0001096906-16-001955.txt : 20161020 0001096906-16-001955.hdr.sgml : 20161020 20161020162544 ACCESSION NUMBER: 0001096906-16-001955 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 30 CONFORMED PERIOD OF REPORT: 20160929 FILED AS OF DATE: 20161020 DATE AS OF CHANGE: 20161020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN TAX CREDIT PROPERTIES III LP CENTRAL INDEX KEY: 0000856135 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 133545006 STATE OF INCORPORATION: DE FISCAL YEAR END: 0330 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19217 FILM NUMBER: 161944629 BUSINESS ADDRESS: STREET 1: C/O THE RICHMAN GROUP INC STREET 2: 599 W PUTNAM AVE CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2038690900 MAIL ADDRESS: STREET 1: C/O THE RICHMAN GROUP INC STREET 2: 599 W PUTNAM AVE CITY: GREENWICH STATE: CT ZIP: 06830 10-Q 1 atcp3.htm 10Q

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 29, 2016

[ ] 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: 0-19217

American Tax Credit Properties III L.P.

(Exact Name of Registrant as Specified in its Charter)

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


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

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

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 filing requirements for the past 90 days. Yes X No

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes X No

Indicate by check mark 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.

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

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

AMERICAN TAX CREDIT PROPERTIES III L.P.

PART I - FINANCIAL INFORMATION

Table of Contents

		Page

Item 1.	Financial Statements.

Balance Sheets		3

Statements of Operations and Comprehensive Income (Loss)		4

Statements of Cash Flows		5

Notes to Financial Statements		7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	9

Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	11

Item 4.	Controls and Procedures.	12

AMERICAN TAX CREDIT PROPERTIES III L.P.

BALANCE SHEETS

(UNAUDITED)

	September 29,			March 30,
	2016			2016
ASSETS

Cash and liquid investments

Cash and cash equivalents	$	265,079		$	110,119
Investment in Pemberwick Fund, a short duration bond fund		894,668			231,367

	$	1,159,747		$	341,486

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

Accounts payable and accrued expenses	$	17,615		$	32,120
Payable to general partner and affiliates		3,281,666			3,260,048

		3,299,281			3,292,168

Commitments and contingencies

Partners' equity (deficit)

General partner		(2,031,612	)		(2,842,300	)
Limited partners (35,883 units of limited partnership interest outstanding)		(107,589	)		(107,589	)
Accumulated other comprehensive loss		(333	)		(793	)

		(2,139,534	)		(2,950,682	)

	$	1,159,747		$	341,486

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES III L.P.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

THREE AND SIX MONTH PERIODS ENDED SEPTEMBER 29, 2016 AND 2015

(UNAUDITED)

	Three Months Ended September 29,			Six Months Ended September 29,			Three Months Ended September 29,			Six Months Ended September 29,
	2016			2016			2015			2015

REVENUE

Interest	$	2,248		$	3,206		$	515		$	1,081
Other income from local partnerships		1,967			6,967			1,837			5,917

TOTAL REVENUE		4,215			10,173			2,352			6,998

EXPENSES

Administration fees		7,300			13,038			12,176			24,351
Management fees		7,300			13,038			12,176			24,351
Professional fees		10,805			20,536			13,470			25,149
Printing, postage and other		5,890			10,810			4,992			7,000

TOTAL EXPENSES		31,295			57,422			42,814			80,851

LOSS BEFORE GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		(27,080	)		(47,249	)		(40,462	)		(73,853	)

GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		20,272			857,937

NET INCOME (LOSS)		(6,808	)		810,688			(40,462	)		(73,853	)

Other comprehensive income (loss) - investment in Pemberwick Fund		(888	)		460						(457	)

COMPREHENSIVE INCOME (LOSS)	$	(7,696	)	$	811,148		$	(40,462	)	$	(74,310	)

NET INCOME (LOSS) ATTRIBUTABLE TO

General partner	$	(6,808	)	$	810,688		$	(40,462	)	$	(73,853	)
Limited partners		--			--			--			--

	$	(6,808	)	$	810,688		$	(40,462	)	$	(73,853	)

NET INCOME (LOSS) per unit of limited partnership interest (35,883 units of limited partnership interest)	$	--		$	--		$	--		$	--

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES III L.P.

STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED SEPTEMBER 29, 2016 AND 2015

(UNAUDITED)

	2016			2015

CASH FLOWS FROM OPERATING ACTIVITIES

Interest received	$	3,206		$	1,081
Cash paid for
Administration fees		(4,458	)		(4,460	)
Professional fees		(35,041	)		(30,728	)
Printing, postage and other expenses		(10,810	)		(8,340	)

Net cash used in operating activities		(47,103	)		(42,447	)

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds in connection with sale of limited partner interests/local partnership properties		857,937
Investments in Pemberwick Fund		(662,841	)		(1,043	)
Distributions received from local partnerships		6,967			5,917

Net cash provided by investing activities		202,063			4,874

Net increase (decrease) in cash and cash equivalents		154,960			(37,573	)

Cash and cash equivalents at beginning of period		110,119			52,011

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	265,079		$	14,438


SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES

Unrealized gain (loss) on investment in Pemberwick Fund	$	460		$	(457	)

See reconciliation of net income (loss) to net cash used in operating activities on page 6.

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES III L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

SIX MONTHS ENDED SEPTEMBER 29, 2016 AND 2015

(UNAUDITED)

	2016			2015

RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES

Net income (loss)	$	810,688		$	(73,853	)

Adjustments to reconcile net income (loss) to net cash used in operating activities

Gain on sale of limited partner interests/local partnership properties		(857,937	)
Other income from local partnerships		(6,967	)		(5,917	)
Decrease in accounts payable and accrued expenses		(14,505	)		(6,919	)
Increase in payable to general partner and affiliates		21,618			44,242

NET CASH USED IN OPERATING ACTIVITIES	$	(47,103	)	$	(42,447	)

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 29, 2016

(UNAUDITED)

1.	Basis of Presentation

The accompanying unaudited financial statements of American Tax Credit Properties III L.P. (the "Partnership") have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the general partner of the Partnership (the "General Partner"), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of September 29, 2016 and the results of operations and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. The results of operations for the six months ended September 29, 2016 are not necessarily indicative of the results that may be expected for the entire year.

2.	Investment in Local Partnerships

The Partnership initially acquired limited partner equity interests (the "Local Partnership Interest" or "Local Partnership Interests") in forty-three partnerships (the "Local Partnership" or "Local Partnerships") representing capital contributions in the aggregate amount of $29,384,966, which includes voluntary advances (the "Advances") made to a certain Local Partnership and all of which has been paid. As of September 29, 2016, the Partnership holds a Local Partnership Interest in three Local Partnerships. The Partnership has no legal obligation to fund any operating deficits of the remaining Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the "Local General Partners") on an unaudited basis during interim periods.

In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Partnership is recognized to the extent of the Partnership's investment balance in each Local Partnership. Equity in loss in excess of the Partnership's investment balance in a Local Partnership is allocated to other partners' capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships' Properties and/or the Partnership's Local Partnership Interests, the Partnership's investment in local partnerships reached a zero balance in a prior year.

During the six months ended September 29, 2016, Summerfield Apartments Limited Partnership ("Summerfield Apartments") sold its underlying Property to an unaffiliated entity; the Partnership received $857,937 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2016. The Local General Partner of Summerfield Apartments will dissolve Summerfield Apartments as soon as possible.

3.	Investment in Pemberwick Fund

The Partnership carries its investment in Pemberwick Fund, a short duration bond fund ("Pemberwick") at estimated fair value. The fair value of the Partnership's investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification ("ASC") Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access. Pemberwick's net asset value ("NAV") is $10.06 per share as of September 29, 2016. An unrealized loss of $333 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of September 29, 2016. The Partnership has earned $47,108 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2016.

AMERICAN TAX CREDIT PROPERTIES III L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

SEPTEMBER 29, 2016

(UNAUDITED)

4.	Additional Information

Additional information, including the audited March 30, 2016 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Partnership's Annual Report on Form 10-K for the fiscal year ended March 30, 2016 on file with the Securities and Exchange Commission.

AMERICAN TAX CREDIT PROPERTIES III L.P.

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

Material Changes in Financial Condition

As of September 29, 2016, American Tax Credit Properties III L.P. (the "Registrant") has experienced a significant change in financial condition as compared to March 30, 2016 resulting primarily from the receipt of approximately $858,000 in connection with Summerfield Apartments Limited Partnership's ("Summerfield Apartments") sale of its underlying property (see discussion below under Results of Operations and Local Partnership Matters). Principal changes in assets are comprised of periodic transactions and adjustments. Registrant had acquired a limited partner equity interest (the "Local Partnership Interest" or "Local Partnership Interests") in forty-three partnerships (the "Local Partnership" or "Local Partnerships"), that own/owned low-income multifamily residential complexes (the "Property" or "Properties") that qualified for the low-income housing tax credit (the "Low-income Housing Tax Credit") in accordance with Section 42 of the Internal Revenue Code. During the six months ended September 29, 2016, Registrant received cash from interest revenue, distributions from Local Partnerships and proceeds in connection with Summerfield Apartments (see discussion above), and utilized cash for operating expenses and investments in Pemberwick Fund, a short duration bond fund ("Pemberwick"). Cash and cash equivalents and investment in Pemberwick increased, in the aggregate, by approximately $818,000 during the six months ended September 29, 2016. Payable to general partner and affiliates in the accompanying unaudited balance sheet as of September 29, 2016 represents deferred management and administration fees.

Results of Operations

Registrant's operating results are dependent, in part, on the operating results of the Local Partnerships and are impacted by the Local Partnerships' policies. In addition, the operating results herein are not necessarily the same for tax reporting. Registrant accounts for its investment in local partnerships in accordance with the equity method of accounting. Accordingly, the investment is carried at cost and is adjusted for Registrant's share of each Local Partnership's results of operations and by cash distributions received. In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to Registrant is recognized to the extent of Registrant's investment balance in each Local Partnership. Equity in loss in excess of Registrant's investment balance in a Local Partnership is allocated to other partners' capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships' Properties and/or Registrant's Local Partnership Interests, Registrant's investment in local partnerships reached a zero balance in a prior year.

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

Registrant's operations for the three months ended September 29, 2016 and 2015 resulted in losses of $6,808 and $40,462, respectively. The decrease is primarily the result of (i) gain on sale of limited partner interests/local partnership properties of approximately $20,000 recognized during the three months ended September 29, 2016 and (ii) a decrease in management and administration fees, in the aggregate, of approximately $10,000. Other comprehensive loss for the three months ended September 29, 2016 resulted from an unrealized loss on investment in Pemberwick of $888.

Registrant's operations for the six months ended September 29, 2016 and 2015 resulted in net income (loss) of $810,688 and $(73,853), respectively. The increase in net income is primarily the result of (i) gain on sale of limited partner interests/local partnership properties of approximately $858,000 recognized during the six months ended September 29, 2016 and (ii) a decrease in management and administration fees, in the aggregate, of approximately $23,000. Other comprehensive income for the six months ended September 29, 2016 resulted from an unrealized gain on investment in Pemberwick of $460.

AMERICAN TAX CREDIT PROPERTIES III L.P.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued).

Local Partnership Matters

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

The remaining Properties are principally comprised of subsidized and leveraged low-income multifamily residential complexes located in Maine, Maryland and New York. Two of the three remaining Local Partnerships receive rental subsidy payments under the terms of agreements that expire at various times. Registrant cannot predict legislative initiatives and governmental budget negotiations, the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs. Such changes could adversely affect the future net operating income ("NOI") before debt service and debt structure of any or all Local Partnerships currently receiving such subsidies.

The remaining Local Partnerships have financing structures which include (i) required debt service payments ("Mandatory Debt Service") and (ii) debt service payments which are payable only from available cash flow subject to the terms and conditions of the notes, which may be subject to specific laws, regulations and agreements with appropriate federal and state agencies ("Non-Mandatory Debt Service or Interest"). Registrant has no legal obligation to fund any operating deficits of the remaining Local Partnerships.

During the six months ended September 29, 2016, Summerfield Apartments sold its underlying Property to an unaffiliated entity; Registrant received $857,937 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2016. The Local General Partner of Summerfield Apartments will dissolve Summerfield Apartments as soon as possible.

AMERICAN TAX CREDIT PROPERTIES III L.P.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued).

Critical Accounting Policies and Estimates

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

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

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

Forward-Looking Information

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

Item 3. Quantitative and Qualitative Disclosure About Market Risk.

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

AMERICAN TAX CREDIT PROPERTIES III L.P.

Item 4. Controls and Procedures.

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

Registrant has carried out an evaluation, under the supervision and the participation of its management, including the Chief Executive Officer and Chief Financial Officer of the general partner of the General Partner, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), as of the three months ended September 29, 2016. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of the general partner of the General Partner concluded that Registrant's disclosure controls and procedures were effective as of September 29, 2016.

There were no changes in Registrant's internal control over financial reporting during the three months ended September 29, 2016 that have materially affected, or are reasonably likely to materially affect, Registrant's internal control over financial reporting.

AMERICAN TAX CREDIT PROPERTIES III L.P.

Part II - OTHER INFORMATION

Item 1.	Legal Proceedings.

	None.

Item 1A.	Risk Factors.

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

Item 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.

	Exhibit 31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
	Exhibit 31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
	Exhibit 32.1 Section 1350 Certification of Chief Executive Officer.
	Exhibit 32.2 Section 1350 Certification of Chief Financial Officer.
	Exhibit 101.ins - XBRL Instance.*
	Exhibit 101.xsd - XBRL Schema.*
	Exhibit 101.cal - XBRL Calculation.*
	Exhibit 101.def - XBRL Definition.*
	Exhibit 101.lab - XBRL Label.*
	Exhibit 101.pre - XBRL Presentation.*

*Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		AMERICAN TAX CREDIT PROPERTIES III L.P.
		(a Delaware limited partnership)

		By: Richman Tax Credit Properties III L.P.,
		General Partner

		By: Richman Housing Credits Inc.,
		general partner


Dated: October 20, 2016		/s/Brian Myers
		By: Brian Myers
		Chief Executive Officer



Dated: October 20, 2016		/s/James Hussey
		By: James Hussey
		Chief Financial Officer



Dated: October 20, 2016		/s/Richard Paul Richman
		By: Richard Paul Richman
		Sole Director

EX-31.1 2 exh31_1.htm RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER.

Exhibit 31.1

CERTIFICATIONS

I, Brian Myers, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of American Tax Credit Properties III L.P. (the "registrant");

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 20, 2016	/s/Brian Myers
	Brian Myers
	Chief Executive Officer of Richman Housing Credits Inc., general partner of Richman Tax Credit Properties III L.P., general partner of the registrant

EX-31.2 3 exh31_2.htm RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER.

Exhibit 31.2

CERTIFICATIONS

I, James Hussey, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of American Tax Credit Properties III L.P. (the "registrant");

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 20, 2016	/s/James Hussey
	James Hussey
	Chief Financial Officer of Richman Housing Credits Inc., general partner of Richman Tax Credit Properties III L.P., general partner of the registrant

EX-32.1 4 exh32_1.htm SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER.

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of American Tax Credit Properties III L.P. (the "Registrant") on Form 10-Q for the period ended September 29, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brian Myers, Chief Executive Officer of Richman Housing Credits Inc., general partner of Richman Tax Credit Properties III L.P., general partner of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/Brian Myers

Brian Myers

Chief Executive Officer of Richman Housing

Credits Inc., general partner of Richman

Tax Credit Properties III L.P., general

partner of the Registrant

October 20, 2016

EX-32.2 5 exh32_2.htm SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of American Tax Credit Properties III L.P. (the "Registrant") on Form 10-Q for the period ended September 29, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Hussey, Chief Financial Officer of Richman Housing Credits Inc., general partner of Richman Tax Credit Properties III L.P., general partner of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/James Hussey

James Hussey

Chief Financial Officer of Richman Housing

Credits Inc., general partner of Richman

Tax Credit Properties III L.P., general

partner of the Registrant

October 20, 2016

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2.      Investment in Local Partnerships   The Partnership initially acquired limited partner equity interests (the Local Partnership Interest or Local Partnership Interests) in forty-three partnerships (the Local Partnership or Local Partnerships) representing capital contributions in the aggregate amount of $29,384,966, which includes voluntary advances (the Advances) made to a certain Local Partnership and all of which has been paid. As of September 29, 2016, the Partnership holds a Local Partnership Interest in three Local Partnerships. The Partnership has no legal obligation to fund any operating deficits of the remaining Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the Local General Partners) on an unaudited basis during interim periods.   In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Partnership is recognized to the extent of the Partnerships investment balance in each Local Partnership. Equity in loss in excess of the Partnerships investment balance in a Local Partnership is allocated to other partners capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships Properties and/or the Partnerships Local Partnership Interests, the Partnerships investment in local partnerships reached a zero balance in a prior year.   During the six months ended September 29, 2016, Summerfield Apartments Limited Partnership (Summerfield Apartments) sold its underlying Property to an unaffiliated entity; the Partnership received $857,937 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2016. The Local General Partner of Summerfield Apartments will dissolve Summerfield Apartments as soon as possible.20,272

29384966 857937

857937

20272

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Investment in Pemberwick Fund link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - BALANCE SHEETS PARENTHETICAL link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 atciiix-20160929_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 atciiix-20160929_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 atciiix-20160929_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Summerfield Apartments Limited Partnership 1. Basis of Presentation Net increase (decrease) in cash and cash equivalents Net increase (decrease) in cash and cash equivalents Professional fees Total liabilities & equity (deficit) Total liabilities & equity (deficit) Accounts payable and accrued expenses Notes Administration fees Represents the monetary amount of Administration fees, during the indicated time period. STATEMENTS OF OPERATIONS Investment in Pemberwick Fund, a short duration bond fund BALANCE SHEETS Amendment Flag Entity Registrant Name Aggregate interest revenue from investment in Pemberwick Represents the monetary amount of Aggregate interest revenue from investment in Pemberwick, as of the indicated date. Distributions received from local partnerships CASH FLOWS FROM INVESTING ACTIVITIES NET INCOME (LOSS) per unit of limited partnership interest (35,883 units of limited partnership interest) Limited partners (35,883 units of limited partnership interest outstanding) General partner Entity Voluntary Filers Capital contributions in the aggregate Represents the monetary amount of Capital contributions in the aggregate, as of the indicated date. CASH FLOWS FROM OPERATING ACTIVITIES SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES Other income from local partnerships Other income from local partnerships Accumulated other comprehensive loss Liabilities {1} Liabilities Entity Common Stock, Shares Outstanding Unrealized loss reflected as accumulated other comprehensive loss Represents the monetary amount of Unrealized loss reflected as accumulated other comprehensive loss, as of the indicated date. Details 4. Additional Information STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Management fees REVENUE Document Fiscal Year Focus Document Period End Date NET INCOME (LOSS) ATTRIBUTABLE TO TOTAL REVENUE TOTAL REVENUE Entity Current Reporting Status Entity Filer Category Trading Symbol 2. Investment in Local Partnerships Cash paid for administration fees Cash paid for administration fees Interest Current Fiscal Year End Date Statement [Table] Net cash provided by investing activities Net cash provided by investing activities Cash paid for printing, postage and other expenses Cash paid for printing, postage and other expenses STATEMENTS OF CASH FLOWS Total equity (deficit) Commitments and contingencies Document Type NET INCOME (LOSS) Net income (loss) BALANCE SHEETS PARENTHETICAL LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Statement [Line Items] Investment Holding General partner net income (loss) TOTAL EXPENSES Total liabilities Total liabilities Cash and cash equivalents Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD Document Fiscal Period Focus Decrease in accounts payable and accrued expenses Entity Well-known Seasoned Issuer Unrealized gain (loss) on investment in Pemberwick Fund Represents the monetary amount of Unrealized gain (loss) on investment in Pemberwick Fund, during the indicated time period. NET CASH USED IN OPERATING ACTIVITIES Net cash used in operating activities Other comprehensive income (loss) - investment in Pemberwick Fund GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES LOSS BEFORE GAIN ON SALE OF LIMITED PARTNER INTERESTS/ LOCAL PARTNERSHIP PROPERTIES Total assets Total assets Cash and liquid investments Increase in payable to general partner and affiliates Interest received Limited partners net income (loss) Payable to general partner and affiliates Investment Holding [Axis] Gain on sale of limited partner interests/local partnership properties Gain on sale of limited partner interests/local partnership properties Represents the monetary amount of Gain on sale of limited partner interests/local partnership properties, during the indicated time period. Cash paid for professional fees Cash paid for professional fees Represents the monetary amount of Cash paid for professional fees, during the indicated time period. Units of limited partnership interest outstanding Partners' equity (deficit) STATEMENTS OF CASH FLOWS - CONTINUED Proceeds in connection with sale of limited partner interests/local partnership properties Represents the monetary amount of Proceeds in connection with sale of limited partner interests/local partnership properties, during the indicated time period. COMPREHENSIVE INCOME (LOSS) Printing, postage and other Pemberwick Net Asset Value Represents the per-share monetary value of Pemberwick Net Asset Value, as of the indicated date. 3. Investment in Pemberwick Fund Represents the textual narrative disclosure of 3. Investment in Pemberwick Fund, during the indicated time period. Investments in Pemberwick Fund Investments in Pemberwick Fund EXPENSES ASSETS Entity Central Index Key Document and Entity Information: EX-101.PRE 11 atciiix-20160929_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 29, 2016	Oct. 20, 2016
Document and Entity Information:
Entity Registrant Name	AMERICAN TAX CREDIT PROPERTIES III LP
Document Type	10-Q
Document Period End Date	Sep. 29, 2016
Trading Symbol	atciiix
Amendment Flag	false
Entity Central Index Key	0000856135
Current Fiscal Year End Date	--03-30
Entity Common Stock, Shares Outstanding		0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2

XML 13 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS - USD ($)	Sep. 29, 2016	Mar. 30, 2016
Cash and liquid investments
Cash and cash equivalents	$ 265,079	$ 110,119
Investment in Pemberwick Fund, a short duration bond fund	894,668	231,367
Total assets	1,159,747	341,486
Liabilities
Accounts payable and accrued expenses	17,615	32,120
Payable to general partner and affiliates	3,281,666	3,260,048
Total liabilities	3,299,281	3,292,168
Commitments and contingencies
Partners' equity (deficit)
General partner	(2,031,612)	(2,842,300)
Limited partners (35,883 units of limited partnership interest outstanding)	(107,589)	(107,589)
Accumulated other comprehensive loss	(333)	(793)
Total equity (deficit)	(2,139,534)	(2,950,682)
Total liabilities & equity (deficit)	$ 1,159,747	$ 341,486

XML 14 R3.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS PARENTHETICAL - shares	Sep. 29, 2016	Mar. 30, 2016
BALANCE SHEETS PARENTHETICAL
Units of limited partnership interest outstanding	35,883	35,883

XML 15 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Sep. 29, 2016	Sep. 29, 2015	Sep. 29, 2016	Sep. 29, 2015
REVENUE
Interest	$ 2,248	$ 515	$ 3,206	$ 1,081
Other income from local partnerships	1,967	1,837	6,967	5,917
TOTAL REVENUE	4,215	2,352	10,173	6,998
EXPENSES
Administration fees	7,300	12,176	13,038	24,351
Management fees	7,300	12,176	13,038	24,351
Professional fees	10,805	13,470	20,536	25,149
Printing, postage and other	5,890	4,992	10,810	7,000
TOTAL EXPENSES	31,295	42,814	57,422	80,851
LOSS BEFORE GAIN ON SALE OF LIMITED PARTNER INTERESTS/ LOCAL PARTNERSHIP PROPERTIES	(27,080)	(40,462)	(47,249)	(73,853)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	20,272		857,937
NET INCOME (LOSS)	(6,808)	(40,462)	810,688	(73,853)
NET INCOME (LOSS) ATTRIBUTABLE TO
General partner net income (loss)	(6,808)	(40,462)	810,688	(73,853)
Limited partners net income (loss)
NET INCOME (LOSS) per unit of limited partnership interest (35,883 units of limited partnership interest)

XML 16 R5.htm IDEA: XBRL DOCUMENT

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	Sep. 29, 2016	Sep. 29, 2015	Sep. 29, 2016	Sep. 29, 2015
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS)	$ (6,808)	$ (40,462)	$ 810,688	$ (73,853)
Other comprehensive income (loss) - investment in Pemberwick Fund	(888)		460	(457)
COMPREHENSIVE INCOME (LOSS)	$ (7,696)	$ (40,462)	$ 811,148	$ (74,310)

XML 17 R6.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Sep. 29, 2016	Sep. 29, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$ 3,206	$ 1,081
Cash paid for administration fees	(4,458)	(4,460)
Cash paid for professional fees	(35,041)	(30,728)
Cash paid for printing, postage and other expenses	(10,810)	(8,340)
Net cash used in operating activities	(47,103)	(42,447)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds in connection with sale of limited partner interests/local partnership properties	857,937
Investments in Pemberwick Fund	(662,841)	(1,043)
Distributions received from local partnerships	6,967	5,917
Net cash provided by investing activities	202,063	4,874
Net increase (decrease) in cash and cash equivalents	154,960	(37,573)
Cash and cash equivalents at beginning of period	110,119	52,011
CASH AND CASH EQUIVALENTS AT END OF PERIOD	265,079	14,438
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain (loss) on investment in Pemberwick Fund	$ 460	$ (457)

XML 18 R7.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	Sep. 29, 2016	Sep. 29, 2015
STATEMENTS OF CASH FLOWS - CONTINUED
Net income (loss)	$ 810,688	$ (73,853)
Gain on sale of limited partner interests/local partnership properties	(857,937)
Other income from local partnerships	(6,967)	(5,917)
Decrease in accounts payable and accrued expenses	(14,505)	(6,919)
Increase in payable to general partner and affiliates	21,618	44,242
NET CASH USED IN OPERATING ACTIVITIES	$ (47,103)	$ (42,447)

XML 19 R8.htm IDEA: XBRL DOCUMENT

1. Basis of Presentation

6 Months Ended

Sep. 29, 2016

Notes

1. Basis of Presentation

1. Basis of Presentation

The accompanying unaudited financial statements of American Tax Credit Properties III L.P. (the “Partnership”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the general partner of the Partnership (the “General Partner”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of September 29, 2016 and the results of operations and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. The results of operations for the six months ended September 29, 2016 are not necessarily indicative of the results that may be expected for the entire year.

XML 20 R9.htm IDEA: XBRL DOCUMENT

2. Investment in Local Partnerships

6 Months Ended

Sep. 29, 2016

Notes

2. Investment in Local Partnerships

2. Investment in Local Partnerships

The Partnership initially acquired limited partner equity interests (the “Local Partnership Interest” or “Local Partnership Interests”) in forty-three partnerships (the “Local Partnership” or “Local Partnerships”) representing capital contributions in the aggregate amount of $29,384,966, which includes voluntary advances (the “Advances”) made to a certain Local Partnership and all of which has been paid. As of September 29, 2016, the Partnership holds a Local Partnership Interest in three Local Partnerships. The Partnership has no legal obligation to fund any operating deficits of the remaining Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the “Local General Partners”) on an unaudited basis during interim periods.

In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in each Local Partnership. Equity in loss in excess of the Partnership’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships’ Properties and/or the Partnership’s Local Partnership Interests, the Partnership’s investment in local partnerships reached a zero balance in a prior year.

During the six months ended September 29, 2016, Summerfield Apartments Limited Partnership (“Summerfield Apartments”) sold its underlying Property to an unaffiliated entity; the Partnership received $857,937 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2016. The Local General Partner of Summerfield Apartments will dissolve Summerfield Apartments as soon as possible.20,272

XML 21 R10.htm IDEA: XBRL DOCUMENT

3. Investment in Pemberwick Fund

6 Months Ended

Sep. 29, 2016

Notes

3. Investment in Pemberwick Fund

3. Investment in Pemberwick Fund

The Partnership carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Partnership’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.06 per share as of September 29, 2016. An unrealized loss of $333 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of September 29, 2016. The Partnership has earned $47,108 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2016.

XML 22 R11.htm IDEA: XBRL DOCUMENT

4. Additional Information

6 Months Ended

Sep. 29, 2016

Notes

4. Additional Information

4. Additional Information

XML 23 R12.htm IDEA: XBRL DOCUMENT

2. Investment in Local Partnerships: Capital Contributions (Details)	Sep. 29, 2016 USD ($)
Details
Capital contributions in the aggregate	$ 29,384,966

XML 24 R13.htm IDEA: XBRL DOCUMENT

2. Investment in Local Partnerships (Details) - USD ($)	3 Months Ended	6 Months Ended
2. Investment in Local Partnerships (Details) - USD ($)	Sep. 29, 2016	Sep. 29, 2016
Proceeds in connection with sale of limited partner interests/local partnership properties		$ 857,937
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$ 20,272	857,937
Summerfield Apartments Limited Partnership
Proceeds in connection with sale of limited partner interests/local partnership properties		857,937
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$ 20,272	$ 857,937

XML 25 R14.htm IDEA: XBRL DOCUMENT

3. Investment in Pemberwick Fund (Details)	Sep. 29, 2016 USD ($) $ / shares
Details
Pemberwick Net Asset Value \| $ / shares	$ 10.06
Unrealized loss reflected as accumulated other comprehensive loss	$ 333
Aggregate interest revenue from investment in Pemberwick	$ 47,108

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