BOSTON CAPITAL TAX CREDIT FUND III L P - FORM 10-Q

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EX-31 - BCTC III CERTIFICATION 302 - BOSTON CAPITAL TAX CREDIT FUND III L P	b30915cert302jpm.htm
EX-32 - BCTC III CERTIFICATION 906 - BOSTON CAPITAL TAX CREDIT FUND III L P	b30915cert906jpm.htm
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EX-32 - BCTC III CERTIFICATION 906 - BOSTON CAPITAL TAX CREDIT FUND III L P	b30915cert906mnt.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2015

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

For the transition period from _______ to _______

Commission file number 0-21718

BOSTON CAPITAL TAX CREDIT FUND III L.P.
(Exact name of registrant as specified in its charter)

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

One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

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

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

Yes ý

No o

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

Yes ý

No 

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

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company ý

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

Yes o

No ý

BOSTON CAPITAL TAX CREDIT FUND III L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2015

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	3-8
		Condensed Statements of Operations	9-20
		Condensed Statements of Changes in Partners' Capital (Deficit)	21-24
		Condensed Statements of Cash Flows	25-30
		Notes to Condensed Financial Statements	31-42

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		43-60

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		60

	Item 4. Controls and Procedures		60

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		61

	Item 1A. Risk Factors		61

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		61

	Item 3. Defaults Upon Senior Securities		61

	Item 4. Mine Safety Disclosures		61

	Item 5. Other Information		61

	Item 6. Exhibits		61

	Signatures		62

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		September 30, 2015	March 31, 2015
ASSETS

Cash and cash equivalents		$ 8,372,695	$ 2,523,234
Other assets		-	357,489
		$ 8,372,695	$ 2,880,723

LIABILITIES

Accounts payable & accrued expenses		$ 40,984	$ 28,234
Accounts payable affiliates (Note C)		16,235,767	16,781,463
Capital contributions payable (Note D)		76,455	76,455
		16,353,206	16,886,152

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 21,996,102 issued and 21,936,787 outstanding as of September 30, 2015 and March 31, 2015	(6,090,057)		(12,054,726)
General Partner		(1,890,454)	(1,950,703)
		(7,980,511)	(14,005,429)
		$ 8,372,695	$ 2,880,723

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 15

	September 30, 2015		March 31, 2015
ASSETS

Cash and cash equivalents	$ 523,919		$ 414,859
Other assets	-		-
	$ 523,919		$ 414,859

LIABILITIES

Accounts payable & accrued expenses	$ 11,996		$ 6,246
Accounts payable affiliates (Note C)	3,449,992		3,695,825
Capital contributions payable (Note D)	-		-
	3,461,988		3,702,071

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,870,500 issued and 3,858,400 outstanding as of September 30, 2015 and March 31,2015		(2,586,499)	(2,932,151)
General Partner	(351,570)		(355,061)
	(2,938,069)		(3,287,212)
	$ 523,919		$ 414,859

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 16

	September 30, 2015	March 31, 2015
ASSETS

Cash and cash equivalents	$ 359,929	$ 221,108
Other assets	-	-
	$ 359,929	$ 221,108

LIABILITIES

Accounts payable & accrued expenses	$ 11,488	$ 4,488
Accounts payable affiliates (Note C)	8,044,243	8,036,400
Capital contributions payable (Note D)	50,008	50,008
	8,105,739	8,090,896

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,429,402 issued and 5,411,800 outstanding as of September 30, 2015 and March 31, 2015	(7,201,744)	(7,324,482)
General Partner	(544,066)	(545,306)

	(7,745,810)	(7,869,788)
	$ 359,929	$ 221,108

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 17

	September 30, 2015	March 31, 2015
ASSETS

Cash and cash equivalents	$ 5,807,762	$ 197,779
Other assets	-	2,200
	$ 5,807,762	$ 199,979

LIABILITIES

Accounts payable & accrued expenses	$ 10,000	$ 10,000
Accounts payable affiliates (Note C)	635,362	685,587
Capital contributions payable (Note D)	7,893	7,893
	653,255	703,480

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,000,000 issued and 4,980,687 outstanding as of September 30, 2015 and March 31, 2015	5,519,911	(81,517)
General Partner	(365,404)	(421,984)
	5,154,507	(503,501)
	$ 5,807,762	$ 199,979

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 18

	September 30, 2015	March 31, 2015
ASSETS

Cash and cash equivalents	$ 339,918	$ 306,518
Other assets	-	355,289
	$ 339,918	$ 661,807

LIABILITIES

Accounts payable & accrued expenses	$ -	$ -
Accounts payable affiliates (Note C)	4,106,170	4,363,651
Capital contributions payable (Note D)	18,554	18,554
	4,124,724	4,382,205

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,616,200 issued and 3,612,200 outstanding as of September 30, 2015 and March 31, 2015	(3,436,730)	(3,372,966)
General Partner	(348,076)	(347,432)
	(3,784,806)	(3,720,398)
	$ 339,918	$ 661,807

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 19

	September 30, 2015	March 31, 2015
ASSETS

Cash and cash equivalents	$ 1,341,167	$ 1,382,970
Other assets	-	-
	$ 1,341,167	$ 1,382,970

LIABILITIES

Accounts payable & accrued expenses	$ 7,500	$ 7,500
Accounts payable affiliates (Note C)	-	-
Capital contributions payable (Note D)	-	-
	7,500	7,500

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 4,080,000 issued and 4,073,700 outstanding as of September 30, 2015 and March 31, 2015	1,615,005	1,656,390
General Partner	(281,338)	(280,920)
	1,333,667	1,375,470
	$ 1,341,167	$ 1,382,970

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

	2015	2014

Income
Interest income	$ 2,565	$ 992
Other income	4,504	3,052
	7,069	4,044

Share of Income from Operating Partnerships(Note D)	434,761	7,000

Expenses
Professional fees	102,247	104,779
Fund management fee, net (Note C)	99,876	176,208
General and administrative expenses	29,574	23,083
	231,697	304,070

NET INCOME (LOSS)	$ 210,133	$ (293,026)

Net income (loss) allocated to limited assignees	$ 208,032	$ (290,095)

Net income (loss) allocated to general partner	$ 2,101	$ (2,931)

Net income (loss) per BAC	$ .01	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 15

	2015	2014

Income
Interest income	$ 252	$ 190
Other income	321	321
	573	511

Share of Income from Operating Partnerships(Note D)	9,322	-

Expenses
Professional fees	23,168	20,677
Fund management fee, net (Note C)	6,527	20,547
General and administrative expenses	5,561	4,375
	35,256	45,599

NET INCOME (LOSS)	$ (25,361)	$ (45,088)

Net income (loss) allocated to limited assignees	$ (25,107)	$ (44,637)

Net income (loss) allocated to general partner	$ (254)	$ (451)

Net income (loss) per BAC	$ (.01)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 16

	2015	2014

Income
Interest income	$ 136	$ 107
Other income	-	-
	136	107

Share of Income from Operating Partnerships(Note D)	243,000	7,000

Expenses
Professional fees	26,161	25,134
Fund management fee, net (Note C)	37,720	50,064
General and administrative expenses	6,775	5,473
	70,656	80,671

NET INCOME (LOSS)	$ 172,480	$ (73,564)

Net income (loss) allocated to limited assignees	$ 170,755	$ (72,828)

Net income (loss) allocated to general partner	$ 1,725	$ (736)

Net income (loss) per BAC	$ .03	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 17

	2015	2014

Income
Interest income	$ 1,518	$ 243
Other income	4,183	2,731
	5,701	2,974

Share of Income from Operating Partnerships(Note D)	167,145	-

Expenses
Professional fees	19,173	25,774
Fund management fee, net (Note C)	23,632	45,086
General and administrative expenses	6,406	4,710
	49,211	75,570

NET INCOME (LOSS)	$ 123,635	$ (72,596)

Net income (loss) allocated to limited assignees	$ 122,399	$ (71,870)

Net income (loss) allocated to general partner	$ 1,236	$ (726)

Net income (loss) per BAC	$ .02	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 18

	2015	2014

Income
Interest income	$ 152	$ 89
Other income	-	-
	152	89

Share of Income from Operating Partnerships(Note D)	15,294	-

Expenses
Professional fees	20,228	18,809
Fund management fee, net (Note C)	23,204	44,893
General and administrative expenses	5,109	3,978
	48,541	67,680

NET INCOME (LOSS)	$ (33,095)	$ (67,591)

Net income (loss) allocated to limited assignees	$ (32,764)	$ (66,915)

Net income (loss) allocated to general partner	$ (331)	$ (676)

Net income (loss) per BAC	$ (.01)	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 19

	2015	2014

Income
Interest income	$ 507	$ 363
Other income	-	-
	507	363

Share of Income from Operating Partnerships(Note D)	-	-

Expenses
Professional fees	13,517	14,385
Fund management fee, net (Note C)	8,793	15,618
General and administrative expenses	5,723	4,547
	28,033	34,550

NET INCOME (LOSS)	$ (27,526)	$ (34,187)

Net income (loss) allocated to limited assignees	$ (27,251)	$ (33,845)

Net income (loss) allocated to general partner	$ (275)	$ (342)

Net income (loss) per BAC	$ (.01)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

	2015	2014

Income
Interest income	$ 3,842	$ 1,966
Other income	21,125	5,145
	24,967	7,111

Share of Income from Operating Partnerships(Note D)	6,285,489	389,700

Expenses
Professional fees	128,887	132,679
Fund management fee, net (Note C)	109,688	321,205
General and administrative expenses	46,963	42,060
	285,538	495,944

NET INCOME (LOSS)	$ 6,024,918	$ (99,133)

Net income (loss) allocated to limited assignees	$ 5,964,669	$ (98,142)

Net income (loss) allocated to general partner	$ 60,249	$ (991)

Net income (loss) per BAC	$ .27	$ (.00)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 15

	2015	2014

Income
Interest income	$ 437	$ 320
Other income	321	321
	758	641

Share of Income from Operating Partnerships(Note D)	335,091	382,700

Expenses
Professional fees	29,288	26,697
Fund management fee, net (Note C)	(51,509)	18,243
General and administrative expenses	8,927	7,889
	(13,294)	52,829

NET INCOME (LOSS)	$ 349,143	$ 330,512

Net income (loss) allocated to limited assignees	$ 345,652	$ 327,207

Net income (loss) allocated to general partner	$ 3,491	$ 3,305

Net income (loss) per BAC	$ .09	$ .08

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 16

	2015	2014

Income
Interest income	$ 257	$ 218
Other income	401	661
	658	879

Share of Income from Operating Partnerships(Note D)	243,000	7,000

Expenses
Professional fees	32,941	32,104
Fund management fee, net (Note C)	76,010	97,744
General and administrative expenses	10,729	9,737
	119,680	139,585

NET INCOME (LOSS)	$ 123,978	$ (131,706)

Net income (loss) allocated to limited assignees	$ 122,738	$ (130,389)

Net income (loss) allocated to general partner	$ 1,240	$ (1,317)

Net income (loss) per BAC	$ .02	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 17

	2015	2014

Income
Interest income	$ 1,832	$ 509
Other income	20,320	4,080
	22,152	4,589

Share of Income from Operating Partnerships(Note D)	5,692,104	-

Expenses
Professional fees	24,303	31,794
Fund management fee, net (Note C)	21,943	88,725
General and administrative expenses	10,002	8,586
	56,248	129,105

NET INCOME (LOSS)	$ 5,658,008	$ (124,516)

Net income (loss) allocated to limited assignees	$ 5,601,428	$ (123,271)

Net income (loss) allocated to general partner	$ 56,580	$ (1,245)

Net income (loss) per BAC	$ 1.12	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 18

	2015	2014

Income
Interest income	$ 309	$ 184
Other income	-	-
	309	184

Share of Income from Operating Partnerships(Note D)	15,294	-

Expenses
Professional fees	25,358	24,199
Fund management fee, net (Note C)	46,408	86,007
General and administrative expenses	8,245	7,196
	80,011	117,402

NET INCOME (LOSS)	$ (64,408)	$ (117,218)

Net income (loss) allocated to limited assignees	$ (63,764)	$ (116,046)

Net income (loss) allocated to general partner	$ (644)	$ (1,172)

Net income (loss) per BAC	$ (.02)	$ (.03)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 19

	2015	2014

Income
Interest income	$ 1,007	$ 735
Other income	83	83
	1,090	818

Share of Income from Operating Partnerships(Note D)	-	-

Expenses
Professional fees	16,997	17,885
Fund management fee, net (Note C)	16,836	30,486
General and administrative expenses	9,060	8,652
	42,893	57,023

NET INCOME (LOSS)	$ (41,803)	$ (56,205)

Net income (loss) allocated to limited assignees	$ (41,385)	$ (55,643)

Net income (loss) allocated to general partner	$ (418)	$ (562)

Net income (loss) per BAC	$ (.01)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015

(Unaudited)

	Assignees	General Partner	Total

Partners' capital (deficit) April 1, 2015	$(12,054,726)	$ (1,950,703)	$(14,005,429)

Net income (loss)	5,964,669	60,249	6,024,918

Partners' capital (deficit), September 30, 2015	$ (6,090,057)	$ (1,890,454)	$ (7,980,511)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015

(Unaudited)

	Assignees	General Partner	Total
Series 15
Partners' capital (deficit) April 1, 2015	$ (2,932,151)	$ (355,061)	$ (3,287,212)

Net income (loss)	345,652	3,491	349,143

Partners' capital (deficit), September 30, 2015	$ (2,586,499)	$ (351,570)	$ (2,938,069)


Series 16
Partners' capital (deficit) April 1, 2015	$ (7,324,482)	$ (545,306)	$ (7,869,788)

Net income (loss)	122,738	1,240	123,978

Partners' capital (deficit), September 30, 2015	$ (7,201,744)	$ (544,066)	$ (7,745,810)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015

(Unaudited)

	Assignees	General Partner	Total
Series 17
Partners' capital (deficit) April 1, 2015	$ (81,517)	$ (421,984)	$ (503,501)

Net income (loss)	5,601,428	56,580	5,658,008

Partners' capital (deficit), September 30, 2015	$ 5,519,911	$ (365,404)	$ 5,154,507


Series 18
Partners' capital (deficit) April 1, 2015	$ (3,372,966)	$ (347,432)	$ (3,720,398)

Net income (loss)	(63,764)	(644)	(64,408)

Partners' capital (deficit), September 30, 2015	$ (3,436,730)	$ (348,076)	$ (3,784,806)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015

(Unaudited)

	Assignees	General Partner	Total
Series 19
Partners' capital (deficit) April 1, 2015	$ 1,656,390	$ (280,920)	$ 1,375,470

Net income (loss)	(41,385)	(418)	(41,803)

Partners' capital (deficit), September 30, 2015	$ 1,615,005	$ (281,338)	$ 1,333,667

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

	2015	2014
Cash flows from operating activities:

Net Income (Loss)	$ 6,024,918	$ (99,133)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships	(6,285,489)	(389,700)
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	12,750	14,000
Decrease in other assets	2,200	-
(Decrease) Increase in accounts payable affiliates	(545,696)	(736,864)

Net cash (used in) provided by operating activities	(791,317)	(1,211,697)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships	6,640,778	389,700

Net cash provided by investing activities	6,640,778	389,700

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	5,849,461	(821,997)

Cash and cash equivalents, beginning	2,523,234	2,294,311

Cash and cash equivalents, ending	$ 8,372,695	$ 1,472,314

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 15

	2015	2014
Cash flows from operating activities:

Net Income (Loss)	$ 349,143	$ 330,512
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships	(335,091)	(382,700)
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	5,750	11,000
Decrease in other assets	-	-
(Decrease) Increase in accounts payable affiliates	(245,833)	(347,535)

Net cash (used in) provided by operating activities	(226,031)	(388,723)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships	335,091	382,700

Net cash provided by investing activities	335,091	382,700


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	109,060	(6,023)

Cash and cash equivalents, beginning	414,859	161,422

Cash and cash equivalents, ending	$ 523,919	$ 155,399

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 16

		2015		2014
Cash flows from operating activities:

Net Income (Loss)		$ 123,978		$ (131,706)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(243,000)		(7,000)
Changes in assets and liabilities
Increase in accounts payable and accrued expenses		7,000		3,000
Decrease in other assets		-		-
(Decrease) Increase in accounts payable affiliates		7,843		106,627

Net cash (used in) provided by operating activities		(104,179)		(29,079)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		243,000		7,000

Net cash provided by investing activities		243,000		7,000


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	138,821		(22,079)

Cash and cash equivalents, beginning	221,108		176,922

Cash and cash equivalents, ending	$ 359,929		$ 154,843

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 17

		2015		2014
Cash flows from operating activities:

Net Income (Loss)		$ 5,658,008		$ (124,516)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		(5,692,104)		-
Changes in assets and liabilities
Increase in accounts payable and accrued expenses		-		-
Decrease in other assets		2,200		-
(Decrease) Increase in accounts payable affiliates		(50,225)		(512,708)

Net cash (used in) provided by operating activities		(82,121)		(637,224)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		5,692,104		-

Net cash provided by investing activities		5,692,104		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	5,609,983		(637,224)

Cash and cash equivalents, beginning	197,779		799,176

Cash and cash equivalents, ending	$ 5,807,762		$ 161,952

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 18

	2015	2014
Cash flows from operating activities:

Net Income (Loss)	$ (64,408)	$ (117,218)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships	(15,294)	-
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	-	-
Decrease in other assets	-	-
(Decrease) Increase in accounts payable affiliates	(257,481)	16,752

Net cash (used in) provided by operating activities	(337,183)	(100,466)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships	370,583	-

Net cash provided by investing activities	370,583	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	33,400	(100,466)

Cash and cash equivalents, beginning	306,518	355,319

Cash and cash equivalents, ending	$ 339,918	$ 254,853

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 19

		2015		2014
Cash flows from operating activities:

Net Income (Loss)		$ (41,803)		$ (56,205)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of Income from Operating Partnerships		-		-
Changes in assets and liabilities
Increase in accounts payable and accrued expenses		-		-
Decrease in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-

Net cash (used in) provided by operating activities		(41,803)		(56,205)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-

Net cash provided by investing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(41,803)		(56,205)

Cash and cash equivalents, beginning	1,382,970		801,472

Cash and cash equivalents, ending	$ 1,341,167		$ 745,267

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2015

(Unaudited)

NOTE A - ORGANIZATION

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

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively. The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of September 30, 2015, 3,858,400 BACs in Series 15, 5,411,800 BACs in Series 16, 4,980,687 BACs in Series 17, 3,612,200 BACs in Series 18, and 4,073,700 BACs in Series 19, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of September 30, 2015 and for the three and six months then ended have been prepared by the Fund, without audit. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2015.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

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

An annual fund management fee, based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the three months ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 15	$ 13,511	$ 25,047
Series 16	44,070	56,814
Series 17	26,532	46,986
Series 18	23,904	45,876
Series 19	8,793	15,618
	$116,810	$190,341

The fund management fees paid for the three months ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 15	$ 278,475	$ 403,446
Series 16	82,001	7,000
Series 17	26,532	606,680
Series 18	305,289	75,000
Series 19	8,793	15,618
	$ 701,090	$1,107,744

The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 15	$ 278,475	$ 403,446
Series 16	82,001	7,000
Series 17	113,915	606,680
Series 18	305,289	75,000
Series 19	17,586	31,236
	$ 797,266	$1,123,362

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2015 and 2014, the Fund had limited partnership interests in 62 and 90 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 2015 and 2014 is as follows:

	2015	2014
Series 15	15	21
Series 16	20	27
Series 17	9	17
Series 18	12	17
Series 19	6	8
	62	90

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2015 and 2014 are as follows:

	2015	2014
Series 15	$ -	$ -
Series 16	50,008	50,008
Series 17	7,893	16,712
Series 18	18,554	18,554
Series 19	-	-
	$ 76,455	$ 85,274

During the six months ended September 30, 2015 the Fund disposed of eight Operating Partnerships and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition*		Gain on Disposition

Series 15	2	1	$	335,091	$	335,091
Series 16	1	-		243,000		243,000
Series 17	3	1		5,692,104		5,692,104
Series 18	-	-		370,583		15,294
Series 19	-	-		-		-

Total	6	2	$	6,640,778	$	6,285,489

* Fund proceeds from disposition include $355,289 which was receivable as of March 31, 2015 for Series 18.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

During the six months ended September 30, 2014 the Fund disposed of five Operating Partnerships. A summary of the dispositions by Series for September 30, 2014 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition

Series 15	2	1	$	382,700	$	382,700
Series 16	1	-		7,000		7,000
Series 17	-	-		-		-
Series 18	-	1		-		-
Series 19	-	-		-		-

Total	3	2	$	389,700	$	389,700

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

The Fund's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnerships quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2015.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

	2015	2014

Revenues
Rental	$ 6,316,814	$ 9,771,747
Interest and other	131,891	254,293

	6,448,705	10,026,040

Expenses
Interest	784,026	1,407,198
Depreciation and amortization	1,657,094	2,479,802
Operating expenses	4,750,149	7,346,657
	7,191,269	11,233,657

NET LOSS	$ (742,564)	$(1,207,617)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (735,137)	$(1,195,540)


Net loss allocated to other Partners	$ (7,427)	$ (12,077)

* Amounts include $735,137 and $1,195,540 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 15

	2015	2014

Revenues
Rental	$ 1,349,023	$ 1,885,791
Interest and other	30,803	43,338

	1,379,826	1,929,129

Expenses
Interest	182,807	256,349
Depreciation and amortization	339,402	463,641
Operating expenses	1,038,780	1,399,075
	1,560,989	2,119,065

NET LOSS	$ (181,163)	$ (189,936)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (179,351)	$ (188,037)


Net loss allocated to other Partners	$ (1,812)	$ (1,899)

* Amounts include $179,351 and $188,037 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 16

	2015	2014

Revenues
Rental	$ 2,336,187	$ 2,698,071
Interest and other	39,794	40,696

	2,375,981	2,738,767

Expenses
Interest	295,892	387,201
Depreciation and amortization	598,462	714,910
Operating expenses	1,631,545	2,080,845
	2,525,899	3,182,956

NET LOSS	$ (149,918)	$ (444,189)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (148,419)	$ (439,747)


Net loss allocated to other Partners	$ (1,499)	$ (4,442)

* Amounts include $148,419 and $439,747 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 17

	2015	2014

Revenues
Rental	$ 1,221,132	$ 2,739,094
Interest and other	21,168	61,518

	1,242,300	2,800,612

Expenses
Interest	145,301	386,102
Depreciation and amortization	362,917	633,431
Operating expenses	915,707	1,967,839
	1,423,925	2,987,372

NET LOSS	$ (181,625)	$ (186,760)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (179,808)	$ (184,891)


Net loss allocated to other Partners	$ (1,817)	$ (1,869)

* Amounts include $179,808 and $184,891 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 18

	2015	2014

Revenues
Rental	$ 1,040,147	$ 1,776,686
Interest and other	30,360	63,653

	1,070,507	1,840,339

Expenses
Interest	110,648	239,811
Depreciation and amortization	284,019	492,395
Operating expenses	840,923	1,360,748
	1,235,590	2,092,954

NET LOSS	$ (165,083)	$ (252,615)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (163,432)	$ (250,089)


Net loss allocated to other Partners	$ (1,651)	$ (2,526)

* Amounts include $163,432 and $250,089 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 19

	2015	2014

Revenues
Rental	$ 370,325	$ 672,105
Interest and other	9,766	45,088

	380,091	717,193

Expenses
Interest	49,378	137,735
Depreciation and amortization	72,294	175,425
Operating expenses	323,194	538,150
	444,866	851,310

NET LOSS	$ (64,775)	$ (134,117)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$ (64,127)	$ (132,776)


Net loss allocated to other Partners	$ (648)	$ (1,341)

* Amounts include $64,127 and $132,776 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2015 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.

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

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the six months ended September 30, 2015 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2015 were $116,810 and total fund management fees accrued as of September 30, 2015 were $15,600,405. During the three months ended September 30, 2015, $701,090 of accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

As of September 30, 2015, an affiliate of the general partner of the Fund advanced a total of $635,362 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. During the six months ended September 30, 2015 there were no advances. Below is a summary, by series, of the total advances made to date.

	Six Months Ended	Total
Series 15	$ -	$ -
Series 16	-	-
Series 17	-	635,362
Series 18	-	-
Series 19	-	-
	$ -	$635,362

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

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

(Series 15) The Fund commenced offering BACs in Series 15 on January 24, 1992. Offers and sales of BACs in Series 15 were completed on September 26, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 68 Operating Partnerships in the amount of $28,257,701. Series 15 has since sold its interest in 53 of the Operating Partnerships.

During the quarter ended September 30, 2015, none of Series 15 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 15 has invested in as of September 30, 2015.

(Series 16) The Fund commenced offering BACs in Series 16 on July 13, 1992. Offers and sales of BACs in Series 16 were completed on December 28, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 64 Operating Partnerships in the amount of $39,579,774. Series 16 has since sold its interest in 44 of the Operating Partnerships.

During the quarter ended September 30, 2015, none of Series 16 net offering proceeds were used to pay capital contributions. Series 16 has contributions payable to 1 Operating Partnership in the amount of $50,008 as of September 30, 2015. The remaining contributions will be released to the Operating Partnership when it has achieved the conditions set forth in its partnership agreement.

(Series 17) The Fund commenced offering BACs in Series 17 on January 24, 1993. Offers and sales of BACs in Series 17 were completed on September 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 49 Operating Partnerships in the amount of $36,538,204. Series 17 has since sold its interest in 40 of the Operating Partnerships.

During the quarter ended September 30, 2015, none of Series 17 net offering proceeds were used to pay capital contributions. Series 17 has contributions payable to 1 Operating Partnership in the amount of $7,893 as of September 30, 2015. The remaining contributions will be released to the Operating Partnership when it has achieved the conditions set forth in its partnership agreement.

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

During the quarter ended September 30, 2015, none of Series 18 net offering proceeds were used to pay capital contributions. Series 18 has contributions payable to 2 Operating Partnerships in the amount of $18,554 as of September 30, 2015. The remaining contributions will be released to the Operating Partnerships when they have achieved the conditions set forth in their partnership agreements.

(Series 19) The Fund commenced offering BACs in Series 19 on October 8, 1993. Offers and sales of BACs in Series 19 were completed on December 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnerships in the amount of $29,614,506. Series 19 has since sold its interest in 20 of the Operating Partnerships.

During the quarter ended September 30, 2015, none of Series 19 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 19 has invested in as of September 30, 2015.

Results of Operations

As of September 30, 2015 and 2014, the Fund held limited partnership interests in 62 and 90 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurs a fund management fee to Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership), or BCAMLP, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2015 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 13,511	$ 6,984	$ 6,527
Series 16	44,070	6,350	37,720
Series 17	26,532	2,900	23,632
Series 18	23,904	700	23,204
Series 19	8,793	-	8,793
	$116,810	$ 16,934	$ 99,876
	6 Months Gross Fund Management Fee	6 Months Reporting Fee	6 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 32,642	$ 84,151	$ (51,509)
Series 16	89,844	13,834	76,010
Series 17	63,690	41,747	21,943
Series 18	47,808	1,400	46,408
Series 19	17,586	750	16,836
	$251,570	$ 141,882	$ 109,688

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

Series 15

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 15 reflects a net loss from Operating Partnerships of $(181,163) and $(189,936), respectively, which includes depreciation and amortization of $339,402 and $463,641, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In February 2014, the investment general partner of East Park Apartments I, LP approved an agreement to sell the property to a third party buyer and the transaction closed in June 2014. The sales price for the property is $850,000, which includes the outstanding mortgage balance of approximately $685,000 and cash proceeds to the investment partnership of $335,000. Of the proceeds received by the investment partnership, $21,300 represents reporting fees due to an affiliate of the investment partnership and $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $308,700 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $308,700 as of June 30, 2014. In November 2014, additional proceeds of $39,167 were received and returned to the cash reserves held by Series 15.

In June 2014, the investment general partner transferred its interest in April Gardens Apartments III to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,350,390 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $37,000 as of June 30, 2014.

In June 2014, the investment general partner transferred its interest in Villa Del Mar LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,354,790 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $37,000 as of June 30, 2014.

In December 2014, the investment general partner sold its interest in Laurelwood Apartments of Winnsboro, Phase II to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $995,901 and cash proceeds to the investment partnership of $128,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $123,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $123,000 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Madison Partners Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,109,853 and cash proceeds to the investment partnership of $27,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $24,000 as of December 31, 2014.

In December 2014, the investment general partner sold its interest in Manning Lane Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,361,485 and cash proceeds to the investment partnership of $136,475. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $131,475 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $131,475 as of December 31, 2014.

Livingston Plaza, Limited (Livingston Plaza) is a 24-unit, family property located in Livingston, Texas. Due to low occupancy and a lack of qualified applicants the property operates below breakeven. The operating general partner's operating deficit guarantee has expired. The operating general partner has informed the investment general partner that it intends on offering to transfer title to this apartment property to the lender, U.S.D.A. Rural Development, via a deed in lieu of foreclosure conveyance sometime in January 2016. The investment general partner does not intend on objecting or contesting the deed in lieu of foreclosure transfer since operating results in each of the past several years indicate that the property value is less than the first mortgage loan balance. The 15-year low income housing tax credit compliance period with respect to Livingston Plaza expired on December 31, 2008.

In February 2015, the operating general partner of Graham Housing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 28, 2015. The sales price of the property was $1,425,000, which included the outstanding mortgage balance of approximately $817,589 and cash proceeds to the investment partnership of $402,258. Of the total proceeds received by the investment partnership, $73,489 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $325,769 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $325,769 as of June 30, 2015.

In July 2015, the investment general partner transferred its interest in Deerfield Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,124,981 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $2,750 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,250 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the" RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the terms of the RRN. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $7,250 as of September 30, 2015.

In July 2015 the investment general partner transferred its interest in East Machias Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $943,748 and cash proceeds to the investment partnership of $2,072. The total proceeds of approximately $2,072 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $2,072 as of September 30, 2015.

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

Beckwood Manor Eight Limited Partnership

Sunset Square Limited Partnership

University Meadows L.D.H.A. Limited Partnership

Series 16

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 16 reflects a net loss from Operating Partnerships of $(149,918) and $(444,189), respectively, which includes depreciation and amortization of $598,462 and $714,910, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In December 2014, the investment general partner transferred its interest in Butler Rental Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $682,369 and cash proceeds to the investment partnership of $62,500. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $59,500 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $59,500 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Blairsville Rental Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $704,036 and cash proceeds to the investment partnership of $5,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the" RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 10 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the terms of the RRN. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $2,000 as of December 31, 2014.

In August 2014, the investment general partner transferred its interest in Harmony House Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,308,874 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $7,000 as of September 30, 2014.

In December 2014, the investment general partner transferred its interest in Blairsville Rental Housing II to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $694,199 and cash proceeds to the investment partnership of $62,500. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $59,500 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $59,500 as of December 31, 2014.

In December 2014, the investment general partner sold its interest in Logan Lane Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,202,009 and cash proceeds to the investment partnership of $87,001. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $82,001 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $82,001 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Simmesport Square Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $786,863 and cash proceeds to the investment partnership of $25,170. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,670 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,670 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Lawtell Manor Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $779,880 and cash proceeds to the investment partnership of $24,828. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,328 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,328 as of December 31, 2014.

In August 2015, the investment general partner transferred its interest in St. Croix Commons Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,192,312 and cash proceeds to the investment partnership of $250,000. Of the total proceeds received, $7,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $243,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $243,000 as of September 30, 2015.

Anson Limited Partnership

Falcon Ridge, Limited Partnership

Greenfield Properties, Limited Partnership

Series 17

As of September 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 17 reflects a net loss from Operating Partnerships of $(181,625) and $(186,760), respectively, which includes depreciation and amortization of $362,917 and $633,431, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In December 2014, the investment general partner transferred its interest in Mt. Vernon Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,946,452 and cash proceeds to the investment partnership of $950,000. Of the total proceeds received, $12,160 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $932,840 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $932,840 as of December 31, 2014.

In December 2013, the investment general partner transferred 99% of its interest in Quail Village LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $799,778 and cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $8,221 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,779 were returned to cash reserves held by Series 17. The remaining 1% investment limited partner interest in the Operating Partnership transferred in July 2015. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the 99% transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $6,779 as of December 31, 2013. In July 2015, the remaining 1% of interest was transferred to a non-affiliated entity resulting in no proceeds or gain on the transaction.

In October 2014, the investment general partner transferred its interest in Bladenboro Housing Associate, Phase II to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $920,489 and cash proceeds to the investment partnership of $122,835. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $117,835 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $117,835 as of December 31, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $8,819 was recorded as gain on the sale of the Operating Partnership as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Opelousas Point Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,256,829 and cash proceeds to the investment partnership of $38,966. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,466 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $36,466 as of December 31, 2014.

In December 2014, the investment general partner sold its interest in Briarwood Apartments LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $820,374 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which included third party legal costs. The remaining proceeds of approximately $43,000 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $43,000 as of December 31, 2014.

In April 2015, the operating general partner of Henson Creek Manor Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 16, 2015. The sales price of the property was $12,752,326, which included the outstanding mortgage balance of approximately $4,293,415 and cash proceeds to the investment partnership of $5,541,959. Of the total proceeds received by the investment partnership, $17,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $5,524,959 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $5,524,959 as of June 30, 2015. In August 2015, additional proceeds of $160,000 were received and returned to the cash reserves held by Series 17 resulting in an additional gain on sale.

In August 2015, the investment general partner transferred its interest in Green Acres Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $845,218 and cash proceeds to the investment partnership of $2,385. The total proceeds of approximately $2,385 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $2,385 as of September 30, 2015.

In August 2015, the investment general partner transferred its interest in Skowhegan Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,266,135 cash proceeds to the investment partnership of $4,760. The total proceeds of approximately $4,760 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $4,760 as of September 30, 2015.

Series 18

As of September 30, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 12 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 18 reflects a net loss from Operating Partnerships of $(165,083) and $(252,615), respectively, which includes depreciation and amortization of $284,019 and $492,395, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Harris Housing Limited Partnership (Harris Music Lofts) is a 38-unit property located in West Palm Beach, Florida. The property's first mortgage maturity became due February 1, 2014, and a soft second and third mortgage that matured May 31, 2014. The operating general partner had numerous meetings with the mortgage holder to request that they accept the short sale, but this proposal was rejected. The lender also had rejected any such extensions or modifications on their debt and as a result, the operating general partner has been unable to refinance. The property last reported second quarter results which showed above breakeven operations with ending occupancy of 100% at June 30, 2014. On August 26, 2014, the operating general partner executed a Deed in Lieu of Foreclosure. The operating general partner stated that they will wait until November of 2014 until all invoices have been received and processed before submitting the Partnership's final tax return. The low income tax credit compliance period expired on December 31, 2010. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the Operating Partnership has been recorded as of September 30, 2014.

In December 2014, the investment general partner transferred its interest in Vista Loma Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,478,846 and cash proceeds to the investment partnership of $72,201. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,701 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $69,701 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Ponderosa Meadows LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,362,532 and cash proceeds to the investment partnership of $70,440. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $67,940 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $67,940 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Jackson Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $799,229 and cash proceeds to the investment partnership of $72,500. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,500 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $69,500 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Ellijay Rental Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $784,599 and cash proceeds to the investment partnership of $62,500. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $59,500 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $59,500 as of December 31, 2014.

In March 2015, the investment general partner sold its interest in Lakeview Meadows II LDHA LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,437,436 and cash proceeds to the investment partnership of $360,289. Of the total proceeds received by the investment partnership, $50,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $305,289 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. A receivable in the amount of $355,289 was recorded as of March 31, 2015. Sale proceeds in the amount of $341,833 were received in April 2015 and the balance of $13,456 was received in August 2015. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expenses, was recorded in the amount of $305,289 as of March 31, 2015. In August 2015, additional proceeds of $15,294 were received and returned to the cash reserves held by Series 18 resulting in an additional gain on sale.

Marengo Park Apartments, Limited Partnership

Natchitoches Elderly Apartments, A Louisiana Partnership

Series 19

As of September 30, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 19 reflects a net loss from Operating Partnerships of $(64,775) and $(134,117), respectively, which includes depreciation and amortization of $72,294 and $175,425, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In July 2014, the investment general partner entered into an agreement to sell Northpointe, Limited Partnership to a non-affiliated entity and the transaction closed on October 1, 2014. The sales price of the property was $6,050,000, which included the outstanding mortgage balance of approximately $3,396,000 and cash proceeds to the investment partnership of $650,000. Of the total proceeds received by the investment partnership, $167,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $480,000 will be returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $480,000 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Mansura Villa II Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $881,071 and cash proceeds to the investment partnership of $27,222. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,722 were returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $24,722 as of December 31, 2014.

Carrollton Villa, L.P.

Munford Village, Ltd.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

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

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

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

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

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

Recent Accounting Pronouncements

In February, 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis". This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplifies and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Partnership is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

Item 3.	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4.	Controls and Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2015 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings

	None

Item 1A.	Risk Factors

	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2015.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

	None

Item 3.	Defaults upon Senior Securities

	None

Item 4.	Mine Safety Disclosures

	Not Applicable

Item 5.	Other Information

	None

Item 6.	Exhibits

	(a)Exhibits

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein

		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein

		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein

		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein 101. The following materials from the Boston Capital Tax Credit Fund III, L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

SIGNATURES

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

	Boston Capital Tax Credit Fund III L.P.
	By:	Boston Capital Associates III L.P.
		General Partner
	By:	BCA Associates Limited Partnership,
		General Partner
	By:	C&M Management Inc.,
		General Partner
Date: November 13, 2015	By:	/s/ John P. Manning

		John P. Manning

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

DATE:	SIGNATURE:	TITLE:

November 13, 2015	/s/ John P. Manning	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.

	John P. Manning

DATE:	SIGNATURE:	TITLE:

November 13, 2015	/s/ Marc N. Teal	Chief Financial Officer (Principal Financial and Accounting Officer) C&M Management Inc.; Chief Financial Officer (Principal Financial and Accounting Officer) BCTC III Assignor Corp.
November 13, 2015	Marc N. Teal

BOSTON CAPITAL TAX CREDIT FUND III L P - FORM 10-Q - November 13, 2015

Attached files

BOSTON CAPITAL TAX CREDIT FUND III L P Reports