184	63,468
	(26,672)	35,344
NET INCOME (LOSS)	$ ~~(34~~49,~~836)~~269	$ ~~(58~~32,~~138)~~919
Net income (loss) allocated to limited assignees	$ ~~(34~~48,~~488)~~776	$ ~~(57~~32,~~557)~~590
Net income (loss) allocated to general partner	$ ~~(348)~~493	$ ~~(581)~~329
Net income (loss) per BAC	$ (.01)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~September~~December 3031,

(Unaudited)

Series 18

	2017	2016
Income
Interest income	$ ~~101~~914	$ 7846
Other income	~~933~~-	133,~~933~~000
	1,034	14,011
	914	3,046
Share of Income from Operating Partnerships(Note D)	-	-
Expenses
Professional fees	141,~~535~~430	171,~~460~~260
Fund management fee, net (Note C)	202,~~707~~207	2213,~~354~~404
General and administrative expenses	57,~~735~~149	167,~~058~~602
	40,977	55,872
	10,786	22,266
NET INCOME (LOSS)	$ (399,~~943~~872)	$ (4119,~~861~~220)
Net income (loss) allocated to limited assignees	$ (399,~~544~~773)	$ (4119,~~442~~028)
Net income (loss) allocated to general partner	$ (~~399~~99)	$ (~~419~~192)
Net income (loss) per BAC	$ (.0100)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~September~~December 3031, (Unaudited)

Series 19

	2017	2016
Income
Interest income	$ 18159	$ 8679
Other income	83-	-1,565
	101	86
	159	1,644
Share of Income from Operating Partnerships(Note D)	-69,102	-
Expenses
Professional fees	111,~~779~~430	141,~~499~~386
Fund management fee, net (Note C)	8,~~043~~577	78,~~293~~793
General and administrative expenses	67,~~024~~138	188,~~668~~061
	25,846	40,460
	17,145	18,240
NET INCOME (LOSS)	$ ~~(25~~52,~~745)~~116	$ (4016,~~374~~596)
Net income (loss) allocated to limited assignees	$ ~~(25~~51,~~488)~~595	$ (3916,~~970~~430)
Net income (loss) allocated to general partner	$ ~~(257)~~521	$ (~~404~~166)
Net income (loss) per BAC	$ (.01)	$ (.0100)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~September~~December 3031, (Unaudited)

	2017	2016
Income
Interest income	$ 13,~~516~~819	$ 12,~~616~~327
Other income	15,375	2631,~~440~~005
	16,891	28,056
	19,194	33,332
Share of Income from Operating Partnerships(Note D)	~~851~~1,~~276~~052,341	~~318~~402,~~584~~562
Expenses
Professional fees	~~101~~108,~~694~~844	~~123~~137,~~483~~399
Fund management fee, net (Note C)	~~124~~136,~~772~~766	~~172~~251,~~181~~690
General and administrative expenses	5292,~~983~~919	~~135~~178,~~499~~932
	279,449	431,163
	338,529	568,021
NET INCOME (LOSS)	$ ~~588~~733,~~718~~006	$ (84132,~~523~~127)
Net income (loss) allocated to limited assignees	$ ~~582~~725,~~832~~675	$ (83130,~~678~~805)
Net income (loss) allocated to general partner	$ 57,~~886~~331	$ (~~845~~1,322)
Net income (loss) per BAC	$ .03	$ (.0001)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 15

	2017	2016
Income
Interest income	$ 40329	$ ~~262~~271
Other income	321	321
	361	583
	650	592
Share of Income from Operating Partnerships(Note D)	~~217~~265,~~639~~241	-16,000
Expenses
Professional fees	2122,~~032~~462	2829,~~518~~974
Fund management fee, net (Note C)	518,~~844~~780	817,~~092~~119
General and administrative expenses	1017,~~299~~167	2432,~~516~~973
	37,175	61,126
	58,409	80,066
NET INCOME (LOSS)	$ ~~180~~207,~~825~~482	$ (6063,~~543~~474)
Net income (loss) allocated to limited assignees	$ ~~179~~205,~~017~~407	$ (5962,~~938~~839)
Net income (loss) allocated to general partner	$ 12,~~808~~075	$ (~~605~~635)
Net income (loss) per BAC	$ .05	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~September~~December 3031, (Unaudited)

Series 16

	2017	2016
Income
Interest income	$ ~~596~~939	$ ~~470~~763
Other income	2,080	603
	2,676	1,073
	3,019	1,366
Share of Income from Operating Partnerships(Note D)	~~124~~187,~~933~~294	316,084
Expenses
Professional fees	2628,~~808~~238	2830,~~896~~911
Fund management fee, net (Note C)	3862,~~003~~666	6190,~~010~~290
General and administrative expenses	1122,~~893~~386	3142,~~962~~737
	76,704	121,868
	113,290	163,938
NET INCOME (LOSS)	$ 5077,~~905~~023	$ ~~195~~153,~~289~~512
Net income (loss) allocated to limited assignees	$ 5076,~~396~~253	$ ~~193~~151,~~336~~977
Net income (loss) allocated to general partner	$ ~~509~~770	$ 1,~~953~~535
Net income (loss) per BAC	$ .01	$ .0403

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~September~~December 3031, (Unaudited)

Series 17

	2017	2016
Income
Interest income	$ ~~641~~1,238	$ ~~542~~826
Other income	11,958	11,500
	12,599	12,042
	13,196	12,326
Share of Income from Operating Partnerships(Note D)	-22,000	270,~~500~~478
Expenses
Professional fees	1921,~~840~~270	2533,~~267~~066
Fund management fee, net (Note C)	22(14,~~125~~264)	4261,~~535~~540
General and administrative expenses	1119,~~033~~320	3038,~~321~~860
	52,998	98,123
	26,326	133,466
NET INCOME (LOSS)	$ ~~(40~~8,~~399)~~870	$ (8350,~~581~~662)
Net income (loss) allocated to limited assignees	$ ~~(39~~8,~~995)~~781	$ (8250,~~745~~155)
Net income (loss) allocated to general partner	$ ~~(404)~~89	$ (~~836~~507)
Net income (loss) per BAC	$ (.~~01)~~00	$ (.0201)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 18

	2017	2016
Income
Interest income	$ ~~199~~1,113	$ ~~163~~209
Other income	933	1316,933
	1,132	14,096
	2,046	17,142
Share of Income from Operating Partnerships(Note D)	508,704	-
Expenses
Professional fees	1820,~~910~~340	2223,~~482~~742
Fund management fee, net (Note C)	4144,~~964~~171	4558,~~208~~612
General and administrative expenses	916,~~714~~864	2129,~~967~~569
	70,588	89,657
	81,375	111,923
NET INCOME (LOSS)	$ ~~439~~429,~~248~~375	$ (7594,~~561~~781)
Net income (loss) allocated to limited assignees	$ ~~434~~425,~~856~~081	$ (7493,~~805~~833)
Net income (loss) allocated to general partner	$ 4,~~392~~294	$ (~~756~~948)
Net income (loss) per BAC	$ .12	$ (.0203)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

~~Six~~Nine Months Ended ~~September~~December 3031, (Unaudited)

Series 19

	2017	2016
Income
Interest income	$ 40200	$ ~~179~~258
Other income	83	831,648
	123	262
	283	1,906
Share of Income from Operating Partnerships(Note D)	-69,102	-
Expenses
Professional fees	1516,~~104~~534	1819,~~320~~706
Fund management fee, net (Note C)	1625,~~836~~413	1524,~~336~~129
General and administrative expenses	1017,~~044~~182	2634,~~733~~793
	41,984	60,389
	59,129	78,628
NET INCOME (LOSS)	$ ~~(41~~10,~~861)~~256	$ (6076,~~127~~722)
Net income (loss) allocated to limited assignees	$ ~~(41~~10,~~442)~~153	$ (5975,~~526~~955)
Net income (loss) allocated to general partner	$ ~~(419)~~103	$ (~~601~~767)
Net income (loss) per BAC	$ (.~~01)~~00	$ (.0102)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) ~~Six~~Nine Months Ended ~~September~~December 3031, 2017

(Unaudited)

	Assignees	General Partner	Total
Partners' capital (deficit) April 1, 2017	$(11,998,679)	$ (1,894,662)	$(13,893,341)
Net income (loss)	582,832	5,886	588,718
Net income	725,675	7,331	733,006
Partners' capital (deficit), September 30, 2017	$(11,415,847)	$ (1,888,776)	$(13,304,623)
Partners' capital (deficit), December 31, 2017	$(11,273,004)	$ (1,887,331)	$(13,160,335)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) ~~Six~~Nine Months Ended ~~September~~December 3031, 2017

(Unaudited)

	Assignees	General Partner	Total
Series 15
Partners' capital (deficit) April 1, 2017	$ (2,628,901)	$ (351,998)	$ (2,980,899)
Net income (loss)	179,017	1,808	180,825
Net income	205,407	2,075	207,482
Partners' capital (deficit), September 30, 2017	$ (2,449,884)	$ (350,190)	$ (2,800,074)
Partners' capital (deficit), December 31, 2017	$ (2,423,494)	$ (349,923)	$ (2,773,417)
Series 16
Partners' capital (deficit) April 1, 2017	$ (7,154,323)	$ (543,587)	$ (7,697,910)
Net income (loss)	50,396	509	50,905
Net income	76,253	770	77,023
Partners' capital (deficit), September 30, 2017	$ (7,103,927)	$ (543,078)	$ (7,647,005)
Partners' capital (deficit), December 31, 2017	$ (7,078,070)	$ (542,817)	$ (7,620,887)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) ~~Six~~Nine Months Ended ~~September~~December 3031, 2017

(Unaudited)

	Assignees	General Partner	Total
Series 17
Partners' capital (deficit) April 1, 2017	$ 904,722	$ (366,828)	$ 537,894
Net income (loss)	(39,995)	(404)	(40,399)
Net income	8,781	89	8,870
Partners' capital (deficit), September 30, 2017	$ 864,727	$ (367,232)	$ 497,495
Partners' capital (deficit), December 31, 2017	$ 913,503	$ (366,739)	$ 546,764
Series 18
Partners' capital (deficit) April 1, 2017	$ (3,585,251)	$ (349,576)	$ (3,934,827)
Net income (loss)	434,856	4,392	439,248
Net income	425,081	4,294	429,375
Partners' capital (deficit), September 30, 2017	$ (3,150,395)	$ (345,184)	$ (3,495,579)
Partners' capital (deficit), December 31, 2017	$ (3,160,170)	$ (345,282)	$ (3,505,452)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Six~~Nine Months Ended ~~September~~December 3031, 2017

(Unaudited)

	Assignees	General Partner	Total
Series 19
Partners' capital (deficit) April 1, 2017	$ 465,074	$ (282,673)	$ 182,401
Net income (loss)	(41,442)	(419)	(41,861)
Net income	10,153	103	10,256
Partners' capital (deficit), September 30, 2017	$ 423,632	$ (283,092)	$ 140,540
Partners' capital (deficit), December 31, 2017	$ 475,227	$ (282,570)	$ 192,657

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CASH FLOWS ~~Six~~Nine Months Ended ~~September~~December 3031, (Unaudited)

	2017	2016
Cash flows from operating activities:
Net Income (Loss)	$ ~~588~~733,~~718~~006	$ (84132,~~523~~127)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships	(~~851~~1,~~276~~052,341)	(~~318~~402,~~584~~562)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	(1716,~~853~~745)	(3630,~~982~~482)
(Decrease) Increase in accounts payable affiliates	(950,~~045)~~811	~~142~~206,~~818~~337
Net cash (used in) provided by operating activities	(289,456)	(297,271)
Net cash used in operating activities	(285,269)	(358,834)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	~~851~~1,~~276~~052,341	~~268~~352,~~576~~554
Net cash provided by investing activities	~~851~~1,~~276~~052,341	~~268~~352,~~576~~554
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	~~561~~767,~~820~~072	(286,~~695~~280)
Cash and cash equivalents, beginning	1,460,257	1,783,433
Cash and cash equivalents, ending	$ 2,~~022~~227,~~077~~329	$ 1,~~754~~777,~~738~~153

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CASH FLOWS ~~Six~~Nine Months Ended ~~September~~December 3031, (Unaudited) Series 15

	2017	2016
Cash flows from operating activities:
Net Income (Loss)	$ ~~180~~207,~~825~~482	$ (6063,~~543~~474)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships	(~~217~~265,~~639~~241)	-(16,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	(3,~~647~~245)	(64,498)
(Decrease) Increase in accounts payable affiliates	1932,~~206~~142	1827,~~054~~081
Net cash (used in) provided by operating activities	(13,961)	(48,987)
Net cash used in operating activities	(28,862)	(56,891)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	~~217~~265,~~639~~241	-16,000
Net cash provided by investing activities	~~217~~265,~~639~~241	-16,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	~~203~~236,~~678~~379	(4840,~~987~~891)
Cash and cash equivalents, beginning	64,641	116,858
Cash and cash equivalents, ending	$ ~~268~~301,~~319~~020	$ 6775,~~871~~967

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Six~~Nine Months Ended ~~September~~December 3031, (Unaudited)

Series 16

		2017		2016
Cash flows from operating activities:
Net Income (Loss)		$ 5077,~~905~~023		$ ~~195~~153,~~289~~512
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(~~124~~187,~~933~~294)		(316,084)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-3,000		(10,987)
(Decrease) Increase in accounts payable affiliates		(7348,~~314~~651)		76107,~~956~~544
Net cash (used in) provided by operating activities		(147,342)		(54,826)
Net cash used in operating activities		(155,922)		(66,015)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		~~124~~187,~~933~~294		266,076
Net cash provided by investing activities		~~124~~187,~~933~~294		266,076
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	~~(22~~31,~~409)~~372		~~211~~200,~~250~~061
Cash and cash equivalents, beginning	327,901		381,450
Cash and cash equivalents, ending	$ ~~305~~359,~~492~~273		$ ~~592~~581,~~700~~511

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CASH FLOWS ~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 17

		2017		2016
Cash flows from operating activities:
Net Income (Loss)		$ ~~(40~~8,~~399)~~870		$ (8350,~~581~~662)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		-(22,000)		(270,~~500~~478)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(1412,000)		(61,~~499~~999)
(Decrease) Increase in accounts payable affiliates		-		-
Net cash (used in) provided by operating activities		(54,399)		(92,580)
Net cash used in operating activities		(25,130)		(123,139)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		-22,000		270,~~500~~478
Net cash provided by investing activities		-22,000		270,~~500~~478
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(543,~~399~~130)		(9052,~~080~~661)
Cash and cash equivalents, beginning	559,787		640,398
Cash and cash equivalents, ending	$ ~~505~~556,~~388~~657		$ ~~550~~587,~~318~~737

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CASH FLOWS ~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 18

	2017	2016
Cash flows from operating activities:
Net Income (Loss)	$ ~~439~~429,~~248~~375	$ (7594,~~561~~781)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships	(508,704)	-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	-	(6,499)
(Decrease) Increase in accounts payable affiliates	4567,~~063~~320	4771,~~808~~712
Net cash (used in) provided by operating activities	(24,393)	(34,252)
Net cash used in operating activities	(12,009)	(29,568)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	508,704	-
Net cash provided by investing activities	508,704	-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	~~484~~496,~~311~~695	(3429,~~252~~568)
Cash and cash equivalents, beginning	318,027	353,832
Cash and cash equivalents, ending	$ ~~802~~814,~~338~~722	$ ~~319~~324,~~580~~264

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P. CONDENSED STATEMENTS OF CASH FLOWS ~~Six~~Nine Months Ended ~~September~~December 3031,

(Unaudited)

Series 19

		2017		2016
Cash flows from operating activities:
Net Income (Loss)		$ ~~(41~~10,~~861)~~256		$ (6076,~~127~~722)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		-(69,102)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(74,500)		(6,499)
(Decrease) Increase in accounts payable affiliates		-		-
Net cash (used in) provided by operating activities		(49,361)		(66,626)
Net cash used in operating activities		(63,346)		(83,221)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		-69,102		-
Net cash provided by investing activities		-69,102		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	~~(49~~5,~~361)~~756		(6683,~~626~~221)
Cash and cash equivalents, beginning	189,901		290,895
Cash and cash equivalents, ending	$ ~~140~~195,~~540~~657		$ ~~224~~207,~~269~~674

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS ~~September~~December 3031, 2017

(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively. The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of December 31, 2017, 3,830,900 BACs in Series 15, 5,392,500 BACs in Series 16, 4,962,947 BACs in Series 17, 3,598,100 BACs in Series 18, and 4,058,700 BACs in Series 19, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of ~~September~~December 3031, 2017 and for the three and ~~six~~nine months then ended have been prepared by the Fund, without audit. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2017.

Boston Capital Tax Credit Fund III L.P. NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of its general partner, including Boston Capital Holdings LP, Boston Capital Partners, Inc., and Boston Capital Asset Management Limited Partnership, as follows:

An annual fund management fee, based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the three months ended ~~September~~December 3031, 2017 and 2016 are as follows:

	2017	2016
Series 15	$ 2712,~~201~~936	$ 9,027
Series 16	24,663	3330,~~735~~588
Series 17	13,611	2119,~~603~~005
Series 18	22,257	23,904
Series 19	8,~~793~~577	8,793
	$ 96,525	$ 97,062
	$ 82,044	$ 91,317

The fund management fees paid for the three months ended ~~September~~December 3031, 2017 and 2016 are as follows:

	2017	2016
Series 15	$ -	$ -
Series 16	-	-
Series 17	13,611	2119,~~603~~005
Series 18	-	-
Series 19	8,~~793~~577	8,793
	$ 22,404	$ 30,396
	$ 22,188	$ 27,798

The fund management fees paid for the ~~six~~nine months ended ~~September~~December 3031, 2017 and 2016 are as follows:

	2017	2016
Series 15	$ 16,000	$ -
Series 16	124,615	-
Series 17	2740,~~222~~833	4362,~~632~~637
Series 18	-	-
Series 19	1726,~~586~~163	1726,~~586~~379
	$ 185,423	$ 61,218
	$ 207,611	$ 89,016

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At ~~September~~December 3031, 2017 and 2016, the Fund had limited partnership interests in 4840 and 5753 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at ~~September~~December 3031, 2017 and 2016 is as follows:

	2017	2016
Series 15	119	1413
Series 16	1513	17
Series 17	54	85
Series 18	11	12
Series 19	63	6
	48	57
	40	53

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at ~~September~~December 3031, 2017 and 2016 are as follows:

	2017	2016
Series 15	$ -	$ -
Series 16	-	-
Series 17	7,893	7,893
Series 18	18,554	18,554
Series 19	-	-
	$ 26,447	$ 26,447

During the ~~six~~nine months ended ~~September~~December 3031, 2017 the Fund disposed of ~~five~~thirteen Operating Partnerships. A summary of the dispositions by Series for ~~September~~December 3031, 2017 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition
Series 15	24	-	$	~~217~~265,~~639~~241	$	~~217~~265,~~639~~241
Series 16	24	-		~~124~~187,~~933~~294		~~124~~187,~~933~~294
Series 17	-1	-		-22,000		-22,000
Series 18	-	1		508,704		508,704
Series 19	-3	-		-69,102		-69,102
Total	412	1	$	~~851~~1,~~276~~052,341	$	~~851~~1,~~276~~052,341

Boston Capital Tax Credit Fund III L.P. NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

During the ~~six~~nine months ended ~~September~~December 3031, 2016 the Fund disposed of ~~four~~eight Operating Partnerships. A summary of the dispositions by Series for ~~September~~December 3031, 2016 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition
Series 15	-1	-	$	-16,000	$	-16,000
Series 16	2	1		266,076		316,084
Series 17	14	-		270,~~500~~478		270,~~500~~478
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	37	1	$	~~268~~352,~~576~~554	$	~~318~~402,~~584~~562

* Fund proceeds from disposition does not include $50,008 which was due to a writeoff of capital contribution payable in Series 16.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements.

The Fund's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnerships quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the ~~six~~nine months ended ~~June~~September 30, 2017.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS ~~Six~~Nine Months Ended ~~June~~September 30, (Unaudited)

	2017	2016
Revenues
Rental	$ 35,~~973~~655,~~482~~574	$ 57,~~211~~506,~~464~~139
Interest and other	88121,~~405~~815	~~101~~147,~~215~~012
	4,061,887	5,312,679
	5,777,389	7,653,151
Expenses
Interest	~~488~~693,~~742~~138	~~633~~932,~~554~~548
Depreciation and amortization	1,~~014~~444,~~783~~282	1,~~291~~853,~~363~~875
Operating expenses	34,~~191~~529,~~453~~324	46,~~190~~149,~~981~~379
	4,694,978	6,115,898
	6,666,744	8,935,802
NET LOSS	$ (~~633~~889,~~091~~355)	$ (~~803~~1,~~219~~282,651)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (~~626~~880,~~759~~461)	$ (~~795~~1,~~185~~269,824)
Net loss allocated to other Partners	$ (68,~~332~~894)	$ (812,~~034~~827)

* Amounts include $~~626~~880,~~759~~461 and $~~795~~1,~~185~~269,824 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS ~~Six~~Nine Months Ended ~~June~~September 30, (Unaudited)

Series 15

	2017	2016
Revenues
Rental	$ ~~830~~1,~~763~~128,127	$ 1,~~174~~719,~~081~~262
Interest and other	1823,~~488~~022	2637,~~849~~981
	849,251	1,200,930
	1,151,149	1,757,243
Expenses
Interest	~~101~~133,~~623~~480	~~154~~229,~~795~~928
Depreciation and amortization	~~214~~292,~~199~~021	~~279~~412,~~803~~170
Operating expenses	~~630~~857,~~023~~944	~~885~~1,~~807~~328,862
	945,845	1,320,405
	1,283,445	1,970,960
NET LOSS	$ (96132,~~594~~296)	$ (~~119~~213,~~475~~717)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (95130,~~628~~973)	$ (~~118~~211,~~280~~580)
Net loss allocated to other Partners	$ (~~966~~1,323)	$ (12,~~195~~137)

* Amounts include $95130,~~628~~973 and $~~118~~211,~~280~~580 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS ~~Six~~Nine Months Ended ~~June~~September 30, ~~(Unaudited)~~

(Unaudited)

Series 16

	2017	2016
Revenues
Rental	$ 1,~~263~~817,~~091~~953	$ 12,~~639~~427,~~035~~322
Interest and other	2637,~~614~~226	2437,~~810~~327
	1,289,705	1,663,845
	1,855,179	2,464,649
Expenses
Interest	~~145~~211,~~485~~069	~~197~~294,~~987~~740
Depreciation and amortization	~~310~~446,~~014~~024	~~366~~542,~~909~~973
Operating expenses	~~989~~1,~~936~~413,222	12,~~318~~039,~~902~~847
	1,445,435	1,883,798
	2,070,315	2,877,560
NET LOSS	$ (~~155~~215,~~730~~136)	$ (~~219~~412,~~953~~911)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (~~154~~212,~~173~~985)	$ (~~217~~408,~~753~~782)
Net loss allocated to other Partners	$ (12,~~557~~151)	$ (24,~~200~~129)

* Amounts include $~~154~~212,~~173~~985 and $~~217~~408,~~753~~782 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS ~~Six~~Nine Months Ended ~~June~~September 30, ~~(Unaudited))~~

(Unaudited))

Series 17

	2017	2016
Revenues
Rental	$ ~~635~~921,~~359~~714	$ 1,~~026~~338,~~457~~888
Interest and other	1217,~~045~~879	1722,~~039~~541
	647,404	1,043,496
	939,593	1,361,429
Expenses
Interest	6289,~~075~~771	~~106~~138,~~241~~838
Depreciation and amortization	~~193~~280,~~589~~489	~~314~~411,~~896~~864
Operating expenses	~~484~~699,~~327~~083	~~800~~1,~~813~~027,286
	739,991	1,221,950
	1,069,343	1,577,988
NET LOSS	$ (92129,~~587~~750)	$ (~~178~~216,~~454~~559)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (91128,~~660~~452)	$ (~~176~~214,~~668~~392)
Net loss allocated to other Partners	$ (~~927~~1,298)	$ (12,~~786~~167)

* Amounts include $91128,~~660~~452 and $~~176~~214,~~668~~392 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS ~~Six~~Nine Months Ended ~~June~~September 30, (Unaudited)

Series 18

	2017	2016
Revenues
Rental	$ ~~868~~1,~~114~~302,172	$ ~~999~~1,~~311~~462,067
Interest and other	2030,~~281~~421	2132,~~479~~276
	888,395	1,020,790
	1,332,593	1,494,343
Expenses
Interest	~~138~~208,~~873~~309	~~128~~201,~~750~~956
Depreciation and amortization	~~214~~321,~~005~~007	~~247~~363,~~517~~200
Operating expenses	~~755~~1,~~097~~132,647	~~861~~1,~~838~~262,933
	1,107,975	1,238,105
	1,661,963	1,828,089
NET LOSS	$ (~~219~~329,~~580~~370)	$ (~~217~~333,~~315~~746)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (~~217~~326,~~384~~076)	$ (~~215~~330,~~142~~409)
Net loss allocated to other Partners	$ (23,~~196~~294)	$ (23,~~173~~337)

* Amounts include $~~217~~326,~~384~~076 and $~~215~~330,~~142~~409 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS ~~Six~~Nine Months Ended ~~June~~September 30, (Unaudited)

Series 19

	2017	2016
Revenues
Rental	$ ~~376~~485,~~155~~608	$ ~~372~~558,~~580~~600
Interest and other	1013,~~977~~267	1116,~~038~~887
	387,132	383,618
	498,875	575,487
Expenses
Interest	4050,~~686~~509	4567,~~781~~086
Depreciation and amortization	82104,~~976~~741	82123,~~238~~668
Operating expenses	~~332~~426,~~070~~428	~~323~~490,~~621~~451
	455,732	451,640
	581,678	681,205
NET LOSS	$ (6882,~~600~~803)	$ (68105,~~022~~718)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (6781,~~914~~975)	$ (67104,~~342~~661)
Net loss allocated to other Partners	$ (~~686~~828)	$ (~~680~~1,057)

* Amounts include $6781,~~914~~975 and $67104,~~342~~661 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017 (Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2017 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure.

Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2013 remain open.

NOTE G - SUBSEQUENT EVENTS

~~Events~~Subsequent ~~that~~to ~~occur~~December ~~after~~31, 2017, the ~~balance~~Fund ~~sheet~~has ~~date~~entered ~~but~~into ~~before~~an ~~the~~agreement ~~financial statements were available~~ to betransfer ~~issued~~the ~~must~~interest bein ~~evaluated~~one ~~for~~operating ~~recognition~~limited ~~or disclosure~~partnership. The ~~effects~~estimated oftransfer ~~subsequent~~price ~~events~~and ~~that~~other ~~provide~~terms ~~evidence~~for ~~about~~the ~~conditions~~disposition ~~that~~of ~~existed at~~ the ~~balance~~operating ~~sheet~~limited ~~date~~partnership ~~are~~have ~~recognized~~been ~~in the accompanying financial statements~~determined. ~~Subsequent~~ The ~~events,~~estimated ~~which~~proceeds ~~provide~~to ~~evidence~~be ~~about~~received ~~conditions~~for ~~that~~the ~~existed~~operating ~~after~~limited ~~the~~partnership ~~balance~~is ~~sheet date~~$77,600. ~~require~~The ~~disclosure~~estimated ingain ~~the~~on ~~accompanying notes. Management evaluated~~ the ~~activity~~transfer of the ~~Fund~~operating ~~through~~limited ~~the~~partnership ~~date~~is ~~the financial statements were issued~~$75,600 and ~~concluded~~is ~~that~~expected noto ~~subsequent~~be ~~events~~recognized ~~have occurred that would require recognition~~ in the ~~financial~~fourth ~~statements~~quarter orof ~~disclosure~~fiscal inyear ~~the~~ending ~~notes~~March to31, ~~the financial statements~~2018.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED ~~September~~December 3031, 2017 (Unaudited)

NOTE H - Plan of Liquidation

On March 30, 2016, our General Partner recommended that the BAC holders approve a plan of liquidation and dissolution for the Partnership, or the "Plan." The Plan was approved by the BAC holders on June 1, 2016, and was adopted by the General Partner on June 1, 2016. Pursuant to the Plan, the General Partner would be able to, without further action by the BAC holders:

liquidate the assets and wind up the business of the Partnership;

make liquidating distributions in cancellation of the BACs, if any;

dissolve the Partnership after the sale of all of the Partnership's assets; and

take, or cause the Partnership to take, such other acts and deeds and shall do, or cause the Partnership to do, such other things, as are necessary or appropriate in connection with the dissolution, winding up and liquidation of the Partnership, the termination of the responsibilities and liabilities of the Partnership under applicable law, and the termination of the existence of the Partnership.

Since the approval of the Plan by the BAC holders, we have continued to seek to sell the assets of the Partnership and use the sale proceeds and/or other Partnership funds to pay all expenses in connection with such sales, pay or make provision for payment of all Partnership obligations and liabilities, including accrued fees, and unpaid loans to the General Partner, and distribute the remaining assets as set forth in the Partnership Agreement. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer or shorter than expected, and the final liquidating distributions, if any, may occur months after all of the apartment complexes of any given Series have been sold. As liquidation is not imminent, the Partnership will continue to report as a going concern.

For additional information regarding the sale of Partnership assets, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the ~~six~~nine months ended ~~September~~December 3031, 2017 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended ~~September~~December 3031, 2017 were $9682,~~525~~044 and total fund management fees accrued as of ~~September~~December 3031, 2017 were $15,~~290~~350,~~360~~216. During the three months ended ~~September~~December 3031, 2017, $22,~~404~~188 of accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on January 24, 1992. The Fund received $38,705,000, $54,293,000, $50,000,000, $36,162,000 and $40,800,000 representing 3,870,500, 5,429,402, 5,000,000, 3,616,200 and 4,080,000 BACs from investors admitted as BAC Holders in Series 15, Series 16, Series 17, Series 18, and Series 19, respectively. The Public Offering was completed on December 17, 1993.

(Series 15) The Fund commenced offering BACs in Series 15 on January 24, 1992. Offers and sales of BACs in Series 15 were completed on September 26, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 68 Operating Partnerships in the amount of $28,257,701. Series 15 has since sold its interest in 5759 of the Operating Partnerships.

During the quarter ended ~~September~~December 3031, 2017, none of Series 15 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 15 has invested in as of ~~September~~December 3031, 2017.

(Series 16) The Fund commenced offering BACs in Series 16 on July 13, 1992. Offers and sales of BACs in Series 16 were completed on December 28, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 64 Operating Partnerships in the amount of $39,579,774. Series 16 has since sold its interest in 4951 of the Operating Partnerships.

During the quarter ended ~~September~~December 3031, 2017, none of Series 16 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 16 has invested in as of ~~September~~December 3031, 2017.

(Series 17) The Fund commenced offering BACs in Series 17 on January 24, 1993. Offers and sales of BACs in Series 17 were completed on September 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 49 Operating Partnerships in the amount of $36,538,204. Series 17 has since sold its interest in 4445 of the Operating Partnerships.

During the quarter ended ~~September~~December 3031, 2017, none of Series 17 net offering proceeds were used to pay capital contributions. Series 17 has contributions payable to 1 Operating Partnership in the amount of $7,893 as of ~~September~~December 3031, 2017. The remaining contributions will be released to the Operating Partnership when it has achieved the conditions set forth in its partnership agreement.

(Series 18) The Fund commenced offering BACs in Series 18 on September 17, 1993. Offers and sales of BACs in Series 18 were completed on September 22, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 34 Operating Partnerships in the amount of $26,442,202. Series 18 has since sold its interest in 23 of the Operating Partnerships.

During the quarter ended ~~September~~December 3031, 2017, none of Series 18 net offering proceeds were used to pay capital contributions. Series 18 has contributions payable to 2 Operating Partnerships in the amount of $18,554 as of ~~September~~December 3031, 2017. The remaining contributions will be released to the Operating Partnerships when they have achieved the conditions set forth in their partnership agreements.

(Series 19) The Fund commenced offering BACs in Series 19 on October 8, 1993. Offers and sales of BACs in Series 19 were completed on December 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnerships in the amount of $29,614,506. Series 19 has since sold its interest in 2023 of the Operating Partnerships. During the quarter ended ~~September~~December 3031, 2017, none of Series 19 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 19 has invested in as of ~~September~~December 3031, 2017.

Results of Operations

As of ~~September~~December 3031, 2017 and 2016, the Fund held limited partnership interests in 4840 and 5753 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurs a fund management fee to Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership), or BCAMLP, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and ~~six~~nine months ended ~~September~~December 3031, 2017 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 2712,~~201~~936	$ ~~22,650~~-	$ 412,~~551~~936
Series 16	24,663	~~2,200~~-	2224,~~463~~663
Series 17	13,611	150,000	12(36,~~611~~389)
Series 18	22,257	120,~~550~~050	202,~~707~~207
Series 19	8,~~793~~577	~~750~~-	8,~~043~~577
	$ 96,525	$ 28,150	$ 68,375
	$ 82,044	$ 70,050	$ 11,994

	6 Months Gross Fund Management Fee	6 Months Reporting Fee	6 Months Fund Management Fee Net of Reporting Fee
	9 Months Gross Fund Management Fee	9 Months Reporting Fee	9 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 3548,~~206~~142	$ 29,362	$ 518,~~844~~780
Series 16	5175,~~301~~964	13,298	3862,~~003~~666
Series 17	2740,~~222~~833	555,097	22(14,~~125~~264)
Series 18	4567,~~063~~320	323,~~099~~149	4144,~~964~~171
Series 19	1726,~~586~~163	750	1625,~~836~~413
	$176,378	$ 51,606	$ 124,772
	$258,422	$ 121,656	$ 136,766

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 15

As of ~~September~~December 3031, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 119 properties ~~September~~December 3031, 2017, all of which were at 100% Qualified Occupancy.

For the ~~six~~nine month periods ended ~~September~~December 3031, 2017 and 2016, Series 15 reflects a net loss from Operating Partnerships of $(96132,~~594~~296) and $(~~119~~213,~~475~~717), respectively, which includes depreciation and amortization of $~~214~~292,~~199~~021 and $~~279~~412,~~803~~170, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Livingston Plaza, Limited (Livingston Plaza) is a 24-unit, family property located in Livingston, Texas. Due to low economic occupancy and a lack of qualified applicants the property operates at or just below breakeven. The operating general partner's operating deficit guarantee has expired. The operating general partner has informed the investment general partner that it is exploring various disposition strategies for this property. The investment general partner has concluded that these strategies would be consistent with the investment objectives of the investment partnership and that it is unlikely that any proceeds will be available for distribution to the investment limited partnership when disposition of the Operating Partnership occurs at some point in the future. The 15-year low income housing tax credit compliance period with respect to Livingston Plaza expired on December 31, 2008.

In December 2016, the investment general partner transferred its interest in Rio Mimbres II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $696,452 and cash proceeds to the investment partnership of $18,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $16,000 as of December 31, 2016.

In May 2017, the investment general partner transferred its interest in Calexico Senior Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,716,118 and cash proceeds to the investment partnership of $111,786. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $109,786 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $109,786 as of June 30, 2017.

In August 2017, the investment general partner transferred its interest in University Meadows LDHA to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,306,546 and cash proceeds to the investment partnership of $140,000. Of the total proceeds received, $23,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $8,747 ~~will~~was be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $107,853 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $107,853 as of September 30, 2017.

In December 2017, the investment general partner transferred its interest in Chestnut Hill Estates, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $639,888 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Sunset Square Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $649,492 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Beckwood Manor Eight Limited Partnership

Series 16

As of ~~September~~December 3031, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 1513 properties at ~~September~~December 3031, 2017, all of which were at 100% Qualified Occupancy.

For the ~~six~~nine month periods ended ~~September~~December 3031, 2017 and 2016, Series 16 reflects a net loss from Operating Partnerships of $(~~155~~215,~~730~~136) and $(~~219~~412,~~953~~911), respectively, which includes depreciation and amortization of $~~310~~446,~~014~~024 and $~~366~~542,~~909~~973, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In June 2016, the investment general partner of Series 16 and Boston Capital Tax Credit Fund IV - Series 23 transferred their respective interests in Mid City Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,890,361 and cash proceeds to the investment partnerships of $124,955 and $4,545, for Series 16 and Series 23, respectively. Of the total proceeds received, $27,340 and $995, for Series 16 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $97,615 and $3,550, for Series 16 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $97,615 and $3,550, for Series 16 and Series 23, respectively, as of June 30, 2016. In addition, equity outstanding for the Operating Partnership in the amount of $50,008 for Series 16 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Stony Ground Villas, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,254,826 and cash proceeds to the investment partnership of $30,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $27,000 as of September 30, 2016.

In September 2016, the investment general partner sold its interest in Idabel Properties, Limited Partnership to an entity affiliated with the operating general partner. The sales price of the property was $1,359,124, which included the outstanding mortgage balance of approximately $1,215,163 and cash proceeds to the investment partnership of $143,961. Of the total proceeds received by the investment partnership, $2,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $141,461 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $141,461 as of September 30, 2016.

In May 2017, the investment general partner transferred its interest in Mendota Village Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,728,506 and cash proceeds to the investment partnership of $82,083. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $80,083 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $80,083 as of June 30, 2017.

In May 2017, the investment general partner transferred its interest in Tuolumne City Investment Group II to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,406,018 and cash proceeds to the investment partnership of $46,850. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $44,850 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $44,850 as of June 30, 2017.

~~The~~In December 2017, the investment general partner transferred its interest in Falcon Ridge Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $817,869 and cash proceeds to the investment partnership of $33,735. Of the total proceeds received, $1,500 will ~~continue~~be paid to ~~monitor~~BCAMLP for expenses related to the ~~following~~transfer, ~~Operating~~which ~~Partnerships~~include ~~because~~third party legal costs. The remaining proceeds of ~~operational~~approximately or$32,235 ~~other~~were ~~issues~~returned to cash reserves held by Series 16. The ~~However~~monies held in cash reserves will be utilized to pay current operating expenses, ~~these~~accrued ~~Operating~~but ~~Partnerships~~unpaid ~~have~~asset management fees, and accrued but unpaid expenses of the investment partnership. After all ~~exited~~outstanding ~~their~~obligations ~~LIHTC~~of ~~compliance~~the ~~period~~investment ~~and~~partnership ~~there~~are issatisfied, ~~therefore~~any noremaining ~~risk~~monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to ~~past~~zero. ~~credit~~Accordingly, ~~delivery~~a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $32,235 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Newport Manor, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $906,774 and cash proceeds to the investment partnership of $31,626. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $30,126 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $30,126 as of December 31, 2017

In January 2018, the investment general partner transferred its interest in Holly Tree Manor of Holly Hill, a Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $783,396 and cash proceeds to the investment partnership of $77,600. Of the total proceeds received, $2,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,600 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Anson Limited Partnership

Newport Manor, Limited Partnership

Falcon Ridge, Limited Partnership

Greenfield Properties Limited Partnership

Series 17

As of ~~September~~December 3031, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 54 properties at ~~September~~December 3031, 2017, all of which were at 100% Qualified Occupancy.

For the ~~six~~nine month periods ended ~~September~~December 3031, 2017 and 2016, Series 17 reflects a net loss from Operating Partnerships of $(92129,~~587~~750) and $(~~178~~216,~~454~~559), respectively, which includes depreciation and amortization of $~~193~~280,~~589~~489 and $~~314~~411,~~896~~864, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In August 2016, the investment general partner transferred its interest in White Castle Senior Citizen Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $703,433 and cash proceeds to the investment partnership of $5,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $2,500 as of September 30, 2016.

In October 2016, the investment general partner transferred its interest in Waynesburg House LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,342,784 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $4,522 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $10,478 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $10,478 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Glenridge Housing Associates, a Washington Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,846,705 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $48,000 were returned to cash reserves held by Series 17 The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $48,000 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Pinehurst Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $706,465 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 17 The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of December 31, 2016.

In December 2017, the investment general partner transferred its interest in Oakwood Manor of Bennettsville, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,031 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2017.

Series 18

As of ~~September~~December 3031, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at ~~September~~December 3031, 2017, all of which were at 100% Qualified Occupancy.

For the ~~six~~nine month periods ended ~~September~~December 3031, 2017 and 2016, Series 18 reflects a net loss from Operating Partnerships of $(~~219~~329,~~580~~370) and $(~~217~~333,~~315~~746), respectively, which includes depreciation and amortization of $~~214~~321,~~005~~007 and $~~247~~363,~~517~~200, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In December 2016, the operating general partner of Chelsea Square Development Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 6, 2017. The sales price of the property was $1,150,000, which included the outstanding mortgage balance of approximately $301,393 and cash proceeds to the investment partnership of $513,204. Of the total proceeds received by the investment partnership, $4,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $508,704 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $508,704 as of June 30, 2017.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Marengo Park Apartments, Limited Partnership

Humboldt I, Limited Partnership

Natchitoches Elderly Apartments, Limited Partnership

Series 19

As of ~~September~~December 3031, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 63 properties at ~~September~~December 3031, 2017, all of which were at 100% Qualified Occupancy.

For the ~~six~~nine month periods ended ~~September~~December 3031, 2017 and 2016, Series 19 reflects a net loss from Operating Partnerships of $(6882,~~600~~803) and $(68105,~~022~~718), respectively, which includes depreciation and amortization of $82104,~~976~~741 and $82123,~~238~~668, respectively. This is an interim period estimate; it is not indicative of the final year end results.

~~The~~In November 2017, the investment general partner transferred its interest in Independence Properties, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $743,037 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 19. The monies held in cash reserves will ~~continue~~be utilized to ~~monitor~~pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the ~~following~~investment ~~Operating~~partnership. After ~~Partnerships~~all ~~because~~outstanding obligations of ~~operational~~the orinvestment ~~other~~partnership ~~issues~~are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. ~~However~~Annual losses generated by the Operating Partnership, ~~these~~which were applied against the investment limited partnership investment in the Operating ~~Partnerships~~Partnership ~~have~~in ~~all~~accordance ~~exited~~with ~~their~~the ~~LIHTC~~equity ~~compliance~~method ~~period~~of ~~and~~accounting, ~~there~~had ispreviously ~~therefore~~reduced nothe ~~risk~~investment limited partnership investment in the Operating Partnership to ~~past~~zero. ~~credit~~Accordingly, ~~delivery~~a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Munford Village, ~~Ltd~~Limited to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $702,560 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Sherwood Knoll, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $689,460 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The condensed financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships plus advances made to Operating Partnerships represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3.	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4.	Controls and Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2017 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended December 31, 2017 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2017.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	Mine Safety Disclosures
	Not Applicable
Item 5.	Other Information
	None
Item 6.	Exhibits
	(a)Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein 101. The following materials from the Boston Capital Tax Credit Fund III, L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein 101. The following materials from the Boston Capital Tax Credit Fund III, L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund III L.P.
	By:	Boston Capital Associates III L.P.
		General Partner
	By:	BCA Associates Limited Partnership,
		General Partner
	By:	C&M Management Inc.,
		General Partner
Date: November 13, 2017	By:	/s/ John P. Manning
Date: February 13, 2018	By:	/s/ John P. Manning
		John P. Manning

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
November 13, 2017	/s/ John P. Manning	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.
February 13, 2018	/s/ John P. Manning	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.
	John P. Manning

DATE:	SIGNATURE:	TITLE:
November 13, 2017	/s/ Marc N. Teal	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.
February 13, 2018	/s/ Marc N. Teal	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.
	Marc N. Teal

Filing Compare · BOSTON CAPITAL TAX CREDIT FUND III L P