UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 30, ~~2016~~2017

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

For the transition period from _________ to _________

0-19217

(Commission File Number)

American Tax Credit Properties III L.P.

(Exact Name of Registrant as Specified in its Governing Instruments)

Delaware	13-3545006
(State or Other Jurisdiction of Organization)	(I.R.S. Employer Identification No.)

Richman Tax Credit Properties III L.P. 340 Pemberwick Road Greenwich, Connecticut	06831
(Address of Principal Executive Offices)	(Zip Code)

Registrant's Telephone Number, Including Area Code:	(203) 869-0900

Securities Registered Pursuant to Section 12(b) of the Act:

None	None
(Title of Each Class)	(Name of Each Exchange on Which Registered)

Securities Registered Pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest
(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No X

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No X

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 requirement for the past 90 days. Yes X 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes X No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in a definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. X

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

Large Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company X

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No X

Documents incorporated by reference:

Pages 14 through 19, 20 through 31, 44 through 71 and 78 through 80 of the Registrant's prospectus dated February 7, 1990, as supplemented by Supplement No. 1, Supplement No. 2, Supplement No. 3, Supplement No. 4, Supplement No. 5 and Supplement No. 6 dated June 6, 1990, November 21, 1990, December 20, 1990, October 30, 1991, December 26, 1991 and January 15, 1992, respectively, filed pursuant to Rule 424(b)(3) under the Securities Act of 1933, ~~and filed as Exhibits hereto,~~ are incorporated by reference into Part I of this Annual Report.

PART I

Item 1. Business.

General Development of Business and Narrative Description of Business

American Tax Credit Properties III L.P. (the "Registrant"), a Delaware limited partnership, was formed on September 21, 1989 to invest primarily in leveraged low-income multifamily residential complexes (the "Property" or "Properties") that qualified for the low-income housing tax credit (the "Low-income Housing Tax Credit") in accordance with Section 42 of the Internal Revenue Code (the "IRC"), through the acquisition of limited partner equity interests (the "Local Partnership Interest" or "Local Partnership Interests") in partnerships (the "Local Partnership" or "Local Partnerships") that are the owners of the Properties. The Local Partnerships hold their respective Properties in fee. Registrant initially invested in forty-three such Local Partnerships. Registrant considers its activity to constitute a single industry segment.

Richman Tax Credit Properties III L.P. (the "General Partner"), a Delaware limited partnership, was formed on September 21, 1989 to act as the General Partner of Registrant. The general partner of the General Partner is Richman Housing Credits Inc. ("Richman Housing"), a Delaware corporation that is wholly owned by Richard Paul Richman. Richman Housing is an affiliate of The Richman Group, Inc. ("Richman Group"), a Delaware corporation founded by Richard Paul Richman in 1988.

The Amendment No. 2 to the Registration Statement on Form S-11 was filed with the Securities and Exchange Commission (the "SEC") on February 1, 1990 pursuant to the Securities Act of 1933 under Registration Statement File No. 33-31390 and was declared effective on February 2, 1990. Reference is made to the prospectus dated February 7, 1990, as supplemented by Supplement No. 1, Supplement No. 2, Supplement No. 3, Supplement No. 4, Supplement No. 5 and Supplement No. 6 dated June 6, 1990, November 21, 1990, December 20, 1990, October 30, 1991, December 26, 1991 and January 15, 1992, respectively, filed with the SEC pursuant to Rule 424(b)(3) under the Securities Act of 1933 (the "Prospectus"). Pursuant to Rule 12b-23 of the SEC's General Rules and Regulations promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the description of Registrant's business set forth under the heading "Investment Objectives and Policies" at pages 44 through 66 of the Prospectus is hereby incorporated into this Annual Report by reference.

On March 12, 1990, Registrant commenced, through Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), the offering of up to 150,000 units of limited partnership interest (the "Units") at $1,000 per Unit to investors (the "Limited Partners"). On June 13, 1990, December 27, 1990, December 31, 1991 and January 23, 1992 the closings for 19,730, 9,622, 5,227 and 1,304 Units, respectively, took place, amounting to aggregate Limited Partners' capital contributions of $35,883,000.

Registrant's primary objective, to provide Low-income Housing Tax Credits to the Limited Partners, has been completed. The relevant state tax credit agency allocated each of the Local Partnerships an amount of Low-income Housing Tax Credits, which are generally available for a ten year period from the year the Property is placed in service (the "Ten Year Credit Period"). The Ten Year Credit Period was fully exhausted with respect to all of the Properties as of December 31, 2003. The required holding period of each Property, in order to avoid Low-income Housing Tax Credit recapture, is fifteen years from the year in which the Low-income Housing Tax Credits commence on the last building of the Property (the "Compliance Period"). The Compliance Period of all of the Local Partnerships had expired as of December 31, 2007. In addition, certain of the Local Partnerships entered into agreements with the relevant state tax credit agencies whereby the Local Partnerships must maintain the low-income nature of the Properties for a period which exceeds the Compliance Period (in certain circumstances, up to 50 years from when the Property is placed in service, but commonly 30 years from the date any such Property is placed in service), regardless of a sale of the Properties by the Local Partnerships after the Compliance Period (the "Extended Use Provisions"). Note that the existence of Extended Use Provisions does not extend the Compliance Period of the respective Local Partnerships. However, such provisions may limit the number and availability of potential purchasers of the Properties. Accordingly, a sale of a Property may happen well after the expiration of the Compliance Period and/or may be significantly discounted.

Disposal of Local Partnership Interests

Registrant is in the process of disposing of its remaining Local Partnership Interests. As of June 20, ~~2016~~2017, Registrant owns ~~three~~one of the forty-three Local Partnership Interests initially acquired. In a prior year, Registrant served a demand on the general partners of the Local Partnerships (the "Local General Partners") of all then remaining Local Partnerships to commence a sale process to dispose of the Properties. In the event a sale of the Property cannot be consummated, it is the General Partner's intention to sell or assign Registrant's ~~remaining~~ Local Partnership ~~Interests.~~Interest in Fulton Street Houses Limited Partnership ("Fulton Street Houses"), which has a 30 year Extended Use Provision. It is not possible to ascertain the amount, if any, that Registrant will receive ~~with~~in ~~respect~~connection towith ~~each specific Property from~~ such ~~sales~~sale or ~~assignments~~assignment. Registrant intends to dissolve after the final disposition of its ~~remaining~~ Local Partnership ~~Interests~~Interest in Fulton Street Houses; there can be no assurance as to when ~~Registrant~~such ~~will~~final ~~dispose~~disposition ofwill ~~its remaining Local Partnership Interests~~occur.

Item 1. Business (Continued).

Financial Information About Industry Segments

Registrant is engaged solely in the business of owning a Local Partnership Interest in each of the Local Partnerships. A presentation of information regarding industry segments is not applicable and would not be material to an understanding of Registrant's business taken as a whole. See Item 8 below - Financial Statements and Supplementary Information.

Competition

Pursuant to Rule 12b-23 of the SEC's General Rules and Regulations promulgated under the Exchange Act, the description of Registrant's competition, general risks, tax risks and partnership risks set forth under the heading "Risk Factors" at pages 20 through 31 of the Prospectus is hereby incorporated into this Annual Report by reference.

Employees of Registrant

Registrant employs no personnel and incurs no payroll costs. All management activities of Registrant are conducted by the General Partner. Affiliates of the General Partner employ individuals who perform the management activities of Registrant. These entities also perform similar services for other affiliates of the General Partner.

Regulation

The following is a brief summary of certain regulations applicable to Registrant and is not, nor should it be considered, a full summary of the law or all related issues. Other than as set forth above and below, Registrant is not aware of any existing or probable federal, state or local governmental regulations, or any recent changes to such governmental regulations, which would have an effect on Registrant's business.

~~Two~~Fulton ofStreet ~~the~~Houses ~~three~~is ~~remaining~~subject ~~Properties owned by the Local Partnerships have some form of a government funded rental subsidy that affords the low-income tenants the ability~~ to ~~reside~~restrictions aton the ~~Properties.~~amount ~~During the period that a subsidy agreement is in existence, approval~~ of ~~the~~annual ~~subsidy~~cash ~~provider~~distributions ~~may be required prior~~ to ~~the~~partners ~~sale~~under ~~of a Local Partnership Interest or~~ the ~~transfer~~terms of ~~the~~its ~~Property~~loan byand ~~the~~regulatory ~~Local Partnership to another entity~~agreements. ~~There~~Registrant ~~can~~does ~~be no assurance that the required governmental agencies will approve any of the requested transfers, that such approvals will be received in a timely manner or that other conditions will~~ not beanticipate ~~imposed for such approvals. The failure to obtain or a delay in obtaining~~ any ~~required~~future ~~approvals~~distributions ~~would~~from ~~have~~Fulton ~~adverse~~Street ~~consequences to the Limited Partners~~Houses.

In the case of certain of the Local Partnerships, the local housing authority has the right, for a period of time, to find a purchaser for the Property prior to the Local General Partner beginning its own efforts to sell the Property. There can be no assurance that the local housing authorities will be successful in finding purchasers for such Properties, which may adversely impact the timing of Property sales.

Certain of the Local Partnerships are subject to restrictions on the amount of annual cash distributions to partners under the terms of such Local Partnerships' loan, regulatory or other agreements.

Registrant is not aware of any non-compliance by the Local Partnerships with respect to federal, state and local provisions regulating the discharge of material into the environment or otherwise relating to the protection of the environment, and is not aware of any condition that would have a material effect on the capital expenditures or competitive position of Registrant.

Item 1A. Risk Factors.

Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.

Item 1B. Unresolved Staff Comments.

Not applicable.

Item 2. Properties.

The executive offices of Registrant and the General Partner are located at 340 Pemberwick Road, Greenwich, Connecticut 06831. Registrant does not own or lease any properties. Registrant pays no rent; all charges for leased space are borne by an affiliate of the General Partner.

Registrant initially acquired Local Partnership Interests in forty-three Local Partnerships from 1990 through 1992. As discussed above in Item 1 - Business, the Compliance Period of all of the Local Partnerships had expired as of December 31, 2007 and, accordingly, Registrant is in the process of disposing of its remaining Local Partnership Interests. As of June 20, ~~2016~~2017, Registrant owns ~~three~~one of the forty-three Local Partnership Interests initially acquired. In a prior year, Registrant served a demand on the Local General Partners of all then remaining Local Partnerships to commence a sale process to dispose of the Properties. In the event a sale of the Property cannot be consummated, ~~which~~it is the General Partner's intention to sell or assign Registrant's ~~intends~~99% ~~will~~Local ~~result~~Partnership Interest in Fulton Street Houses, which has a ~~termination~~30 ofyear Extended Use Provision (see discussion above in Item 1 - Business). It is not possible to ascertain the amount, if any, that Registrant's ~~remaining~~will receive in connection with such sale or assignment. Registrant intends to dissolve after the final disposition of its Local Partnership ~~Interests~~Interest ~~and~~in ~~ultimately~~Fulton Street Houses; there can be no assurance as to when such final disposition will occur. In addition to amounts that remain outstanding under the ~~dissolution~~terms of ~~Registrant~~the debt structure of Fulton Street Houses, it has outstanding obligations to the Local General Partner of Fulton Street Houses and affiliates thereof for operating advances made over the years and for certain fees that were deferred.

In the event a sale of the remaining Properties cannot be consummated, it is the General Partner's intention to sell or assign Registrant's remaining Local Partnership Interests. It is not possible to ascertain the amount, if any, that Registrant will receive with respect to each specific Property from such sales or assignments. In addition, certain of the Local Partnerships entered into agreements with Extended Use Provisions with the relevant state tax credit agencies whereby the Local Partnerships must maintain the low-income nature of the Properties for a period which exceeds the Compliance Period (in certain circumstances, up to 50 years from when the Property is placed in service, but commonly 30 years from the date any such Property is placed in service), regardless of a sale of the Properties by the Local Partnerships after the Compliance Period. While the Extended Use Provisions do not extend the Compliance Period of the respective Local Partnerships, such provisions may limit the number and availability of potential purchasers of the Properties. Accordingly, a sale of a Property may happen well after the expiration of the Compliance Period and/or may be significantly discounted. There can be no assurance as to when the Local Partnerships will dispose of the Properties, when Registrant will dispose of the remaining Local Partnership Interests or the amount of proceeds which may be received in such dispositions. In addition to amounts that remain outstanding under the terms of the debt structure of the respective Local Partnerships, certain Local Partnerships have outstanding obligations to the Local General Partners and/or affiliates thereof for operating advances made over the years and for certain fees that were deferred.3

~~The~~Item ~~initial Local Partnership Interests were acquired by Registrant from 1990 through 1992~~2. Properties ~~Registrant owns a 99% Local Partnership Interest in the remaining Local Partnerships~~(Continued).

Two of the three remaining Local Partnerships receive rental subsidy payments (see descriptions of the subsidies below). The subsidy agreements expire at various times. Registrant cannot predict legislative initiatives and governmental budget negotiations, the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs. Such changes could adversely affect the future net operating income before debt service ("NOI") and debt structure of any or all Local Partnerships currently receiving such subsidies.

					Mortgage loans payable
Name of Local Partnership	Number				as of			Subsidy
Name of apartment complex	of rental		Capital		December 31,			(see
Apartment complex location	units		contribution		2016			footnotes)
April Gardens Apartments II Limited Partnership (2) April Gardens Apartments Las Piedras, Puerto Rico		48	$	485,581	$	--	(2)
Ashland Park Apartments, L.P. (2) Ashland Park Apartments Ashland, Nebraska		24		235,732		--	(2)
Auburn Family, L.P. (2) Auburn Apartments Louisville, Mississippi		16		95,412		--	(2)
Batesville Family, L.P. (2) Westridge Apartments Batesville, Mississippi		48		239,716		--	(2)
Bay Springs Elderly, L.P. (2) Bay Springs Manor Bay Springs, Mississippi		24		208,820		--	(2)
Brisas del Mar Apartments Limited Partnership (2) Brisas del Mar Apartments Hatillo, Puerto Rico		66		668,172		--	(2)
Bruce Housing Associates, L.P. (2) Bruce Family Apartments Bruce, Mississippi		40		183,155		--	(2)
Carrington Limited Dividend Housing Association Limited Partnership (2) Carrington Place Farmington Hills, Michigan		100		2,174,720		--	(2)
Chestnut Park Apartments, L.P. (2) Chestnut Park Apartments East Orange, New Jersey		59		4,204,576		--	(2)
Chowan Senior Manor Associates Limited Partnership (2), (4) Azalea Garden Senior Manor Apartments Murfreesboro, North Carolina		33		278,405		--	(2)
Christian Street Commons Associates (2) Christian Street Commons Apartments Philadelphia, Pennsylvania		18		581,645		--	(2)
Country View Apartments (3), (9) Country View Apartments Pembroke, Maine		16		279,183		--	(3)

Item 2. Properties (Continued).

Name of Local Partnership Name of apartment complex Apartment complex location	Number of rental units		Capital contribution			Mortgage loans payable as of December 31, 2015				Subsidy (see footnotes)
						Mortgage loans payable
April Gardens Apartments II Limited Partnership (3) April Gardens Apartments Las Piedras, Puerto Rico		48	$	485,581		$	--	(3)
Name of Local Partnership	Number					as of			Subsidy
Ashland Park Apartments, L.P. (3) Ashland Park Apartments Ashland, Nebraska		24		235,732			--	(3)
Name of apartment complex	of rental		Capital			December 31,			(see
Auburn Family, L.P. (3), (5) Auburn Apartments Louisville, Mississippi		16		95,412			--	(3)
Apartment complex location	units		contribution			2016			footnotes)
Batesville Family, L.P. (3), (10) Westridge Apartments Batesville, Mississippi		48		239,716	(2)		--	(3)
Desarrollos de Belen Limited Partnership (2) Vista de Jagueyes II Apartments Aguas Buenas, Puerto Rico		41	$	422,929		$	--	(2)
Bay Springs Elderly, L.P. (3), (5) Bay Springs Manor Bay Springs, Mississippi		24		208,820			--	(3)
Desarrollos de Emaus Limited Partnership (2) Hucares II Apartments Naguabo, Puerto Rico		72		631,404			--	(2)
Brisas del Mar Apartments Limited Partnership (3) Brisas del Mar Apartments Hatillo, Puerto Rico		66		668,172			--	(3)
Ellinwood Heights Apartments, L.P. (2) Ellinwood Heights Apartments Ellinwood, Kansas		24		156,261			--	(2)
Bruce Housing Associates, L.P. (3), (5) Bruce Family Apartments Bruce, Mississippi		40		183,155	(2)		--	(3)
Fulton Street Houses Limited Partnership Fulton Street Houses Brooklyn, New York		36		1,948,081			3,869,930		(1	)
Carrington Limited Dividend Housing Association Limited Partnership (3) Carrington Place Farmington Hills, Michigan		100		2,174,720	(2)		--	(3)
Hayes Run Limited Partnership (2) Mashburn Gap Apartments Marshall, North Carolina		34		322,074			--	(2)
Chestnut Park Apartments, L.P. (3) Chestnut Park Apartments East Orange, New Jersey		59		4,204,576			--	(3)
Howard L. Miller Sallisaw Apartments II, L.P. (2) Sallisaw II Apartments Sallisaw, Oklahoma		24		130,158			--	(2)
Chowan Senior Manor Associates Limited Partnership (4), (11) Azalea Garden Senior Manor Apartments Murfreesboro, North Carolina		33		278,405			--	(4)
Hurlock Meadow Limited Partnership (3), (8) Hurlock Meadow Apartments Hurlock, Maryland		30		284,218			--	(3)
Christian Street Commons Associates (3) Christian Street Commons Apartments Philadelphia, Pennsylvania		18		581,645			--	(3)
Ivy Family, L.P. (2) Ivy Apartments Louisville, Mississippi		32		135,528			--	(2)
Justin Associates (2) Locust Tower Apartments Philadelphia, Pennsylvania		40		1,809,723			--	(2)
LaBelle Commons, Ltd. (2) LaBelle Commons LaBelle, Florida		32		253,580			--	(2)
Lawrence Road Properties, Ltd. (2) Hillcrest Apartments Newton, Mississippi		24		123,799			--	(2)
Loma Del Norte Limited Partnership (2), (6) Loma Del Norte Apartments Anthony, New Mexico		40		314,865			--	(2)

Item 2. Properties (Continued).

Name of Local Partnership Name of apartment complex Apartment complex location	Number of rental units		Capital contribution			Mortgage loans payable as of December 31, 2015				Subsidy (see footnotes)
						Mortgage loans payable
Country View Apartments Country View Apartments Pembroke, Maine		16	$	279,183		$	858,546				(1a&b	)
Name of Local Partnership	Number					as of			Subsidy
Desarrollos de Belen Limited Partnership (3), (7) Vista de Jagueyes II Apartments Aguas Buenas, Puerto Rico		41		422,929			--	(3)
Name of apartment complex	of rental		Capital			December 31,			(see
Desarrollos de Emaus Limited Partnership (3), (7) Hucares II Apartments Naguabo, Puerto Rico		72		631,404			--	(3)
Apartment complex location	units		contribution			2016			footnotes)
Ellinwood Heights Apartments, L.P. (3), (6) Ellinwood Heights Apartments Ellinwood, Kansas		24		156,261			--	(3)
Long Reach Associates Limited Partnership (2), (5) Oak Ridge Apartments Bath, Maine		30	$	448,922		$	--	(2)
Fulton Street Houses Limited Partnership Fulton Street Townhouse Apartments New York, New York		35		1,948,081			3,869,930				(1a	)
Mirador del Toa Limited Partnership (2) Mirador del Toa Apartments Toa Alta, Puerto Rico		48		284,847			--	(2)
Hayes Run Limited Partnership (3) Mashburn Gap Apartments Marshall, North Carolina		34		322,074			--	(3)
Moore Haven Commons, Ltd. (2) Moore Haven Commons Moore Haven, Florida		28		213,402			--	(2)
Howard L. Miller Sallisaw Apartments II, L.P. (3) Sallisaw II Apartments Sallisaw, Oklahoma		24		130,158			--	(3)
NP-89 Limited Dividend Housing Association Limited Partnership (2) Newport Apartments Clinton Township, Michigan		168		2,372,292			--	(2)
Hurlock Meadow Limited Partnership Hurlock Meadow Apartments Hurlock, Maryland		30		284,218			1,158,234				(1a&b	)
Nash Hill Associates, Limited Partnership (2), (5) Nash Hill Place Williamsburg, Massachusetts		28		302,575			--	(2)
Ivy Family, L.P. (3), (5) Ivy Apartments Louisville, Mississippi		32		135,528	(2)		--	(3)
North Calhoun City, L.P. (2) North Calhoun City Apartments Calhoun City, Mississippi		18		146,565			--	(2)
Justin Associates (3) Locust Tower Apartments Philadelphia, Pennsylvania		40		1,809,723			--	(3)
Orange City Plaza, Limited Partnership (2), (10) Orange City Plaza Apartments Orange City, Iowa		32		576,580			--	(2)
LaBelle Commons, Ltd. (3) LaBelle Commons LaBelle, Florida		32		253,580			--	(3)
Puerta del Mar Limited Partnership (2) Puerta del Mar Apartments Hatillo, Puerto Rico		66		630,570			--	(2)
Lawrence Road Properties, Ltd. (3), (10) Hillcrest Apartments Newton, Mississippi		24		123,799	(2)		--	(3)
Purvis Heights Properties, L.P. (2) Pineview Apartments Purvis, Mississippi		40		191,512			--	(2)
Queen Lane Investors (2) Queen's Row Philadelphia, Pennsylvania		29		597,050			--	(2)
Somerset Manor, Ltd. (2) Somerset Manor Central City, Pennsylvania		24		208,465			--	(2)
Sugar Cane Villas, Ltd. (2) Sugar Cane Villas Pahokee, Florida		87		751,560			--	(2)

Item 2. Properties (Continued).

Name of Local Partnership Name of apartment complex Apartment complex location	Number of rental units		Capital contribution			Mortgage loans payable as of December 31, 2015				Subsidy (see footnotes)
						Mortgage loans payable
Loma Del Norte Limited Partnership (4), (13) Loma Del Norte Apartments Anthony, New Mexico		40	$	314,865		$	--	(4)
Name of Local Partnership	Number					as of			Subsidy
Long Reach Associates Limited Partnership (4), (12) Oak Ridge Apartments Bath, Maine		30		448,922			--	(4)
Name of apartment complex	of rental		Capital			December 31,			(see
Mirador del Toa Limited Partnership (3) Mirador del Toa Apartments Toa Alta, Puerto Rico		48		284,847	(2)		--	(3)
Apartment complex location	units		contribution			2016			footnotes)
Moore Haven Commons, Ltd. (3) Moore Haven Commons Moore Haven, Florida		28		213,402			--	(3)
Summerfield Apartments Limited Partnership (3), (7) Summerfield Apartments Charlotte, North Carolina		52	$	1,088,667		$	--	(3)
NP-89 Limited Dividend Housing Association Limited Partnership (3) Newport Apartments Clinton Township, Michigan		168		2,372,292			--	(3)
Sydney Engel Associates, L.P. (2) The Castle New York, New York		224		3,201,874			--	(2)
Nash Hill Associates, Limited Partnership (4), (12) Nash Hill Place Williamsburg, Massachusetts		28		302,575			--	(4)
Union Valley Associates Limited Partnership (2) Union Valley Apartments Union Township, Pennsylvania		36		371,589			--	(2)
North Calhoun City, L.P. (3), (5) North Calhoun City Apartments Calhoun City, Mississippi		18		146,565			--	(3)
Walnut Grove Family, L.P. (2) Walnut Grove Apartments Walnut Grove, Mississippi		24		191,695			--	(2)
Orange City Plaza, Limited Partnership (3), (15) Orange City Plaza Apartments Orange City, Iowa		32		576,580			--	(3)
Waynesboro Apartments Limited Partnership (2) Waynesboro Apartments Waynesboro, Pennsylvania		36		360,859			--	(2)
Puerta del Mar Limited Partnership (3) Puerta del Mar Apartments Hatillo, Puerto Rico		66		630,570			--	(3)
West Calhoun City, L.P. (2) West Calhoun City Apartments Calhoun City, Mississippi		28		230,212			--	(2)
Purvis Heights Properties, L.P. (3), (10) Pineview Apartments Purvis, Mississippi		40		191,512	(2)		--	(3)
Westminster Apartments Limited Partnership (2) Westminster Apartments Philadelphia, Pennsylvania		42		1,047,993			--	(2)
Queen Lane Investors (3) Queen's Row Philadelphia, Pennsylvania		29		597,050	(2)		--	(3)
			$	29,384,966		$	3,869,930
Somerset Manor, Ltd. (3) Somerset Manor Central City, Pennsylvania		24		208,465			--	(3)

(1)	The Local Partnership's debt structure includes a principal and interest payment subsidy.

(2)	The Local Partnership Interest is no longer owned by Registrant; there are no assets or liabilities related to such Local Partnership included in the combined balance sheets of the Local Partnerships as of December 31, 2016 and 2015 in Note 5 to the accompanying financial statements.

(3)	The Local Partnership Interest is no longer owned by Registrant; there are no assets or liabilities related to such Local Partnership included in the combined balance sheet of the Local Partnerships as of December 31, 2016 in Note 5 to the accompanying financial statements.

(4)	Registrant sold its Local Partnership Interest to an affiliate of the Local General Partner in December 2015. The combined statement of operations of the Local Partnerships for the year ended December 31, 2015 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnership for all of 2015.

(5)	Registrant sold its Local Partnership Interest to an affiliate of one of the Local General Partners in December 2015; such Local Partnerships have a common Local General Partner. The combined statement of operations of the Local Partnerships for the year ended December 31, 2015 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnerships for all of 2015.

Item 2. Properties (Continued).

Name of Local Partnership Name of apartment complex Apartment complex location		Number of rental units		Capital contribution		Mortgage loans payable as of December 31, 2015			Subsidy (see footnotes)
(6)	Registrant sold its Local Partnership Interest to an affiliate of one of the Local General Partners in December 2015. The combined statement of operations of the Local Partnerships for the year ended December 31, 2015 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnership for all of 2015.
Sugar Cane Villas, Ltd. (3), (9) Sugar Cane Villas Pahokee, Florida			87	$	751,560	$	--	(3)
(7)	The Local Partnership sold its underlying Property to an unaffiliated third party in May 2016. The combined statement of operations of the Local Partnerships for the year ended December 31, 2016 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnership through the date of sale (see Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, herein).
Summerfield Apartments Limited Partnership (14) Summerfield Apartments Charlotte, North Carolina			52		1,088,667		1,242,000
(8)	Registrant sold its Local Partnership Interest to an unaffiliated third party in November 2016. The combined statement of operations of the Local Partnerships for the year ended December 31, 2016 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnership for all of 2016 (see Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, herein).
Sydney Engel Associates, L.P. (3) The Castle New York, New York			224		3,201,874		--	(3)
(9)	Registrant sold its Local Partnership Interest to an affiliate of one of the Local General Partners in December 2016. The combined statement of operations of the Local Partnerships for the year ended December 31, 2016 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnership for all of 2016 (see Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, herein).
Union Valley Associates Limited Partnership (3), (8) Union Valley Apartments Union Township, Pennsylvania			36		371,589		--	(3)
(10)	Capital contributions include voluntary advances made to the Local Partnership.
Walnut Grove Family, L.P. (3), (5) Walnut Grove Apartments Walnut Grove, Mississippi			24		191,695		--	(3)
Waynesboro Apartments Limited Partnership (3), (8) Waynesboro Apartments Waynesboro, Pennsylvania			36		360,859		--	(3)
West Calhoun City, L.P. (3), (5) West Calhoun City Apartments Calhoun City, Mississippi			28		230,212		--	(3)
Westminster Apartments Limited Partnership (3) Westminster Apartments Philadelphia, Pennsylvania			42		1,047,993		--	(3)
				$	29,384,966	$	7,128,710

(1)	Description of Subsidies:
	(a)	The Local Partnership's debt structure includes a principal or interest payment subsidy.
	(b)	The Rural Housing Service/Rural Development (formerly the Farmers Home Administration) of the United States Department of Agriculture Rental Assistance Program allows qualified low-income tenants to receive rental subsidies.
(2)	Reflects amount attributable to Registrant only.
(3)	The Local Partnership Interest is no longer owned by Registrant; there are no assets or liabilities related to such Local Partnership included in the combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 in Note 5 to the accompanying financial statements.
(4)	The Local Partnership Interest is no longer owned by Registrant; there are no assets or liabilities related to such Local Partnership included in the combined balance sheet of the Local Partnerships as of December 31, 2015 in Note 5 to the accompanying financial statements.

Item 2. Properties (Continued).

(5)	Registrant sold its Local Partnership Interest to an affiliate of the Local General Partner in January 2014; such Local Partnerships have the same Local General Partner. The combined statement of operations of the Local Partnerships for the year ended December 31, 2014 included in Note 5 to the accompanying financial statements does not include results of operations for such Local Partnerships.
(6)	Registrant sold its Local Partnership Interest to an affiliate of the Local General Partner in January 2014. The combined statement of operations of the Local Partnerships for the year ended December 31, 2014 included in Note 5 to the accompanying financial statements does not include results of operations for such Local Partnership.
(7)	Registrant sold its Local Partnership Interest to an affiliate of the Local General Partner in March 2014; such Local Partnerships have the same Local General Partner. The combined statement of operations of the Local Partnerships for the year ended December 31, 2014 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnerships through the date of sale.
(8)	Registrant sold its Local Partnership Interest to an affiliate of the Local General Partners in April 2014; such Local Partnerships have a common Local General Partner. The combined statement of operations of the Local Partnerships for the year ended December 31, 2014 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnerships through the date of sale.
(9)	The Local Partnership's underlying Property was sold at a public sale in June 2014. The combined statement of operations of the Local Partnerships for the year ended December 31, 2014 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnership for all of 2014.
(10)	Registrant sold its Local Partnership Interest to an affiliate of the Local General Partner in December 2014; such Local Partnerships have the same Local General Partner. The combined statement of operations of the Local Partnerships for the year ended December 31, 2014 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnerships for all of 2014.
(11)	Registrant sold its Local Partnership Interest to an affiliate of the Local General Partner in December 2015. The combined statement of operations of the Local Partnerships for the year ended December 31, 2015 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnerships for all of 2015 (see Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, herein).
(12)	Registrant sold its Local Partnership Interest to an affiliate of one of the Local General Partners in December 2015; such Local Partnerships have a common Local General Partner. The combined statement of operations of the Local Partnerships for the year ended December 31, 2015 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnerships for all of 2015 (see Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, herein).
(13)	Registrant sold its Local Partnership Interest to an affiliate of one of the Local General Partners in December 2015. The combined statement of operations of the Local Partnerships for the year ended December 31, 2015 included in Note 5 to the accompanying financial statements includes results of operations for such Local Partnerships for all of 2015 (see Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, herein).

(14)	The Local Partnership sold its underlying Property to an unaffiliated third party in May 2016 (see Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, herein).
(15)	Capital contributions include voluntary advances made to the Local Partnership.

Item 3. Legal Proceedings.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information and Holders

There is no established public trading market for the Units. Accordingly, accurate information as to the market value of a Unit at any given date is not available. The number of record holders of Units as of June 86, ~~2016~~2017 was approximately 1,~~292~~288, holding an aggregate of 35,883 Units.

Registrant may provide an estimate of value to Unit holders from time to time in Registrant's reports to the Limited Partners. Estimated values for limited partnership interests may also be provided by independent valuation services, whose estimated values are based on financial and other information available to them. The estimated values provided by the independent services and Registrant, which may differ, are not market values and Unit holders may not be able to sell their Units or realize either amount upon a sale of their Units. Unit holders may not realize such estimated values upon the liquidation of Registrant.

Distributions

Registrant owns a Local Partnership Interest in Local Partnerships that are the owners of Properties that are leveraged and receive government assistance in various forms of rental and debt service subsidies. The distribution of cash flow generated by the Local Partnerships may be restricted, as determined by each Local Partnership's financing and subsidy agreements. Although Registrant does not anticipate that it will provide any cash distributions to ~~its~~the Limited Partners in the future, Registrant was required to pay ~~nonresident~~ state withholding taxes of $3063,~~994~~215 on behalf of ~~certain of~~ the Limited Partners in ~~April~~March ~~2014~~2017 in connection with gains recognized by a Local Partnership for the year ended December 31, ~~2013~~2016. ~~Registrant~~There ~~made~~were ano ~~distribution~~other tocash ~~the~~distributions ~~Limited Partners in the amount of approximately $3 per Unit in July 2014~~ to ~~Unit~~or ~~holders~~on ofbehalf ~~record as~~ of ~~June 27, 2014. The $3 per Unit includes~~ the ~~nonresident state withholding taxes referred to above. There were no cash distributions to the~~ Limited Partners during the ~~year~~years ended March 30, 2017 and 2016.

Low-income Housing Tax Credits, which are subject to various limitations, may be used by the Limited Partners to offset federal income tax liabilities. Registrant generated total Low-income Housing Tax Credits from investments in Local Partnerships of approximately $1,559 per Unit. The Ten Year Credit Period with respect to the Properties was fully exhausted as of December 31, 2003 and the Compliance Periods of the Local Partnerships had expired as of December 31, 2007. In a prior year, Registrant served a demand on the Local General Partners of all then remaining Local Partnerships to commence a sale process to dispose of the Properties. In the event a sale of the Property cannot be consummated, it is the General Partner's intention to sell or assign Registrant's ~~remaining~~ Local Partnership ~~Interests~~Interest in Fulton Street Houses. It is not possible to ascertain the amount, if any, that Registrant will receive ~~with~~in ~~respect~~connection towith ~~each specific Property from~~ such ~~sales~~sale or ~~assignments~~assignment.

Recent Sales of Unregistered Securities

None.

Item 6. Selected Financial Data.

Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Capital Resources and Liquidity

Registrant admitted limited partners (the "Limited Partners") in four closings with aggregate Limited Partners' capital contributions of $35,883,000. In connection with the offering of the sale of units (the "Units"), Registrant incurred organization and offering costs of approximately $4,419,000 and established a working capital reserve of approximately $2,153,000. The remaining net proceeds of approximately $29,311,000 (the "Net Proceeds") were available to be applied to the acquisition of limited partner interests (the "Local Partnership Interest" or "Local Partnership Interests") in partnerships (the "Local Partnership" or "Local Partnerships") that own low-income multifamily residential complexes (the "Property" or "Properties") that qualified for the low-income housing tax credit (the "Low-income Housing Tax Credit") in accordance with Section 42 of the Internal Revenue Code (the "IRC"). The Net Proceeds were utilized in acquiring a Local Partnership Interest in forty-three Local Partnerships. As of June 20, 2017, Registrant owns one of the forty-three Local Partnership Interests initially acquired, Fulton Street Houses Limited Partnership ("Fulton Street Houses").

109

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued).

As of March 30, ~~2016~~2017, Registrant has cash and cash equivalents and investment in Pemberwick Fund, a short duration bond fund ("Pemberwick") totaling $~~341~~894,~~486~~793, which is available for operating expenses of Registrant and circumstances which may arise in connection with ~~the~~Fulton ~~Local~~Street ~~Partnerships~~Houses. Future sources of Registrant funds are expected to be primarily from interest earned on working capital ~~and limited cash distributions from Local Partnerships~~. In addition, although it is not possible to ascertain the amount, if any, that Registrant will receive with respect to ~~each~~Fulton ~~specific~~Street ~~Local Partnership~~Houses, Registrant may be entitled to sales proceeds ~~of certain Local Partnerships' Properties and may receive proceeds~~ in the event of a sale of ~~its~~either ~~remaining~~the ~~Local~~Fulton ~~Partnership~~Street ~~Interests.~~Houses ~~See~~Property ~~discussion~~or Registrant's ~~below under~~ Local Partnership ~~Matters~~Interest ~~regarding~~in ~~Summerfield~~Fulton ~~Apartments~~Street ~~Limited Partnership's ("Summerfield Apartments") sale of its underlying Property subsequent to March 30, 2016~~Houses.

During the year ended March 30, ~~2016~~2017, Registrant received cash from interest revenue, distributions from Local Partnerships, redemptions from Pemberwick and proceeds from the sale of certain Local Partnership Interests and Summerfield Apartments Limited Partnership's ("Summerfield Apartments") sale of its underlying Property (see discussion below under Local Partnership Matters), and utilized cash for operating expenses, state withholding taxes on behalf of the Limited Partners classified as distributions and investments in Pemberwick. Cash and cash equivalents and investment in Pemberwick increased, in the aggregate, by approximately $60553,000 during the year ended March 30, ~~2016.~~2017 (which includes an unrealized loss on investment in Pemberwick of approximately $2,000), primarily as the result of proceeds from the sale of certain Local Partnership Interests and Summerfield Apartments' sale of its underlying Property totaling approximately $880,000 (see discussion below under Local Partnership Matters), partially offset by the payment of previously deferred administration and management fees of $200,000, state withholding taxes on behalf of the Limited Partners of approximately $63,000 as described above and recurring operating expenses. Payable to general partner and affiliates in the accompanying balance sheet as of March 30, ~~2016~~2017 represents deferred administration and management fees.

Results of Operations

Registrant's operating results are dependent, in part, ~~upon~~on the operating results of the Local Partnerships and are impacted by the Local Partnerships' policies. In addition, the operating results herein are not necessarily the same for tax reporting. Registrant accounts for its investment in local partnerships in accordance with the equity method of accounting. Accordingly, the investment is carried at cost and is adjusted for Registrant's share of each Local Partnership's results of operations and by cash distributions received. In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to Registrant is recognized to the extent of Registrant's investment balance in each Local Partnership. Equity in loss in excess of Registrant's investment balance in a Local Partnership is allocated to other partners' capital in any such Local Partnership. However, the combined statements of operations of the Local Partnerships reflected in Note 5 to Registrant's financial statements include the operating results of all Local Partnerships in which Registrant owned an interest during the periods, irrespective of Registrant's investment balances (see discussion above in Item 2 - Properties). As a result of cumulative equity losses and distributions and the sale of certain Local Partnerships' Properties and/or Registrant's Local Partnership Interests, Registrant's investment in local partnerships reached a zero balance in a prior year.

Cumulative losses and cash distributions in excess of investment in local partnerships may result from a variety of circumstances, including a Local Partnership's accounting policies, subsidy structure, debt structure and operating deficits, among other things. Accordingly, cumulative losses and cash distributions in excess of the investment are not necessarily indicative of adverse operating results of a Local Partnership.

Registrant's operations for the years ended March 30, ~~2016~~2017 and ~~2015~~2016 resulted in net ~~losses~~income (loss) of $29781,~~191~~602 and $98(29,~~382~~121), respectively. The ~~decrease~~increase in net income is primarily attributable to (i) an increase in gain on sale of limited partner interests/local partnership properties of approximately $85764,000 and (ii) a decrease in administration and management fees in the aggregate of approximately $2941,000~~, all partially offset by a decrease in other income from local partnerships of approximately $47,000~~. Other comprehensive loss for the year ended March 30, ~~2016~~2017 resulted from an unrealized loss on investment in Pemberwick of $~~456~~2,071.

The remaining Local Partnerships' net ~~loss~~income of approximately $~~374~~490,000 for the year ended December 31, ~~2015~~2016 includes gain on sale of property of approximately $711,000, depreciation and amortization expense of approximately $~~667~~380,000 and interest on non-mandatory debt of approximately $9961,000, and does not include required principal payments on permanent mortgages of approximately $8022,000. The remaining Local Partnerships' net ~~income~~loss of approximately $1374,~~151,~~000 for the year ended December 31, ~~2014~~2015 includes ~~gain on sale of property of approximately $1,925,000,~~ depreciation and amortization expense of approximately $~~895~~667,000 and interest on non-mandatory debt of approximately $9699,000, and does not include required principal payments on permanent mortgages of approximately $~~120~~80,000. The results of operations of the Local Partnerships for the year ended December 31, ~~2015~~2016 are not indicative of the results that may be expected in future periods. Revenue and expense fluctuations from ~~2014~~2015 to ~~2015~~2016 have resulted from Registrant's sales of Local Partnership Interests and certain Local Partnerships' Property sales.

1110

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued).

Local Partnership Matters

Registrant's primary objective, to provide Low-income Housing Tax Credits to its Limited Partners, has been completed. The relevant state tax credit agency allocated each of the Local Partnerships an amount of Low-income Housing Tax Credits, which are generally available for a ten year period from the year the Property is placed in service (the "Ten Year Credit Period"). The Ten Year Credit Period was fully exhausted with respect to all of the Properties as of December 31, 2003. The required holding period of each Property, in order to avoid Low-income Housing Tax Credit recapture, is fifteen years from the year in which the Low-income Housing Tax Credits commence on the last building of the Property (the "Compliance Period"). The Compliance Period of all of the Local Partnerships had expired as of December 31, 2007. In addition, certain of the Local Partnerships entered into agreements with the relevant state tax credit agencies whereby the Local Partnerships must maintain the low-income nature of the Properties for a period which exceeds the Compliance Period (in certain circumstances, up to 50 years from when the Property is placed in service, but commonly 30 years from the date any such Property is placed in service), regardless of a sale of the Properties by the Local Partnerships after the Compliance Period (the "Extended Use Provisions"). Although the Extended Use Provisions do not extend the Compliance Period of the respective Local Partnerships, such provisions may limit the number and availability of potential purchasers of the Properties. Accordingly, a sale of a Property may happen well after the expiration of the Compliance Period and/or may be significantly discounted. Registrant is in the process of disposing of its remaining Local Partnership Interests. As of June 20, ~~2016~~2017, Registrant owns ~~three~~one of the forty-three Local Partnership Interests initially acquired. In a prior year, Registrant served a demand on the general partners of the then remaining Local Partnerships (the "Local General Partners") to commence a sale process to dispose of the Properties. In the event a sale of the Property cannot be consummated, it is the General Partner's intention to sell or assign Registrant's ~~remaining~~ Local Partnership ~~Interests.~~Interest in Fulton Street Houses, which has a 30 year Extended Use Provision. It is ~~uncertain~~not aspossible to ascertain the amount, if any, that Registrant will receive ~~with~~in ~~respect~~connection towith ~~each specific Property from~~ such ~~sales~~sale or ~~assignments~~assignment. Registrant intends to dissolve after the final disposition of its ~~remaining~~ Local Partnership ~~Interests~~Interest in Fulton Street Houses; there can be no assurance as to when ~~Registrant~~such ~~will~~final ~~dispose~~disposition ofwill ~~its remaining Local Partnership Interests~~occur.

~~The~~Fulton ~~remaining~~Street ~~Properties~~Houses ~~are~~owns ~~principally~~a ~~comprised~~36 ofunit subsidized and leveraged low-income multifamily residential ~~complexes~~complex located in ~~Maine~~Brooklyn, ~~Maryland and~~ New York. ~~Two~~The ofoutstanding ~~the~~mortgages ~~three~~of ~~remaining~~Fulton ~~Local~~Street ~~Partnerships~~Houses ~~receive~~do ~~rental~~not ~~subsidy~~require ~~payments~~payment ~~under the terms~~ of ~~agreements~~principal ~~that~~or ~~expire~~accrued atinterest ~~various~~until ~~times.~~their ~~Registrant~~maturity ~~cannot predict legislative initiatives and governmental budget negotiations, the outcome of which could result~~ in aJune ~~reduction in funds available for the various federal and state administered housing programs~~2019. ~~Such~~Registrant ~~changes~~has ~~could~~no ~~adversely~~legal ~~affect~~obligation ~~the~~to ~~future~~fund ~~net~~any operating ~~income~~deficits ~~("NOI") before debt service and debt structure~~ of ~~any~~Fulton orStreet ~~all Local Partnerships currently receiving such subsidies~~Houses.

~~The~~During ~~Local~~the ~~Partnerships~~year ~~have~~ended ~~various~~March ~~financing~~30, ~~structures~~2017, ~~which~~Summerfield ~~include~~Apartments ~~(i)~~sold ~~required~~its ~~debt~~underlying ~~service~~Property ~~payments~~to ~~("Mandatory~~an ~~Debt~~unaffiliated ~~Service")~~third ~~and~~party; ~~(ii)~~Registrant ~~debt~~received ~~service~~$857,937 ~~payments~~in ~~which~~connection ~~are~~with ~~payable~~the ~~only~~sale. ~~from~~Such ~~available~~amount ~~cash~~is ~~flow~~included ~~subject~~in togain ~~the~~on ~~terms~~sale ~~and conditions~~ of ~~the~~limited ~~notes,~~partner ~~which~~interests/local ~~may~~partnership beproperties ~~subject~~in tothe ~~specific~~accompanying ~~laws,~~statement ~~regulations~~of ~~and~~operations ~~agreements with appropriate federal~~ and ~~state~~comprehensive ~~agencies~~income (~~"Non-Mandatory Debt Service or Interest"~~loss). ~~Registrant~~for ~~has~~the noyear ~~legal~~ended ~~obligation~~March to30, ~~fund~~2017. ~~any~~Summerfield ~~operating~~Apartments ~~deficits~~has ofsince ~~the~~been ~~Local Partnerships~~dissolved.

During the year ended March 30, ~~2016~~2017, Registrant sold its Local Partnership Interest in ~~Chowan~~Hurlock ~~Senior~~Meadow ~~Manor Associates~~ Limited Partnership ("~~Chowan~~Hurlock ~~Senior Manor~~Meadow") to an ~~affiliate~~unaffiliated ofthird ~~the~~party; ~~Local General Partner of Chowan Senior Manor.~~ Registrant received $1015,~~500~~000 in connection with the sale;. ~~such~~Such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) for the year ended March 30, ~~2016~~2017.

During the year ended March 30, ~~2016~~2017, Registrant sold its Local Partnership ~~Interests~~Interest in ~~Long~~Country ~~Reach~~View ~~Associates~~Apartments ~~Limited~~("Country ~~Partnership~~View") ~~and Nash Hill Associates Limited Partnership~~ to ~~an affiliate of~~ one of the Local General Partners of ~~such~~Country ~~Local~~View; ~~Partnerships. Such Local Partnerships have a common Local General Partner.~~ Registrant received $207,000 in connection with the sale;. ~~such~~Such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) for the year ended March 30, ~~2016~~2017.

During the year ended March 30, 2016, Registrant sold its Local Partnership Interest in Loma del Norte Limited Partnership ("Loma del Norte") to an affiliate of one of the Local General Partners of Loma del Norte. Registrant received $85,000 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) for the year ended March 30, 2016.

In May 2016, Summerfield Apartments sold its underlying Property to an unaffiliated third party; Registrant received $837,665 in connection with the sale. Registrant may be entitled to additional proceeds after further resolution of the accounts of Summerfield Apartments.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued).

Inflation

Inflation is not expected to have a material adverse impact on Registrant's operations.

Contractual Obligations

Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.

Off - Balance Sheet Arrangements

Registrant does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on Registrant's financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to the Limited Partners.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued).

Critical Accounting Policies and Estimates

The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), which requires Registrant to make certain estimates and assumptions. A summary of significant accounting policies is provided in Note 1 to the accompanying financial statements. The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Registrant's financial condition and results of operations. Registrant 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 accompanying financial statements.

·	Registrant accounts for its investment in local partnerships in accordance with the equity method of accounting.

·	Registrant does not consolidate the accounts and activities of the Local Partnerships, which are considered Variable Interest Entities as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810; Subtopic 10, because Registrant is not considered the primary beneficiary. Registrant's balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments. Registrant's exposure to loss on the Local Partnerships is mitigated by the condition and financial performance of the underlying Properties as well as the financial strength of the Local General Partners. In addition, the Local Partnerships' partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships' economic success. As a result of cumulative equity losses and distributions and the sale of certain Local Partnerships' Properties and/or Registrant's Local Partnership Interests, Registrant's investment in local partnerships reached a zero balance during a prior year.

Forward-Looking Information

As a cautionary note, with the exception of historical facts, the matters discussed in this annual report on Form 10-K are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements may relate to, among other things, current expectations, forecasts of future events, future actions, future performance generally, business development activities, capital expenditures, strategies, the outcome of contingencies, future financial results, financing sources and availability and the effects of regulation and competition. Words such as "anticipate," "expect," "intend," "plan," "seek," "estimate" and other words and terms of similar meaning in connection with discussions of future operating or financial performance signify forward-looking statements. Registrant may also provide written forward-looking statements in other materials released to the public. Such statements are made in good faith by Registrant pursuant to the "Safe Harbor" provisions of the Reform Act. Registrant undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Such forward-looking statements involve known risks, uncertainties and other factors that may cause Registrant's actual results of operations or actions to be materially different from future results of operations or actions expressed or implied by the forward-looking statements.

Item 7A. Quantitative and Qualitative Disclosure About Market Risk.

Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.

1312

AMERICAN TAX CREDIT PROPERTIES III L.P.

Item 8. Financial Statements and Supplementary Data.

Table of Contents
	Page
Report of Independent Registered Public Accounting Firm	15
Balance Sheets	16
Statements of Operations and Comprehensive Income (Loss)	17
Statements of Changes in Partners' Equity (Deficit)	18
Statements of Cash Flows	19
Notes to Financial Statements	21

Table of Contents

	Page

Report of Independent Registered Public Accounting Firm	14

Balance Sheets	15

Statements of Operations and Comprehensive Income (Loss)	16

Statements of Changes in Partners' Equity (Deficit)	17

Statements of Cash Flows	18

Notes to Financial Statements	20

No financial statement schedules are included because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

1413

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

American Tax Credit Properties III L.P.

We have audited the accompanying balance sheets of American Tax Credit Properties III L.P. (the "Partnership") as of March 30, ~~2016~~2017 and ~~2015~~2016, and the related statements of operations and comprehensive income (loss), changes in partners' equity (deficit) and cash flows for the years then ended. The Partnership's management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of American Tax Credit Properties III L.P. as of March 30, ~~2016~~2017 and ~~2015~~2016 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/Marks Paneth LLP

New York, New York

June 20, ~~2016~~2017

1514

AMERICAN TAX CREDIT PROPERTIES III L.P.

BALANCE SHEETS

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

	2016			2015
	2017			2016
ASSETS
Cash and liquid investments
Cash and cash equivalents	$	62,429		$	110,119
Cash and cash equivalents	$	110,119		$	52,011
Investment in Pemberwick Fund - a short duration bond fund		832,364			231,367
Investment in Pemberwick Fund - a short duration bond fund		231,367			229,668
	$	894,793		$	341,486
	$	341,486		$	281,679
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses	$	3227,~~120~~475		$	2432,~~544~~120
Payable to general partner and affiliates		3,~~260~~101,~~048~~684			3,~~178~~260,~~170~~048
		3,292,168			3,202,714
		3,129,159			3,292,168
Commitments and contingencies
Partners' equity (deficit)
Partners' deficit
General partner		(2,~~842~~060,~~300~~698	)		(2,~~813~~842,~~109~~300	)
Limited partners (35,883 units of limited partnership interest outstanding)		(~~107~~170,~~589~~804	)		(107,589	)
Accumulated other comprehensive loss		(~~793~~2,864	)		(~~337~~793	)
		(2,950,682	)		(2,921,035	)
		(2,234,366	)		(2,950,682	)
	$	~~341~~894,~~486~~793		$	~~281~~341,~~679~~486

See Notes to Financial Statements.

1615

AMERICAN TAX CREDIT PROPERTIES III L.P.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

YEARS ENDED MARCH 30, ~~2016~~2017 AND ~~2015~~2016

	2016			2015
	2017			2016
REVENUE
Interest	$	27,~~264~~824		$	42,~~691~~264
Other income from local partnerships		56,~~917~~967			525,~~982~~917
TOTAL REVENUE		814,~~181~~791			578,~~673~~181
EXPENSES
Administration fees - affiliate		4524,~~390~~902			5945,~~684~~390
Management fees - affiliate		4524,~~390~~902			5945,~~684~~390
Professional fees		5144,~~252~~678			4951,~~128~~252
Printing, postage and other		1018,~~840~~644			1810,~~219~~840
TOTAL EXPENSES		~~152~~113,~~872~~126			~~186~~152,~~715~~872
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		(~~144~~98,~~691~~335	)		(~~129~~144,~~042~~691	)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		~~115~~879,~~500~~937			30115,~~660~~500
NET LOSS		(29,191	)		(98,382	)
NET INCOME (LOSS)		781,602			(29,191	)
Other comprehensive loss - Pemberwick Fund		(~~456~~2,071	)		(~~1,160~~456	)
COMPREHENSIVE LOSS	$	(29,647	)	$	(99,542	)
COMPREHENSIVE INCOME (LOSS)	$	779,531		$	(29,647	)
NET LOSS ATTRIBUTABLE TO
NET INCOME (LOSS) ATTRIBUTABLE TO
General partner	$	~~(29~~781,~~191~~602	)	$	(9829,~~382~~191	)
Limited partners		--			--
	$	~~(29~~781,~~191~~602	)	$	(9829,~~382~~191	)
NET LOSS per unit of limited partnership interest (35,883 units of limited partnership interest)	$	--		$	--
NET INCOME (LOSS) per unit of limited partnership interest (35,883 units of limited partnership interest)	$	--		$	--

See Notes to Financial Statements.

1716

AMERICAN TAX CREDIT PROPERTIES III L.P.

STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)

YEARS ENDED MARCH 30, ~~2016~~2017 AND ~~2015~~2016

	General Partner			Limited Partners			Accumulated Other Comprehensive Income (Loss)			Total
Partners' equity (deficit), March 30, 2014	$	(2,713,640	)	$	--		$	823		$	(2,712,817	)
Partners' deficit, March 30, 2015	$	(2,813,109	)	$	(107,589	)	$	(337	)	$	(2,921,035	)
Net loss		(98,382	)								(98,382	)
Distributions to partners		(1,087	)		(107,589	)					(108,676	)
Other comprehensive loss - Pemberwick Fund								(1,160	)		(1,160	)
Partners' deficit, March 30, 2015		(2,813,109	)		(107,589	)		(337	)		(2,921,035	)
Net loss		(29,191	)								(29,191	)
Other comprehensive loss - Pemberwick Fund								(456	)		(456	)
Partners' deficit, March 30, 2016	$	(2,842,300	)	$	(107,589	)	$	(793	)	$	(2,950,682	)
Net income		781,602									781,602
Distributions to partners					(63,215	)					(63,215	)
Other comprehensive loss - Pemberwick Fund								(2,071	)		(2,071	)
Partners' deficit, March 30, 2017	$	(2,060,698	)	$	(170,804	)	$	(2,864	)	$	(2,234,366	)

See Notes to Financial Statements.

1817

AMERICAN TAX CREDIT PROPERTIES III L.P.

STATEMENTS OF CASH FLOWS

YEARS ENDED MARCH 30, ~~2016~~2017 AND ~~2015~~2016

	2016			2015
	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$	28,~~264~~025		$	42,~~074~~264
Cash paid for
Administration fees		(898,~~902~~168	)		(~~129~~8,~~495~~902	)
Management fees		(110,000	)		~~(129,486~~	)
Professional fees		(4255,~~336~~038	)		(5942,~~098~~336	)
Printing, postage and other expenses		(12,~~180~~929	)		(1812,~~433~~180	)
Net cash used in operating activities		(61268,~~154~~110	)		(~~332~~61,~~438~~154	)
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in Pemberwick Fund		(2667,~~155~~269	)		(~~129~~2,~~030~~155	)
Redemptions from Pemberwick Fund		64,000			~~371,000~~
Proceeds in connection with sale of limited partner interests/local partnership properties		~~115~~879,~~500~~937			30115,~~660~~500
Distributions received from local partnerships		56,~~917~~967			~~104~~5,~~982~~917
Net cash provided by investing activities		~~119~~283,~~262~~635			~~377~~119,~~612~~262
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners		(63,215	)		~~(108,676~~	)
Net cash used in financing activities		(63,215	)		~~(108,676~~	)
Net increase (decrease) in cash and cash equivalents		58(47,~~108~~690	)		~~(63~~58,~~502~~108	)
Cash and cash equivalents at beginning of year		52110,~~011~~119			~~115~~52,~~513~~011
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	~~110~~62,~~119~~429		$	52110,~~011~~119
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized loss on investment in Pemberwick Fund	$	(~~456~~2,071	)	$	(~~1,160~~456	)

See reconciliation of net income (loss) to net cash used in operating activities on page 2019.

See Notes to Financial Statements.

1918

AMERICAN TAX CREDIT PROPERTIES III L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

YEARS ENDED MARCH 30, ~~2016~~2017 AND ~~2015~~2016

	2016			2015
	2017			2016
RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES
Net loss	$	(29,191	)	$	(98,382	)
Net income (loss)	$	781,602		$	(29,191	)
Adjustments to reconcile net loss to net cash used in operating activities
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of limited partner interests/local partnership properties		(~~115~~879,~~500~~937	)		(30115,~~660~~500	)
Other income from local partnerships		(56,~~917~~967	)		(525,~~982~~917	)
Gain on redemptions from Pemberwick Fund					(617	)
Loss on redemptions from Pemberwick Fund		201
Increase (decrease) in payable to general partner and affiliates		81(158,~~878~~364	)		~~(139~~81,~~613~~878	)
Increase (decrease) in accounts payable and accrued expenses		7(4,~~576~~645	)		~~(10~~7,~~184~~576	)
NET CASH USED IN OPERATING ACTIVITIES	$	(61268,~~154~~110	)	$	(~~332~~61,~~438~~154	)

See Notes to Financial Statements.

2019

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

1.	Organization, Purpose and Summary of Significant Accounting Policies

American Tax Credit Properties III L.P. (the "Partnership") was formed on September 21, 1989 and the Certificate of Limited Partnership of the Partnership was filed under the Delaware Revised Uniform Limited Partnership Act. There was no operating activity until admission of the limited partners (the "Limited Partners") on June 13, 1990. The Partnership was formed to invest primarily in leveraged low-income multifamily residential complexes (the "Property" or "Properties") that qualified for the low-income housing tax credit (the "Low-income Housing Tax Credit") in accordance with Section 42 of the Internal Revenue Code (the "IRC"), through the acquisition of limited partner equity interests (the "Local Partnership Interest" or "Local Partnership Interests") in partnerships (the "Local Partnership" or "Local Partnerships") that are the owners of the Properties. Such interests were acquired from 1990 to 1992. Richman Tax Credit Properties III L.P. (the "General Partner") was formed on September 21, 1989 to act as the General Partner of the Partnership.

Basis of Accounting and Fiscal Year

The Partnership's records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Partnership's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes. The Partnership and the Local Partnerships each have a calendar year for income tax purposes.

Investment in Local Partnerships

The Partnership accounts for its investment in local partnerships in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Partnership's share of each Local Partnership's results of operations and by cash distributions received. Equity in loss of each investment in Local Partnership allocated to the Partnership is recognized to the extent of the Partnership's investment balance in each Local Partnership. Equity in loss in excess of the Partnership's investment balance in a Local Partnership is allocated to other partners' capital in any such Local Partnership. Previously unrecognized equity in loss of any Local Partnership is recognized in the fiscal year in which equity in income is earned by such Local Partnership or additional investment is made by the Partnership. Distributions received subsequent to the elimination of an investment balance for any such investment in a Local Partnership are recorded as other income from local partnerships. As a result of cumulative equity losses and distributions and the sale of certain Local Partnerships' Properties and/or the Partnership's Local Partnership Interests, the Partnership's investment in local partnerships reached a zero balance ~~during~~in a prior year.

The Partnership assessed the carrying value (the "Carrying Value") of its investment in local partnerships at least annually in the fourth quarter of its fiscal year or whenever there were indications that a permanent impairment may have occurred. If the Carrying Value of an investment in a Local Partnership exceeded the estimated value derived by management, the Partnership reduced its investment in any such Local Partnership (unless the impairment was considered to be temporary) and included such reduction in equity in income (loss) of investment in local partnerships. Impairment was measured by comparing the investment carrying amount to the estimated residual value of the investment.

The Partnership does not consolidate the accounts and activities of the Local Partnerships, which are considered Variable Interest Entities as defined by the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810; Subtopic 10, because the Partnership is not considered the primary beneficiary. The Partnership's balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments. The Partnership's exposure to loss on the Local Partnerships is mitigated by the condition and financial performance of the underlying Properties as well as the financial strength of the general partners of the Local Partnerships (the "Local General Partners"). In addition, the Local Partnerships' partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships' economic success. As described above herein Note 1, the Partnership's investment in local partnerships ~~has~~reached a zero balance in a prior year.

Advances and additional capital contributions (collectively the "Advances") that are not required under the terms of the Local Partnerships' partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Partnership to be voluntary loans to the respective Local Partnerships and the Partnership may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing.

2120

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

1.	Organization, Purpose and Summary of Significant Accounting Policies (Continued)

Cash and Cash Equivalents

The Partnership considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value.

Fair Value Measurements

ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy:

·	Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access;

·	Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and

·	Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity's own assumptions as there is little, if any, related market activity.

For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety.

Investment in Pemberwick Fund

The Partnership carries its investment in Pemberwick Fund ("Pemberwick"), an investment grade institutional short duration bond fund, at estimated fair value. Realized gains (losses) are included in (offset against) interest revenue. Investment in Pemberwick is classified as available-for-sale and unrealized gains (losses) are included as items of comprehensive income (loss) and are reported as a separate component of partners' equity (deficit).

Income Taxes

The Partnership is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its partners on their respective income tax returns. The Partnership's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service (the "IRS") and other taxing authorities. Income tax returns filed by the Partnership are subject to examination by the IRS for a period of three years. While no Partnership income tax returns are currently being examined by the IRS, tax years subsequent to ~~2011~~2012 remain subject to examination. The accompanying financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Partnership has included in Note 7 disclosures related to differences in the financial and tax bases of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

2221

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

2.	Capital Contributions and Distributions

On March 12, 1990, the Partnership commenced the offering of units (the "Units") through Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Selling Agent"). On June 13, 1990, December 27, 1990, December 31, 1991 and January 23, 1992, under the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership (the "Partnership Agreement"), the General Partner admitted the Limited Partners to the Partnership in four closings. At these closings, subscriptions for a total of 35,883 Units representing $35,883,000 in Limited Partners' capital contributions were accepted. In connection with the offering of Units, the Partnership incurred organization and offering costs of $4,418,530, of which $75,000 was capitalized as organization costs and $4,343,530 was charged to the Limited Partners' equity as syndication costs. The General Partner contributed $100 to the Partnership.

Net loss was allocated 99% to the Limited Partners and 1% to the General Partner in accordance with the Partnership Agreement, until such time as the Limited Partners' capital reached zero as a result of loss allocations, after which all losses have been allocated to the General Partner. ~~During~~Net ~~the~~income ~~year~~will ~~ended~~be ~~March~~allocated ~~30,~~100% ~~2015,~~to the ~~Partnership~~General ~~paid~~Partner ~~nonresident~~until ~~state~~such ~~withholding~~time ~~taxes~~as ofthe ~~$30,994~~total onallocation ~~behalf~~agrees ofto ~~certain of~~ the ~~Limited~~excess ~~Partners~~losses inallocated ~~connection~~to ~~with~~the ~~gains~~General ~~recognized~~Partner byin aprior ~~Local~~years. ~~Partnership~~During ~~for~~ the year ended ~~December~~March 3130, ~~2013.~~2017, ~~The~~the Partnership ~~also~~paid ~~made~~state awithholding ~~distribution~~taxes ~~to the Limited Partners in the amount~~ of ~~approximately~~ $~~3 per Unit (an additional $76~~63,~~595).~~215 ~~The~~on $3behalf ~~per~~of ~~Unit includes~~ the ~~nonresident~~Limited ~~state~~Partners ~~withholding~~in ~~taxes~~connection ~~referred~~with togains ~~above;~~recognized ~~the~~by ~~pro-rata~~a ~~distribution~~Local toPartnership for the ~~General~~year ~~Partner~~ended ~~was~~December $131,~~087~~ 2016.

3.	Cash and Cash Equivalents

As of March 30, ~~2016~~2017, the Partnership has $~~110~~62,~~119~~429 in cash and cash equivalents, all of which is held in accounts at two financial institutions in which such accounts are insured up to $250,000 at each institution by the Federal Deposit Insurance Corporation (the "FDIC"). The entire amount is FDIC insured as of March 30, ~~2016~~2017.

4.	Investment in Pemberwick Fund

The Partnership carries its investment in Pemberwick, an investment grade institutional short duration bond fund, at estimated fair value. Pemberwick was organized in February 2010 as a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, that seeks maximum current income consistent with liquidity and stability of principal. In selecting a portfolio of securities for Pemberwick, the investment advisor of Pemberwick (the "Advisor") will select investments so that 95% of Pemberwick's assets will be rated "A-" or better by a nationally recognized statistical rating organization ("NRSRO") such as Moody's Investor Services, Inc. ("Moody's") and/or by Standard & Poor's Financial Services, LLC ("S&P") (or if commercial paper rated in the highest category) or, if a rating is not available, deemed to be of comparable quality by the Advisor, or securities issued by banking institutions operating in the United States and having assets in excess of $200 billion.

The weighted average duration of Pemberwick's assets is approximately 1.5791 years as of March 30, ~~2016~~2017. Redemptions from Pemberwick are immediately liquid and unrestricted. Pemberwick's net asset value ("NAV") is $10.0403 and $10.0604 per share as of March 30, ~~2016~~2017 and ~~2015~~2016, respectively. The Partnership's investment in Pemberwick as of March 30, ~~2016~~2017 and ~~2015~~2016 is $~~231~~832,~~367~~364 and $~~229~~231,~~668~~367, respectively. An unrealized loss of $~~793~~2,864 as of March 30, ~~2016~~2017 is reflected as accumulated other comprehensive loss in the accompanying balance sheet as of March 30, ~~2016~~2017. The Partnership has earned $4451,~~268~~335 of interest revenue from the date of its initial investment in Pemberwick through March 30, ~~2016~~2017. The fair value of the Partnership's investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements (see Note 1). Pemberwick's NAV was $10.0403 as of May 31, ~~2016~~2017.

The Advisor is an affiliate of the General Partner. For its services, the Advisor is entitled to receive an annual advisory fee of 0.50% of the average daily net assets of Pemberwick through December 5, 2016. Such fee was reduced to 0.25% as of December 6, 2016. The Advisor may, in its discretion, voluntarily waive its fees or reimburse certain Pemberwick expenses; however, the Advisor is not required to do so. The Advisor has waived ~~70%~~all offees ~~its~~ fee earned in excess of 0.15% since Pemberwick's inception and earned $~~346~~1,318 and $~~613~~346 in connection with the Partnership's investment in Pemberwick for the years ended March 30, ~~2016~~2017 and ~~2015~~2016, respectively, enough to cover its direct costs. The Advisor's asset management affiliate, Richman Asset Management, Inc. ("RAM") has agreed to reduce its administration and management fees (see Note 6) payable by the Partnership to the extent any fee of the Advisor payable by Pemberwick would be duplicative of any profit that RAM would receive from the Partnership.

2322

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

5.	Investment in Local Partnerships

The Partnership initially acquired a Local Partnership Interest in forty-three Local Partnerships. As of March 30, ~~2016~~2017, the Partnership owns a 99% Local Partnership Interest in ~~the~~one ~~following~~Local ~~four~~Partnership, ~~Local~~Fulton ~~Partnerships:~~Street Houses Limited Partnership ("Fulton Street Houses").

1.In ~~Country~~connection ~~View~~with ~~Apartments~~the ~~("Country~~initial ~~View");~~purchase 2.of ~~Fulton~~forty-three ~~Street~~Local ~~Houses~~Partnership ~~Limited~~Interests, under the terms of the partnership agreement of each Local Partnership, ~~("Fulton~~as ~~Street");~~of 3.March ~~Hurlock~~30, ~~Meadow~~2017 ~~Limited~~the Partnership ~~("Hurlock~~is ~~Meadow");~~committed ~~and~~to 4.make ~~Summerfield~~capital ~~Apartments~~contributions ~~Limited~~in the aggregate of $29,384,966, which includes Advances to a certain Local Partnership ~~("Summerfield~~and ~~Apartments")~~all of which has been paid.

InFulton ~~connection~~Street ~~with~~Houses ~~the~~owns ~~initial~~a ~~purchase~~36 unit subsidized and leveraged low-income multifamily residential complex located in Brooklyn, New York. The required holding period of ~~forty~~each Property, in order to avoid Low-~~three~~income ~~Local~~Housing ~~Partnership~~Tax ~~Interests~~Credit recapture, ~~under~~is fifteen years from the ~~terms~~year ofin which the ~~partnership~~Low-income ~~agreement~~Housing ofTax ~~each~~Credits ~~Local~~commence ~~Partnership,~~on asthe oflast ~~March~~building ~~30,~~of ~~2016~~the Property (the ~~Partnership~~"Compliance isPeriod"). ~~committed~~The toCompliance ~~make~~Periods ~~capital~~of ~~contributions~~all the Local Partnerships expired in ~~the~~a ~~aggregate~~prior year. The rents of ~~$29,384,966,~~Fulton ~~which~~Street ~~includes~~Houses ~~Advances~~are subject to aspecific ~~certain~~laws, ~~Local~~regulations ~~Partnership~~and agreements with federal and ~~all~~state agencies. As of ~~which~~December 31, 2016, Fulton Street Houses has ~~been~~outstanding ~~paid.~~mortgage ~~See~~loans ~~discussion~~payable ~~below~~totaling ~~herein~~approximately ~~Note~~$3,870,000 5and ~~regarding~~accrued ~~Summerfield~~interest ~~Apartments'~~payable ~~sale~~on ofsuch ~~its~~loans ~~underlying~~totaling ~~Property~~approximately ~~subsequent~~$1,099,000, which are secured by security interests and liens common to ~~March~~mortgage ~~30,~~loans ~~2016~~on Fulton Street Houses' real property and other assets.

~~The~~During ~~remaining~~the ~~Properties,~~year ~~excluding~~ended ~~Summerfield~~March ~~Apartments~~30, ~~are principally comprised of subsidized and leveraged low-income multifamily residential complexes located in Maine (Country View)~~2017, ~~New~~Summerfield ~~York~~Apartments ~~(Fulton~~Limited ~~Street)~~Partnership ~~and Maryland~~ (~~Hurlock~~"Summerfield ~~Meadow~~Apartments"). ~~The~~sold ~~required~~its ~~holding~~underlying ~~period of each~~ Property, ~~in order~~ to ~~avoid~~an ~~Low-income~~unaffiliated ~~Housing~~third ~~Tax Credit recapture~~party, isin ~~fifteen~~connection ~~years~~with ~~from~~which ~~the~~Summerfield ~~year~~Apartments inrecognized ~~which~~a ~~the~~gain ~~Low-income~~of ~~Housing~~$711,374; ~~Tax~~such ~~Credits~~amount ~~commence~~is onreflected ~~the~~as ~~last~~gain ~~building~~on sale of ~~the~~property ~~Property~~in (the ~~"Compliance~~combined ~~Period").~~statement ~~The~~of ~~Compliance~~operations ~~Periods~~ of ~~all~~ the Local Partnerships ~~expired~~for inthe ~~a prior~~ year. ~~The~~ended ~~rents~~December ~~of the remaining Properties~~31, of2016 ~~which~~herein ~~Country~~Note ~~View and Hurlock Meadow receive project based rental subsidy payments pursuant to subsidy agreements, are subject to specific laws, regulations and agreements with federal and state agencies~~5. The ~~subsidies expire at various times. The~~ Partnership ~~cannot~~received ~~predict~~$857,937 ~~legislative~~in ~~initiatives~~connection ~~and~~with ~~governmental budget negotiations,~~ the ~~outcome~~sale; ofsuch ~~which~~amount ~~could~~is ~~result~~included in again ~~reduction~~on insale ~~funds~~of ~~available~~limited ~~for~~partner ~~the~~interests/local ~~various~~partnership ~~federal~~properties ~~and~~in ~~state administered housing programs. Such changes could adversely affect~~ the ~~future~~accompanying ~~net~~statement ~~operating income and debt structure~~ of ~~Country~~operations ~~View~~ and ~~Hurlock~~comprehensive ~~Meadow.~~income As(loss) of ~~December~~the ~~31,~~Partnership ~~2015,~~for the ~~remaining~~year ~~Local~~ended ~~Partnerships~~March ~~have outstanding mortgage loans payable totaling approximately $7~~30,~~129,000~~ ~~and~~2017. ~~accrued~~Summerfield ~~interest~~Apartments ~~payable~~has onsince ~~such~~been ~~loans totaling approximately $1,104,000, which are secured by security interests and liens common to mortgage loans on the remaining Local Partnerships' real property and other assets~~dissolved.

During the year ended March 30, 2017, the Partnership sold its Local Partnership Interest in Hurlock Meadow Limited Partnership ("Hurlock Meadow") to an unaffiliated third party. The Partnership received $15,000 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2017.

During the year ended March 30, 2017, the Partnership sold its Local Partnership Interest in Country View Apartments ("Country View") to one of the Local General Partners of Country View. The Partnership received $7,000 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2017.

During the year ended March 30, 2016, the Partnership sold its Local Partnership Interest in Chowan Senior Manor Associates Limited Partnership ("Chowan Senior Manor") to an affiliate of the Local General Partner of Chowan Senior Manor. The Partnership received $10,500 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2016.

During the year ended March 30, 2016, the Partnership sold its Local Partnership Interests in Long Reach Associates Limited Partnership and Nash Hill Associates Limited Partnership to an affiliate of one of the Local General Partners of such Local Partnerships. Such Local Partnerships have a common Local General Partner. The Partnership received $20,000 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2016.

During the year ended March 30, 2016, the Partnership sold its Local Partnership Interest in Loma del Norte Limited Partnership ("Loma del Norte") to an affiliate of one of the Local General Partners of Loma del Norte. The Partnership received $85,000 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2016.

During the year ended March 30, 2015, the Partnership sold its Local Partnership Interests in Union Valley Associates Limited Partnership and Waynesboro Apartments Limited Partnership to an affiliate of the Local General Partners of such Local Partnerships. Although the Partnership received no proceeds in connection with the sale, the Partnership received $20,000 for distributions that were due to the Partnership under the terms of the partnership agreements of such Local Partnerships. Such amount is included in other income from local partnerships in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2015 (see Note 1). Such Local Partnerships have a common Local General Partner.23

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, 2017 AND 2016

5.	Investment in Local Partnerships (Continued)

Equity in loss of investment in local partnerships is limited to the Partnership's investment balance in each Local Partnership; any excess is applied to other partners' capital in any such Local Partnership (see Note 1). The amount of such excess losses applied to other partners' capital was $217,171 and $357,472 for the years ended December 31, 2016 and 2015, respectively, as reflected in the combined statements of operations of the Local Partnerships herein Note 5.

The Partnership's investment in local partnerships reached a zero balance during a prior year (see Note 1). The amount reflected as the Partnership's investment balance in the combined balance sheet of the Local Partnerships as of December 31, 2015 herein Note 5 represents cumulative Carrying Value adjustments made by the Partnership (see Note 1).

The combined balance sheets of the Local Partnerships as of December 31, 2016 and 2015 and the combined statements of operations of the Local Partnerships for the years then ended are reflected on pages 25 and 26, respectively. The combined balance sheets of the Local Partnerships as of December 31, 2016 and 2015 do not include any balances in connection with the Local Partnerships in which the Partnership no longer owns an interest as of such dates, while the combined statements of operations of the Local Partnerships for the years then ended include the results of operations of such Local Partnerships for the period prior to the sales or other dispositions (see discussion above herein Note 5). The combined balance sheet of the Local Partnerships as of December 31, 2016 only includes balances for Fulton Street Houses.

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

5.	Investment in Local Partnerships (Continued)

~~During~~The the year ended March 30, 2015, the Property owned by Sugar Cane Villas, Ltd. ("Sugar Cane Villas") was sold at a public sale, in connection with which Sugar Cane Villas recognized a gain of $1,925,353; such amount is reflected as gain on sale of property in the combined ~~statement~~balance ofsheets ~~operations~~ of the Local Partnerships ~~for~~as ~~the~~of ~~year ended~~ December 31, ~~2014~~2016 herein Note 5. The Partnership received no proceeds in connection with the sale. The Local General Partner of Sugar Cane Villas reported that the mortgage lender, which also provided project based rental assistance to Sugar Cane Villas under the terms of a contract subject to annual renewals, did not renew the rental assistance upon expiration of the contract, without which Sugar Cane Villas was unable to make the mandatory debt service payments required under the terms of its mortgages. Such non-renewal is permitted under the terms of the contract. As a result, the lender commenced a foreclosure action and ~~the~~2015 ~~applicable~~are ~~jurisdiction~~as ~~issued a Final Judgment of Foreclosure. Sugar Cane Villas has since been dissolved.~~follows:

During the year ended March 30, 2015, the Partnership sold its Local Partnership Interests in Batesville Family, L.P., Lawrence Road Properties, Ltd. and Purvis Heights Properties, L.P. to an affiliate of the Local General Partner of such Local Partnerships for a total of $30,660; such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2015. In addition, the Partnership received $7,762 for distributions that were due to the Partnership under the terms of the partnership agreements of such Local Partnerships; such amount is included in other income from local partnerships in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2015 (see Note 1). Such Local Partnerships have the same Local General Partner. The 99% Local Partnership Interests in such Local Partnerships were acquired along with American Tax Credit Properties II L.P. ("ATCP II"), an investment partnership whose general partner is an affiliate of the General Partner, whereby the Partnership owned 61.75%. ATCP II sold its interest in such Local Partnerships as part of the same transaction.

	2016			2015

ASSETS

Cash and cash equivalents	$	91,918		$	231,648
Rents receivable		7,448			25,548
Escrow deposits and reserves		57,171			576,857
Land		2			280,636
Buildings and improvements (net of accumulated depreciation of $5,443,697 and $9,256,386)		631,253			2,986,398
Intangible assets (net of accumulated amortization of $0 and $48,042)		--			9,603
Other assets		113,959			164,337

	$	901,751		$	4,275,027

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

Accounts payable and accrued expenses	$	34,374		$	145,799
Due to related parties		657,403			741,518
Mortgage loans		3,869,930			7,128,710
Accrued interest		1,099,278			1,104,636
Other liabilities		40,877			91,314

		5,701,862			9,211,977

Partners' equity (deficit)

American Tax Credit Properties III L.P.
Capital contributions, net of distributions		1,948,081			3,546,235
Cumulative loss		(1,948,081	)		(2,954,243	)

		--			591,992

General partners and other limited partners
Capital contributions, net of distributions		100			11,858
Cumulative loss		(4,800,211	)		(5,540,800	)

		(4,800,111	)		(5,528,942	)

		(4,800,111	)		(4,936,950	)

	$	901,751		$	4,275,027

Equity in loss of investment in local partnerships is limited to the Partnership's investment balance in each Local Partnership; any excess is applied to other partners' capital in any such Local Partnership (see Note 1). The amount of such excess losses applied to other partners' capital was $357,472 and $563,127 for the years ended December 31, 2015 and 2014, respectively, as reflected in the combined statements of operations of the Local Partnerships herein Note 5.

The Partnership's investment in local partnerships reached a zero balance during a prior year (see Note 1). The amounts reflected as the Partnership's investment balance in the combined balance sheets of the Local Partnerships herein Note 5 represent cumulative Carrying Value adjustments made by the Partnership (see Note 1).

In May 2016, Summerfield Apartments sold its underlying Property to an unaffiliated entity; the Partnership received $837,665 in connection with the sale. The Partnership may be entitled to additional proceeds after further resolution of the accounts of Summerfield Apartments.

The combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 and the combined statements of operations of the Local Partnerships for the years then ended are reflected on pages 26 and 27, respectively. The combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 do not include any balances in connection with the Local Partnerships in which the Partnership no longer owns an interest as of such dates, while the combined statements of operations of the Local Partnerships for the years then ended include the results of operations of such Local Partnerships for the period prior to the sales or other dispositions (see discussion above herein Note 5).

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

5.	Investment in Local Partnerships (Continued)

The combined ~~balance~~statements ~~sheets~~of operations of the Local Partnerships asfor ofthe years ended December 31, ~~2015~~2016 and ~~2014~~2015 are as follows:

	2015			2014
	2016			2015
ASSETS
REVENUE
Cash and cash equivalents	$	231,648		$	469,966
Rental	$	981,398		$	2,298,420
Rents receivable		25,548			56,452
Interest and other		13,908			32,970
Escrow deposits and reserves		576,857			991,099
TOTAL REVENUE		995,306			2,331,390
Land		280,636			693,933
EXPENSES
Buildings and improvements (net of accumulated depreciation of $9,256,386 and $13,760,023)		2,986,398			6,284,166
Administrative		120,345			284,119
Intangible assets (net of accumulated amortization of $48,042 and $46,340)		9,603			11,305
Payroll		113,930			311,376
Other assets		164,337			187,830
Utilities		134,945			299,113
	$	4,275,027		$	8,694,751
Operating and maintenance		166,953			429,266
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Taxes and insurance		149,389			241,695
Liabilities
Financial		151,177			472,459
Accounts payable and accrued expenses	$	145,799		$	199,015
Depreciation and amortization		380,435			667,464
Due to related parties		741,518			1,004,918
TOTAL EXPENSES		1,217,174			2,705,492
Mortgage loans		7,128,710			12,632,226
LOSS BEFORE GAIN ON SALE OF PROPERTY		(221,868	)		(374,102	)
Accrued interest		1,104,636			1,128,395
GAIN ON SALE OF PROPERTY		711,374			--
Other liabilities		91,314			145,862
NET INCOME (LOSS)	$	489,506		$	(374,102	)
		9,211,977			15,110,416
NET INCOME (LOSS) ATTRIBUTABLE TO
Partners' equity (deficit)
American Tax Credit Properties III L.P.	$	--		$	--
American Tax Credit Properties III L.P.
General partners and other limited partners (includes $217,171 and $357,472 of Partnership losses in excess of investment and specially allocated income of $702,870 in 2016)		489,506			(374,102	)
Capital contributions, net of distributions		3,546,235			4,852,168
	$	489,506		$	(374,102	)
Cumulative loss		(2,954,243	)		(4,260,176	)
		591,992			591,992
General partners and other limited partners
Capital contributions, net of distributions		11,858			(55,549	)
Cumulative loss		(5,540,800	)		(6,952,108	)
		(5,528,942	)		(7,007,657	)
		(4,936,950	)		(6,415,665	)
	$	4,275,027		$	8,694,751

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

56. ~~Investment~~Transactions inwith ~~Local~~General ~~Partnerships~~Partner ~~(Continued)~~and Affiliates

Pursuant to the terms of the Partnership Agreement, the Partnership incurs an annual management fee (the "Management Fee") and an annual additional management fee (the "Additional Management Fee") payable to the General Partner for its services in connection with the management of the affairs of the Partnership. The ~~combined~~annual ~~statements~~Management Fee is equal to the greater of ~~operations~~$100,000 or 0.14% of Invested Assets (as such term is defined in the ~~Local~~Partnership ~~Partnerships~~Agreement), while the annual Additional Management Fee is equal to 0.06% of Invested Assets. The cumulative total of the management fees and administration fees (see discussion below herein Note 6) is limited to 0.5% of Invested Assets. The Partnership incurred Management Fees of $23,502 and $40,872 for the years ended ~~December~~March 3130, ~~2015~~2017 and ~~2014~~2016, respectively, and Additional Management Fees of $1,400 and $4,518 for the years ended March 30, 2017 and 2016, respectively. Such amounts are aggregated and reflected under the caption management fees - affiliate in the accompanying statements of operations and comprehensive income (loss). Unpaid Management Fees and Additional Management Fees in the cumulative amount of $1,550,500 and $1,635,598 are included in payable to general partner and affiliates in the accompanying balance sheets as ~~follows:~~of March 30, 2017 and 2016, respectively.

	2015			2014
REVENUE
Rental	$	2,298,420		$	3,285,530
Interest and other		32,970			79,115
TOTAL REVENUE		2,331,390			3,364,645
EXPENSES
Administrative		284,119			578,136
Payroll		311,376			486,280
Utilities		299,113			370,158
Operating and maintenance		429,266			627,612
Taxes and insurance		241,695			464,288
Financial		472,459			716,936
Depreciation and amortization		667,464			895,273
TOTAL EXPENSES		2,705,492			4,138,683
LOSS BEFORE GAIN ON SALE OF PROPERTY		(374,102	)		(774,038	)
GAIN ON SALE OF PROPERTY		--			1,925,353
NET INCOME (LOSS)	$	(374,102	)	$	1,151,315
NET INCOME (LOSS) ATTRIBUTABLE TO
American Tax Credit Properties III L.P.	$	--		$	--
General partners and other limited partners (includes $357,472 and $563,127 of Partnership losses in excess of investment and specially allocated income of $0 and $1,730,073)		(374,102	)		1,151,315
	$	(374,102	)	$	1,151,315

In addition, pursuant to the terms of the Partnership Agreement, the Partnership is authorized to contract for administrative services provided to the Partnership. From the inception of the Partnership through November 23, 1999, such administrative services were provided by ML Fund Administrators Inc. ("MLFA"), an affiliate of the Selling Agent, pursuant to an Administrative Services Agreement. MLFA resigned the performance of its basic services under the Administrative Services Agreement effective November 23, 1999, with certain transitional services continued through April 30, 2000. The General Partner transitioned the administrative services to RAM without any changes to the terms of the Administrative Services Agreement. Pursuant to such agreement, the Partnership incurs an annual administration fee (the "Administration Fee") and an annual additional administration fee (the "Additional Administration Fee") for administrative services provided to the Partnership. The annual Administration Fee is equal to the greater of $100,000 or 0.14% of Invested Assets, while the annual Additional Administration Fee is equal to 0.06% of Invested Assets. The cumulative total of the administration fees and management fees is limited as described above herein Note 6. The Partnership incurred Administration Fees of $23,502 and $40,872 for the years ended March 30, 2017 and 2016, respectively, and Additional Administration Fees of $1,400 and $4,518 for the years ended March 30, 2017 and 2016, respectively. Such amounts are aggregated and reflected under the caption administration fees - affiliate in the accompanying statements of operations and comprehensive income (loss). Unpaid Administration Fees and Additional Administration Fees in the cumulative amount of $1,551,184 and $1,624,450 are included in due to general partner and affiliates in the accompanying balance sheets as of March 30, 2017 and 2016, respectively.

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

6. Transactions with General Partner and Affiliates

Pursuant to the terms of the Partnership Agreement, the Partnership incurs an annual management fee (the "Management Fee") and an annual additional management fee (the "Additional Management Fee") payable to the General Partner for its services in connection with the management of the affairs of the Partnership. The annual Management Fee is equal to the greater of $100,000 or .14% of Invested Assets (as such term is defined in the Partnership Agreement), while the annual Additional Management Fee is equal to .06% of Invested Assets. The cumulative total of the management fees and administration fees (see discussion below herein Note 6) is limited to 0.5% of Invested Assets. The Partnership incurred Management Fees of $40,872 and $52,141 for the years ended March 30, 2016 and 2015, respectively, and Additional Management Fees of $4,518 and $7,543 for the years ended March 30, 2016 and 2015, respectively. Such amounts are aggregated and reflected under the caption management fees - affiliate in the accompanying statements of operations and comprehensive income (loss). Unpaid Management Fees and Additional Management Fees in the cumulative amount of $1,635,598 and $1,590,208 are included in payable to general partner and affiliates in the accompanying balance sheets as of March 30, 2016 and 2015, respectively.

In addition, pursuant to the terms of the Partnership Agreement, the Partnership is authorized to contract for administrative services provided to the Partnership. From the inception of the Partnership through November 23, 1999, such administrative services were provided by ML Fund Administrators Inc. ("MLFA"), an affiliate of the Selling Agent, pursuant to an Administrative Services Agreement. MLFA resigned the performance of its basic services under the Administrative Services Agreement effective November 23, 1999, with certain transitional services continued through April 30, 2000. The General Partner transitioned the administrative services to RAM without any changes to the terms of the Administrative Services Agreement. Pursuant to such agreement, the Partnership incurs an annual administration fee (the "Administration Fee") and an annual additional administration fee (the "Additional Administration Fee") for administrative services provided to the Partnership. The annual Administration Fee is equal to the greater of $100,000 or .14% of Invested Assets, while the annual Additional Administration Fee is equal to .06% of Invested Assets. The cumulative total of the administration fees and management fees is limited as described above herein Note 6. The Partnership incurred Administration Fees of $40,872 and $52,141 for the years ended March 30, 2016 and 2015, respectively, and Additional Administration Fees of $4,518 and $7,543 for the years ended March 30, 2016 and 2015, respectively. Such amounts are aggregated and reflected under the caption administration fees - affiliate in the accompanying statements of operations and comprehensive income (loss). Unpaid Administration Fees and Additional Administration Fees in the cumulative amount of $1,624,450 and $1,587,962 are included in due to general partner and affiliates in the accompanying balance sheets as of March 30, 2016 and 2015, respectively.

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, 2016 AND 2015

7.	Taxable Income

A reconciliation of the financial statement net income (loss) of the Partnership for the years ended March 30, ~~2016~~2017 and ~~2015~~2016 to the tax return income for the years ended December 31, ~~2015~~2016 and ~~2014~~2015 is as follows:

	2016			2015
	2017			2016
Financial statement net loss for the years ended March 30, 2016 and 2015	$	(29,191	)	$	(98,382	)
Financial statement net income (loss) for the years ended March 30, 2017 and 2016	$	781,602		$	(29,191	)
Add (less) net transactions occurring between
January 1, 2014 and March 30, 2014		--			117,510
January 1, 2015 and March 30, 2015		--			(34,658	)
January 1, 2015 and March 30, 2015		(34,658	)		34,658
January 1, 2016 and March 30, 2016		72,175			(72,175	)
January 1, 2016 and March 30, 2016		(72,175	)		--
January 1, 2017 and March 30, 2017		19,547			--
Adjusted financial statement net income (loss) for the years ended December 31, 2015 and 2014		(136,024	)		53,786
Adjusted financial statement net income (loss) for the years ended December 31, 2016 and 2015		873,324			(136,024	)
Management Fees and Administration Fees deductible for tax purposes when paid		8849,~~477~~036			~~(161~~88,~~024~~477	)
Equity in income (loss) of investment in local partnerships		~~(475~~866,~~518~~064	)		1(475,~~336,561~~518	)
Gain on sale of limited partner interests/local partnership properties		3249,~~326,944~~847			73,~~463~~326,~~243~~944
Other income from local partnerships		(146,~~507~~967	)		(~~160~~14,~~923~~507	)
Other differences		~~251~~623			--251
Tax return income for the years ended December 31, 2015 and 2014	$	2,789,623		$	8,531,643
Tax return income for the years ended December 31, 2016 and 2015	$	2,031,927		$	2,789,623

The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, ~~2015~~2016 and ~~2014~~2015 are as follows:

	2015			2014
	2016			2015
Investment in local partnerships - financial reporting	$	--		$	--
Investment in local partnerships - tax		(65,~~490~~283,~~136~~192	)		(96,~~222~~490,~~052~~136	)
	$	65,~~490~~283,~~136~~192		$	96,~~222~~490,~~052~~136

Payable to general partner and affiliates in the accompanying balance sheets represents accrued Management Fees and Administration Fees, which are not deductible for tax purposes until paid pursuant to IRC Section 267.

2928

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

MARCH 30, ~~2016~~2017 AND ~~2015~~2016

8.	Fair Value of Financial Instruments

The estimated fair value amounts have been determined using available market information, assumptions, estimates and valuation methodologies.

Cash and cash equivalents

The carrying amount approximates fair value.

Investment in Pemberwick Fund, a short duration bond fund

The estimated fair value of Pemberwick is based on current market quotes received from active markets. Pemberwick's NAV is calculated and published daily (see Note 4).

Investment in local partnerships

The Partnership assessed the Carrying Value of its investment in local partnerships at least annually in the fourth quarter of its fiscal year or whenever there were indications that a permanent impairment may have occurred (see Note 1). If the Carrying Value of an investment in a Local Partnership exceeded the estimated value derived by management, the Partnership reduced its investment in any such Local Partnership (unless the impairment was considered to be temporary) and included such reduction in equity in income (loss) of investment in local partnerships. Impairment was measured by comparing the investment carrying amount to the estimated residual value of the investment. Although the investment in local partnerships is carried at zero as of March 30, 2016, Summerfield Apartments was able to negotiate a sale of its underlying Property and the Partnership was able to negotiate a sale of its Local Partnership Interests in Hurlock Meadow and Country View during the year ended March 30, 2017 (see Note 5).

9.	Going Concern Considerations

As of March 30, 2017, the Partnership's current liabilities exceed its liquid assets by approximately $2,234,000; such deficit is the result of accrued Management Fees and Administration Fees totaling approximately $3,102,000 (see Note 6). The General Partner and RAM have historically not required the payment of such fees on a current basis and have agreed to continue to defer receipt of such fees until such time as the Partnership has liquid assets available for payment. Management of the Partnership believes that such deferral will provide the Partnership with the ability to meet its other obligations as they come due for at least the twelve month period beginning on June 20, 2017.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed by Registrant in reports that Registrant files or submits under the Exchange Act is recorded, processed, summarized and timely reported as provided in SEC rules and forms. Registrant periodically reviews the design and effectiveness of its disclosure controls and procedures, including compliance with various laws and regulations that apply to its operations. Registrant makes modifications to improve the design and effectiveness of its disclosure controls and procedures, and may take other corrective action, if its reviews identify a need for such modifications or actions. In designing and evaluating the disclosure controls and procedures, Registrant recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Registrant has carried out an evaluation, under the supervision and the participation of its management, including the Chief Executive Officer and Chief Financial Officer of Richman Housing, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), as of the year ended March 30, ~~2016~~2017. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of Richman Housing concluded that Registrant's disclosure controls and procedures were effective as of March 30, ~~2016~~2017.

Management's Annual Report on Internal Control Over Financial Reporting

Registrant is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of its management, including the Chief Executive Officer and Chief Financial Officer of Richman Housing, Registrant conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework set forth in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 1992 and updated in 2013. Based on its evaluation, management has concluded that Registrant's internal control over financial reporting was effective as of March 30, ~~2016~~2017.

This Annual Report does not include an attestation report of Registrant's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by Registrant's independent registered public accounting firm pursuant to rules of the SEC that permit Registrant to provide only management's report in this Annual Report.

Changes in Internal Control Over Financial Reporting

There were no changes in Registrant's internal control over financial reporting during the three months ended March 30, ~~2016~~2017 that have materially affected, or are reasonably likely to materially affect, Registrant's internal control over financial reporting.

Item 9B. Other Information.

None.

3130

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Registrant has no officers or directors. The General Partner manages Registrant's affairs and has general responsibility and authority in all matters affecting its business. The responsibilities of the General Partner are currently carried out by Richman Housing. The executive officers and director of Richman Housing are:

	Served in present
Name	capacity since¹	Position held

Richard Paul Richman	September 21, 1989	Director
Brian Myers	June 19, 2015	President
James Hussey	January 20, 2009	Vice President and Treasurer
Gina K. Dodge	September 21, 1989	Vice President and Secretary
Charles L. Krafnick	February 1, 2001	Assistant Treasurer

¹Director holds office until his successor is elected and qualified. All officers serve at the pleasure of the Director.

Richard Paul Richman, age 6869, is the sole Director of Richman Housing. Mr. Richman is the Chairman and a stockholder of Richman Group. Mr. Richman is involved in the syndication, development and management of residential property. Mr. Richman is also the sole director of Richman ~~Tax Credits Inc., an affiliate of Richman Housing and the general partner of the general partner of~~ American ~~Tax~~ Credit ~~Properties II L.P. and the sole director of Richman American Credit~~ Corp., an affiliate of Richman Housing and the manager of American Tax Credit Trust, a Delaware statutory business trust.

Brian Myers, age 5253, is the President of Richman Housing and the President of Richman Asset Management, Inc. ("RAM"), an affiliate of Richman Housing. Mr. Myers has been employed by Richman Group or an affiliate since 1997 and is responsible for the overall partnership management operations of RAM in connection with Registrant's investment in the Local Partnerships.

James Hussey, age 5556, is a Vice President and the Treasurer of Richman Housing. Mr. Hussey, the Treasurer of Richman Group, is engaged primarily in the finance operations of Richman Group. Mr. Hussey, a Certified Public Accountant, has been employed by Richman Group or an affiliate since 2009. In addition, Mr. Hussey is a Vice President and the Treasurer of RAM, engaged primarily in the asset management and finance operations of RAM.

Gina K. Dodge, age 6061, is a Vice President and the Secretary of Richman Housing and is a Vice President and the Secretary of Richman Group. Ms. Dodge has been employed by Richman Group or an affiliate since 1988 and, as the Director of Investor Services, is responsible for communications with investors.

Charles L. Krafnick, age 5455, is an Assistant Treasurer of Richman Housing and is an Assistant Treasurer of Richman Group. Mr. Krafnick, a Certified Public Accountant, has been employed by Richman Group or an affiliate since 1994 and is engaged primarily in the finance operations of Richman Group. In addition, Mr. Krafnick is an Assistant Treasurer of RAM. Mr. Krafnick's responsibilities in connection with RAM include various finance and asset management functions.

Registrant is not aware of any family relationship between the director and executive officers listed in this Item 10.

Registrant is not aware of the involvement in certain legal proceedings with respect to the director and executive officers listed in this Item 10.

Mr. Richman, Mr. Hussey and Mr. Krafnick serve on a committee that performs the functions of an audit committee on behalf of Registrant (the "Audit Committee"). Each of Mr. Richman, Mr. Hussey and Mr. Krafnick meets the qualifications of an audit committee financial expert. Mr. Richman, Mr. Hussey and Mr. Krafnick are not independent under the NASDAQ Stock Market independence standards; however Registrant believes that each exercises his judgment in the best interest of Registrant with respect to matters that would ordinarily be passed upon by an audit committee.

The Board of Director of Richman Housing has adopted a code of ethics for senior financial officers of Registrant, applicable to Registrant's principal executive officer, principal financial officer and comptroller or principal accounting officer, or persons performing similar functions. Registrant will provide to any person without charge a copy of such code of ethics upon written request to the General Partner at 340 Pemberwick Road, Greenwich, Connecticut 06831, Attention: Secretary.

3231

Item 11. Executive Compensation.

Registrant has no officers or directors. Registrant does not pay or accrue any fees, salaries or other forms of compensation to the officers or director of Richman Housing and did not pay any such compensation during the years ended March 30, ~~2016~~2017 and ~~2015~~2016. During the years ended March 30, ~~2016~~2017 and ~~2015~~2016, Richman Housing did not pay any compensation to any of its officers or its director. The director and certain officers of Richman Housing receive compensation from certain affiliates of Richman Housing for services performed for various affiliated entities which may include services performed for Registrant.

Under the terms of the Partnership Agreement, Registrant has entered into certain arrangements with the General Partner and certain of its affiliates which provide for compensation to be paid to the General Partner and certain of its affiliates. See Notes 4 and 6 to the audited financial statements included in Item 8 - Financial Statements and Supplementary Data of this Annual Report.

Tabular information concerning salaries, bonuses and other types of compensation payable to executive officers has not been included in this Annual Report. As noted above, Registrant has no executive officers. The levels of compensation payable to the General Partner and/or its affiliates is limited by the terms of the Partnership Agreement and may not be increased therefrom on a discretionary basis.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

JJJ Fund, LLC and an affiliate thereof, having the mailing address 2 North Central Avenue, 15th Floor, Phoenix, Arizona 85004 are the owners of 2,788 Units, representing approximately 7.77% of all such Units. Prizm Investments and certain affiliates thereof, having the mailing address P.O. Box 47638, Phoenix, Arizona 85068 are the owners of 2,931 Units, representing approximately 8.17% of all such Units. As of June 86, ~~2016~~2017, no person or entity, other than the entities and affiliates identified above herein Item 12, was known by Registrant to be the beneficial owner of more than five percent of the Units.

Neither the General Partner, Richman Housing nor the director or any officer of Richman Housing own any Units. Richman Housing is wholly owned by Richard Paul Richman.

Item 13. Certain Relationships and Related Transactions and Director Independence.

Transactions With Related Persons

The General Partner and certain of its affiliates are entitled to receive certain fees and reimbursement of expenses and have received/earned fees for services provided to Registrant as described in Notes 4 and 6 to the audited financial statements included in Item 8 - Financial Statements and Supplementary Data herein. Such fees will continue to be incurred by Registrant during the fiscal year ending March 30, ~~2017~~2018.

Review, Approval or Ratification of Transactions With Related Parties

Pursuant to the terms of the Partnership Agreement, Registrant has specific rights and limitations in conducting business with the General Partner and affiliates. To date, Registrant has followed such provisions of the Partnership Agreement. Registrant's unwritten policies for transacting business with related parties are to first refer to the Partnership Agreement in connection with conducting such business or making payments and then, if circumstances arise for which a new related party transaction is contemplated, present the proposed transaction to certain officers of Richman Housing for review and approval. If any matter in connection with such transaction might be unclear under the terms of the Partnership Agreement, such matter is presented to general or outside counsel for review prior to any such transaction being entered into by Registrant.

Indebtedness of Management

No officer or director of Richman Housing or any affiliate of the foregoing was indebted to Registrant at any time during the years ended March 30, ~~2016~~2017 and ~~2015~~2016.

3332

Item 13. Certain Relationships and Related Transactions and Director Independence (Continued).

Corporate Governance

As discussed elsewhere in this Annual Report, Registrant does not have any directors, although as noted above Mr. Richman, Mr. Hussey and Mr. Krafnick serve on a committee that performs the functions of an audit committee on behalf of Registrant. Under NASDAQ Stock Market independence standards, Mr. Richman, Mr. Hussey and Mr. Krafnick would not be considered independent as they serve as director/officers of Richman Housing. Although Mr. Richman, Mr. Hussey and Mr. Krafnick are not independent under NASDAQ rules, Registrant believes that each exercises his judgment in the best interest of Registrant with respect to matters that would ordinarily be passed upon by an audit committee. Registrant is not a listed issuer whose securities are listed on a national securities exchange, or an inter-dealer quotation system which has requirements that a majority of the board of directors be independent, and Registrant is not required to have an audit committee which consists of independent directors and meets the other requirements of the Securities Exchange Act of 1934 and the rules promulgated thereunder.

Item 14. Principal Accountant Fees and Services.

Registrant's independent registered public accounting firm billed Registrant the following fees for professional services rendered in the years ended March 30, ~~2016~~2017 and ~~2015~~2016:

	2016		2015
	2017		2016
Audit Fees	$	28,000	$	28,000
Audit-Related Fees		--		--
Tax Fees	$	107,~~250~~750	$	1110,250
All Other Fees		--		--

Audit fees consist of fees for the annual audit and review of Registrant's interim financial statements and review of documents filed with the SEC. Tax fees generally represent fees for annual tax return preparation. There were no other accounting fees incurred by Registrant in fiscal ~~2016~~2017 and ~~2015~~2016.

The Audit Committee has adopted a set of pre-approval policies and procedures under which, pursuant to the requirements of the Sarbanes-Oxley Act of 2002, all audit and permitted non-audit services to be performed by the independent registered public accounting firm require pre-approval by the Audit Committee. The Audit Committee approved all fiscal ~~2016~~2017 and ~~2015~~2016 principal accountant fees and services.

3433

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a) Financial Statements, Financial Statement Schedules and Exhibits.

(1) Financial Statements.

See Item 8 - Financial Statements and Supplementary Data.

(2) Financial Statement Schedules.

(3) Exhibits.

		Incorporated by
	Exhibit	Reference to
4.1	Amended and Restated Agreement of Limited Partnership of Registrant	Exhibit A to Registrant's Prospectus filed February 15, 1990 (File No. 33-31390)

10.1	April Gardens Apartments II Limited Partnership (A Delaware Limited Partnership) Amended and Restated Agreement of Limited Partnership	Exhibit 10.1 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.2	Ashland Park Apartments, L.P. Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.2 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)

10.3	Auburn Family, L.P. Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.1 to Form 10-Q Report for the period ended December 30, 1991 (File No. 0-19217)

10.4	Amended No. 2 to the Batesville Family, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.2 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.5	Batesville Family, L.P. Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership	Exhibit 10.2 to Form 10-Q Report for the period ended December 30, 1991 (File No. 0-19217)

10.6	Bay Springs Elderly, L.P. (A Mississippi Limited Partnership) Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.1 to Form 10-Q Report for the period ended September 29, 1991 (File No. 0-19217)

10.7	Brisas del Mar Apartments Limited Partnership (A Delaware Limited Partnership) Amended and Restated Agreement of Limited Partnership	Exhibit 10.3 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.8	Amendment No. 1 to the Bruce Housing Associates, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.8 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.9	Amendment No. 2 to the Bruce Housing Associates, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.4 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.10	Bruce Housing Associates, L.P. Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership	Exhibit 10.3 to Form 10-Q Report for the period ended December 30, 1991 (File No. 0-19217)

	Exhibit	Incorporated by Reference to
10.11	Carrington Limited Dividend Housing Association Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.1 to Form 10-Q Report for the period ended September 29, 1990 (File No. 33-31390)

10.12	Carrington Limited Dividend Housing Association Limited Partnership Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.2 to Form 10-Q Report for the period ended September 29, 1990 (File No. 33-31390)

10.13	Carrington Limited Dividend Housing Association Limited Partnership Amendment No. 1 to the Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.5 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.14	Chestnut Park Associates, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.3 to Form 10-Q Report for the period ended September 29, 1990 (File No. 33-31390)

10.15	Chowan Senior Manor Associates Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.15 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.16	Christian Street Commons Associates Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.16 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.17	Country View Apartments Second Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.17 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.18	Desarrollos de Belen Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.18 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.19	Desarrollos de Emaus Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.19 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.20	Ellinwood Heights Apartments, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.1 to Form 10-Q Report for the period ended June 29, 1991 (File No. 0-19217)

10.21	Fulton Street Houses Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.21 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.22	Hayes Run Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.2 to Form 10-Q Report for the period ended June 29, 1991 (File No. 0-19217)

10.23	Howard L. Miller Sallisaw Apartments II, L.P. Third Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.10 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)

10.24	Hurlock Meadow Limited Partnership Amended and Restated Limited Partnership Agreement	Exhibit 10.24 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.25	Amendment No. 1 to the Ivy Family, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.6 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

		Incorporated by
	Exhibit	Reference to
10.11	Carrington Limited Dividend Housing Association Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.1 to Form 10-Q Report for the period ended September 29, 1990 (File No. 33-31390)
10.12	Carrington Limited Dividend Housing Association Limited Partnership Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.2 to Form 10-Q Report for the period ended September 29, 1990 (File No. 33-31390)
10.13	Carrington Limited Dividend Housing Association Limited Partnership Amendment No. 1 to the Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.5 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)
10.14	Chestnut Park Associates, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.3 to Form 10-Q Report for the period ended September 29, 1990 (File No. 33-31390)
10.15	Chowan Senior Manor Associates Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.15 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
10.16	Christian Street Commons Associates Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.16 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
10.17	Country View Apartments Second Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.17 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
10.18	Desarrollos de Belen Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.18 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
10.19	Desarrollos de Emaus Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.19 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
10.20	Ellinwood Heights Apartments, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.1 to Form 10-Q Report for the period ended June 29, 1991 (File No. 0-19217)
10.21	Fulton Street Houses Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.21 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
10.22	Hayes Run Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.2 to Form 10-Q Report for the period ended June 29, 1991 (File No. 0-19217)
10.23	Howard L. Miller Sallisaw Apartments II, L.P. Third Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.10 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)
10.24	Hurlock Meadow Limited Partnership Amended and Restated Limited Partnership Agreement	Exhibit 10.24 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
10.25	Amendment No. 1 to the Ivy Family, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.6 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

		Incorporated by
	Exhibit	Reference to
10.26	Ivy Family, L.P. Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership	Exhibit 10.4 to Form 10-Q Report for the period ended December 30, 1991 (File No. 0-19217)

10.27	Justin Associates Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.7 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.28	LaBelle Commons, Ltd. Amended and Restated Agreement of Limited Partnership	Exhibit 10.13 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)

10.29	LaBelle Commons, Ltd. Amendment No. 1 to Amended and Restated Agreement of Limited Partnership	Exhibit 10.29 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.30	Amendment No. 2 to the Lawrence Road Properties, Ltd. Amended and Restated Agreement of Limited Partnership	Exhibit 10.8 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.31	Lawrence Road Properties, Ltd. Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership	Exhibit 10.5 to Form 10-Q Report for the period ended December 30, 1991 (File No. 0-19217)

10.32	Loma Del Norte Limited Partnership Amended and Restated Limited Partnership Agreement	Exhibit 10.2 to Form 10-Q Report for the period ended September 29, 1991 (File No. 0-19217)

10.33	Long Reach Associates Limited Partnership Sixth Amended and Restated Agreement of Limited Partnership	Exhibit 10.15 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)

10.34	Mirador del Toa Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.16 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)

10.35	Amendment No. 1 to the Mirador del Toa Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.17 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)

10.36	Moore Haven Commons, Ltd. Amended and Restated Agreement of Limited Partnership	Exhibit 10.9 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.37	NP-89 Limited Dividend Housing Association Limited Partnership Second Restated and Amended Agreement of Limited Partnership	Exhibit 10.3 to Form 10-Q Report for the period ended June 29, 1991 (File No. 0-19217)

10.38	Nash Hill Associates, Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.37 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.39	North Calhoun City, L.P. (A Mississippi Limited Partnership) Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.3 to Form 10-Q Report for the period ended September 29, 1991 (File No. 0-19217)

10.40	Orange City Plaza, Limited Partnership Amended and Restated Partnership Agreement	Exhibit 10.40 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

3736

		Incorporated by
	Exhibit	Reference to
10.41	Puerta del Mar Limited Partnership (A Delaware Limited Partnership) Amended and Restated Agreement of Limited Partnership	Exhibit 10.10 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.42	Amendment No. 2 to the Purvis Heights Properties, L.P. Amended and Restated Agreement of Limited Partnership	Exhibit 10.11 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.43	Purvis Heights Properties, L.P. Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership	Exhibit 10.6 to Form 10-Q Report for the period ended December 30, 1991 (File No. 0-19217)

10.44	Queen Lane Investors Amendment No. 1 to Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.12 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.45	Somerset Manor, Ltd. Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.13 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.46	Sugar Cane Villas, Ltd. Amended and Restated Agreement of Limited Partnership	Exhibit 10.23 to Form 10-K Report for the year ended March 30, 1991 (File No. 33-31390)

10.47	Summerfield Apartments Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.47 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

10.48	Amendment No.1 to the Summerfield Apartments Limited Partnership Amended and Restated Agreement of Limited Partnership	Exhibit 10.48 to Form 10-K Report for the year ended March 30, 1999 (File No. 0-19217)

10.49	Sydney Engel Associates Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.4 to Form 10-Q Report for the period ended September 29, 1990 (File No. 33-31390)

10.50	First Amendment to Second Amended and Restated Agreement of Limited Partnership of Sydney Engel Associates	Exhibit 10.49 to Form 10-K Report for the year ended March 30, 1997 (File No. 0-19217)

10.51	Second Amendment to Second Amended and Restated Agreement of Limited Partnership of Sydney Engel Associates L.P.	Exhibit 10.50 to Form 10-K Report for the year ended March 30, 1997 (File No. 0-19217)

10.52	Third Amendment to Second Amended and Restated Agreement of Limited Partnership of Sydney Engel Associates L.P.	Exhibit 10.51 to Form 10-K Report for the year ended March 30, 1997 (File No. 0-19217)

10.53	Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of Sydney Engel Associates L.P.	Exhibit 10.52 to Form 10-K Report for the year ended March 30, 1997 (File No. 0-19217)

10.54	Union Valley Associates Limited Partnership Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.14 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.55	Walnut Grove Family, L.P. (A Mississippi Limited Partnership) Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.4 to Form 10-Q Report for the period ended September 29, 1991 (File No. 0-19217)

		Incorporated by
	Exhibit	Reference to
10.56	Waynesboro Apartments Limited Partnership Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.15 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)

10.57	West Calhoun City, L.P. (A Mississippi Limited Partnership) Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.5 to Form 10-Q Report for the period ended September 29, 1991 (File No. 0-19217)

10.58	Westminster Apartments Limited Partnership Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.53 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)

*31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

*31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

*32.1	Section 1350 Certification of Chief Executive Officer

*32.2	Section 1350 Certification of Chief Financial Officer

99.1	Pages 20 through 31 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.1 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.2	Pages 44 through 71 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.2 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.3	Pages 78 through 80 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.3 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.4	Pages 14 through 19 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.4 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.5	Supplement No. 1 dated June 6, 1990 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.5 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.6	Supplement No. 2 dated November 21, 1990 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.6 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.7	Supplement No. 3 dated December 20, 1990 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.7 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.8	Supplement No. 4 dated October 30, 1991 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.8 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

		Incorporated by
	Exhibit	Reference to
10.56	Waynesboro Apartments Limited Partnership Amended and Restated Agreement and Certificate of Limited Partnership	Exhibit 10.15 to Form 10-Q Report for the period ended December 30, 1990 (File No. 33-31390)
10.57	West Calhoun City, L.P. (A Mississippi Limited Partnership) Amended and Restated Limited Partnership Agreement and Certificate of Limited Partnership	Exhibit 10.5 to Form 10-Q Report for the period ended September 29, 1991 (File No. 0-19217)
10.58	Westminster Apartments Limited Partnership Second Amended and Restated Agreement of Limited Partnership	Exhibit 10.53 to Form 10-K Report for the year ended March 30, 1992 (File No. 33-31390)
16.1	Letter to the Securities and Exchange Commission from Reznick Group, P.C., dated November 9, 2012	Exhibit 16.1 to Current Report on Form 8-K filed on November 9, 2012
16.2	Letter to the Securities and Exchange Commission from CohnReznick LLP, dated July 24, 2013	Exhibit 16.1 to Current Report on Form 8-K filed on July 24, 2013
*31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
*31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
*32.1	Section 1350 Certification of Chief Executive Officer
*32.2	Section 1350 Certification of Chief Financial Officer
99.1	Pages 20 through 31 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.1 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)
99.2	Pages 44 through 71 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.2 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)
99.3	Pages 78 through 80 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.3 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)
99.4	Pages 14 through 19 of Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.4 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)
99.5	Supplement No. 1 dated June 6, 1990 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.5 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)
99.6	Supplement No. 2 dated November 21, 1990 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.6 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)
99.7	Supplement No. 3 dated December 20, 1990 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.7 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)
99.8	Supplement No. 4 dated October 30, 1991 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.8 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

		Incorporated by
	Exhibit	Reference to
99.9	Supplement No. 5 dated December 26, 1991 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.9 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.10	Supplement No. 6 dated January 15, 1992 to Prospectus dated February 7, 1990 filed pursuant to Rule 424(b)(3) under Securities Act of 1933	Exhibit 99.10 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.11	Report of Independent Registered Public Accounting Firm of Carrington L.D.H.A. Limited Partnership as of and for the year ended December 31, 2004	Exhibit 99.9 to Form 10-K Report for the year ended March 30, 2005 (File No. 0-19217)

99.12	Independent Auditor's Report of Ellinwood Heights Apartments, L.P. as of and for the years ended December 31, 2004 and 2003	Exhibit 99.10 to Form 10-K Report for the year ended March 30, 2005 (File No. 0-19217)

99.13	Independent Auditors' Report of NP-89 Limited Dividend Housing Association Limited Partnership as of and for the year ended December 31, 2004	Exhibit 99.11 to Form 10-K Report for the year ended March 30, 2005 (File No. 0-19217)

99.14	Audited Financial Statements of NP-89 Limited Dividend Housing Association Limited Partnership as of and for the year ended December 31, 2005	Exhibit 99.12 to Form 10-K Report for the year ended March 30, 2006 (File No. 0-19217)

99.15	Report of Independent Registered Public Accounting Firm of NP-89 Limited Dividend Housing Association Limited Partnership as of and for the year ended December 31, 2005	Exhibit 99.13 to Form 10-K Report for the year ended March 30, 2006 (File No. 0-19217)

99.16	Audited Financial Statements of NP-89 Limited Dividend Housing Association Limited Partnership as of and for the year ended December 31, 2006	Exhibit 99.14 to Form 10-K Report for the year ended March 30, 2007 (File No. 0-19217)

99.17	Report of Independent Registered Public Accounting Firm of NP-89 Limited Dividend Housing Association Limited Partnership as of and for the year ended December 31, 2007	Exhibit 99.15 to Form 10-K Report for the year ended March 30, 2008 (File No. 0-19217)

99.18	Deferred Fee Agreement between Registrant, the General Partner and ML Fund Administrators Inc.	Exhibit 99.18 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.19	Report of Independent Registered Public Accounting Firm of NP-89 Limited Dividend Housing Association Limited Partnership as of and for the year ended December 31, 2008	Exhibit 99.19 to Form 10-K Report for the year ended March 30, 2009 (File No. 0-19217)

99.20	Report of Independent Registered Public Accounting Firm of NP-89 Limited Dividend Housing Association Limited Partnership as of and for the year ended December 31, 2009	Exhibit 99.20 to Form 10-K Report for the year ended March 30, 2010 (File No. 0-19217)

**101 INS	XBRL Instance Document

**101 SCH	XBRL Schema Document

4039

		Incorporated by
	Exhibit	Reference to
**101 CAL	XBRL Calculation Linkbase Document
**101 DEF	XBRL Definition Linkbase Document
**101 LAB	XBRL Labels Linkbase Document
**101 PRE	XBRL Presentation Linkbase Document
**101	Financial Statements from the Annual Report on Form 10-K of the Registrant for the year ended March 30, ~~2016~~2017, formatted in Extensible Business Reporting Language ("XBRL"); (i) Balance Sheets as of March 30, ~~2016~~2017 and ~~2015~~2016; (ii) Statements of Operations and Comprehensive Income (Loss) for the years ended March 30, ~~2016~~2017 and ~~2015~~2016; (iii) Statements of Changes in Partners' Equity (Deficit) for the years ended March 30, ~~2016~~2017 and ~~2015~~2016; and (iv) Statements of Cash Flows for the years ended March 30, ~~2016~~2017 and ~~2015~~2016

*Filed herewith.

**Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Annual Report on Form 10-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act, except as shall be expressly set forth by specific reference in such filing or document.

(b) Exhibits.

See (a)(3) above.

See (a)(2) above.

41Item 16. Form 10-K Summary.

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	AMERICAN TAX CREDIT PROPERTIES III L.P.
	(a Delaware limited partnership)
	By: Richman Tax Credit Properties III L.P.,
	General Partner
	By: Richman Housing Credits Inc.,
	general partner
Dated: June 20, 2016	/s/Brian Myers
Dated: June 20, 2017	/s/Brian Myers
	Brian Myers
	Chief Executive Officer
Dated: June 20, 2016	/s/James Hussey
Dated: June 20, 2017	/s/James Hussey
	James Hussey
	Chief Financial Officer

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 Registrant in the capacities and on the dates indicated.

Signature	Title	Date
/s/Brian Myers	Chief Executive Officer of the general	June 20, ~~2016~~2017
(Brian Myers)	partner of the General Partner
/s/James Hussey	Chief Financial Officer of the general	June 20, ~~2016~~2017
(James Hussey)	partner of the General Partner
/s/Richard Paul Richman	Sole Director of the general partner of	June 20, ~~2016~~2017
(Richard Paul Richman)	the General Partner

4241

Filing Compare · AMERICAN TAX CREDIT PROPERTIES III LP