10-Q

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 June 30, 2015

or

( )   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 JUNE 30, 2015

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	3-8
		Condensed Statements of Operations	9-14
		Condensed Statements of Changes in  Partners' Capital (Deficit)	15-18
		Condensed Statements of Cash Flows	19-24
		Notes to Condensed Financial  Statements	25-36
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		37-53
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		53
	Item 4. Controls and Procedures		53
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		54
	Item 1A. Risk Factors		54
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		54
	Item 3. Defaults Upon Senior Securities		54
	Item 4. Mine Safety Disclosures		54
	Item 5. Other Information		54
	Item 6. Exhibits		54
	Signatures		55

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

	June 30, 2015		March 31, 2015
ASSETS
Cash and cash equivalents	$   8,738,441		$   2,523,234
Other assets	13,456		357,489
	$   8,751,897		$   2,880,723
LIABILITIES
Accounts payable & accrued expenses	$      46,034		$      28,234
Accounts payable affiliates (Note C)	16,820,047		16,781,463
Capital contributions payable (Note D)	76,455		76,455
	16,942,536		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 June 30, 2015 and March 31, 2015		(6,298,084)	(12,054,726)
General Partner	(1,892,555)		(1,950,703)
	(8,190,639)		(14,005,429)
	$   8,751,897		$   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

	June 30, 2015		March 31, 2015
ASSETS
Cash and cash equivalents	$    811,494		$    414,859
Other assets	-		-
	$    811,494		$    414,859
LIABILITIES
Accounts payable & accrued expenses	$      9,246		$      6,246
Accounts payable affiliates (Note C)	3,714,956		3,695,825
Capital contributions payable (Note D)	-		-
	3,724,202		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 June 30, 2015 and March 31,2015		(2,561,392)	(2,932,151)
General Partner	(351,316)		(355,061)
	(2,912,708)		(3,287,212)
	$    811,494		$    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

	June 30, 2015	March 31, 2015
ASSETS
Cash and cash equivalents	$    218,382	$    221,108
Other assets	-	-
	$    218,382	$    221,108
LIABILITIES
Accounts payable & accrued expenses	$      4,488	$      4,488
Accounts payable affiliates (Note C)	8,082,174	8,036,400
Capital contributions payable (Note D)	50,008	50,008
	8,136,670	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 June 30, 2015 and March 31, 2015	(7,372,497)	(7,324,482)
General Partner	(545,791)	(545,306)
	(7,918,288)	(7,869,788)
	$    218,382	$    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

	June 30, 2015	March 31, 2015
ASSETS
Cash and cash equivalents	$  5,698,928	$    197,779
Other assets	-	2,200
	$  5,698,928	$    199,979
LIABILITIES
Accounts payable & accrued expenses	$     24,800	$     10,000
Accounts payable affiliates (Note C)	635,362	685,587
Capital contributions payable (Note D)	7,893	7,893
	668,055	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 June 30, 2015 and March 31, 2015	5,397,513	(81,517)
General Partner	(366,640)	(421,984)
	5,030,873	(503,501)
	$  5,698,928	$    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

	June 30, 2015	March 31, 2015
ASSETS
Cash and cash equivalents	$    640,943	$    306,518
Other assets	13,456	355,289
	$    654,399	$    661,807
LIABILITIES
Accounts payable & accrued expenses	$      -	$          -
Accounts payable affiliates (Note C)	4,387,555	4,363,651
Capital contributions payable (Note D)	18,554	18,554
	4,406,109	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 June 30, 2015 and March 31, 2015	(3,403,965)	(3,372,966)
General Partner	(347,745)	(347,432)
	(3,751,710)	(3,720,398)
	$    654,399	$    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

	June 30, 2015	March 31, 2015
ASSETS
Cash and cash equivalents	$  1,368,694	$  1,382,970
Other assets	-	-
	$  1,368,694	$  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 June 30, 2015 and March 31, 2015	1,642,257	1,656,390
General Partner	(281,063)	(280,920)
	1,361,194	1,375,470
	$  1,368,694	$  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 June 30,
(Unaudited)

	2015	2014
Income
Interest income	$     1,280	$       972
Other income	16,622	2,094
	17,902	3,066
Share of Income from Operating    Partnerships(Note D)	5,850,728	382,700
Expenses
Professional fees	26,640	27,900
Fund management fee, net (Note C)	9,812	144,997
General and administrative expenses	17,388	18,976
	53,840	191,873
NET INCOME (LOSS)	$ 5,814,790	$   193,893
Net income (loss) allocated to limited assignees	$ 5,756,642	$   191,953
Net income (loss) allocated to general partner	$    58,148	$     1,940
Net income (loss) per BAC	$      .26	$       .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 June 30,

(Unaudited)

Series 15

	2015	2014
Income
Interest income	$        185	$        130
Other income	-	-
	185	130
Share of Income from Operating    Partnerships(Note D)	325,769	382,700
Expenses
Professional fees	6,120	6,020
Fund management fee, net (Note C)	(58,036)	(2,304)
General and administrative expenses	3,366	3,513
	(48,550)	7,229
NET INCOME (LOSS)	$    374,504	$    375,601
Net income (loss) allocated to limited assignees	$    370,759	$    371,845
Net income (loss) allocated to general partner	$      3,745	$      3,756
Net income (loss) per BAC	$       .10	$        .10

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 June 30,
(Unaudited)

Series 16

	2015	2014
Income
Interest income	$        122	$        110
Other income	401	661
	523	771
Share of Income from Operating    Partnerships(Note D)	-	-
Expenses
Professional fees	6,780	6,970
Fund management fee, net (Note C)	38,290	47,680
General and administrative expenses	3,953	4,264
	49,023	58,914
NET INCOME (LOSS)	$   (48,500)	$   (58,143)
Net income (loss) allocated to limited assignees	$   (48,015)	$   (57,562)
Net income (loss) allocated to general partner	$      (485)	$      (581)
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 June 30,
(Unaudited)

Series 17

	2015	2014
Income
Interest income	$        314	$        266
Other income	16,138	1,350
	16,452	1,616
Share of Income from Operating    Partnerships(Note D)	5,524,959	-
Expenses
Professional fees	5,130	6,020
Fund management fee, net (Note C)	(1,689)	43,639
General and administrative expenses	3,596	3,875
	7,037	53,534
NET INCOME (LOSS)	$  5,534,374	$   (51,918)
Net income (loss) allocated to limited assignees	$  5,479,030	$   (51,399)
Net income (loss) allocated to general partner	$     55,344	$      (519)
Net income (loss) per BAC	$       1.10	$      (.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 June 30,

(Unaudited)

Series 18

	2015	2014
Income
Interest income	$        158	$         95
Other income	-	-
	158	95
Share of Income from Operating    Partnerships(Note D)	-	-
Expenses
Professional fees	5,130	5,390
Fund management fee, net (Note C)	23,204	41,114
General and administrative expenses	3,136	3,218
	31,470	49,722
NET INCOME (LOSS)	$   (31,312)	$   (49,627)
Net income (loss) allocated to limited assignees	$   (30,999)	$   (49,131)
Net income (loss) allocated to general partner	$      (313)	$      (496)
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 June 30,
(Unaudited)

Series 19

	2015	2014
Income
Interest income	$       501	$       371
Other income	83	83
	584	454
Share of Income from Operating    Partnerships(Note D)	-	-
Expenses
Professional fees	3,480	3,500
Fund management fee, net (Note C)	8,043	14,868
General and administrative expenses	3,337	4,106
	14,860	22,474
NET INCOME (LOSS)	$  (14,276)	$  (22,020)
Net income (loss) allocated to limited assignees	$  (14,133)	$  (21,800)
Net income (loss) allocated to general partner	$     (143)	$     (220)
Net income (loss) per BAC	$    (.00)	$     (.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)

Three Months Ended June 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)	5,756,642	58,148	5,814,790
Partners' capital   (deficit),   June 30, 2015	$ (6,298,084)	$ (1,892,555)	$ (8,190,639)

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)

Three Months Ended June 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)	370,759	3,745	374,504
Partners' capital   (deficit),   June 30, 2015	$ (2,561,392)	$ (351,316)	$ (2,912,708)
Series 16
Partners' capital   (deficit)   April 1, 2015	$ (7,324,482)	$ (545,306)	$ (7,869,788)
Net income (loss)	(48,015)	(485)	(48,500)
Partners' capital   (deficit),   June 30, 2015	$ (7,372,497)	$ (545,791)	$ (7,918,288)

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)

Three Months Ended June 30, 2015

(Unaudited)

	Assignees	General Partner	Total
Series 17
Partners' capital   (deficit)   April 1, 2015	$  (81,517)	$  (421,984)	$  (503,501)
Net income (loss)	5,479,030	55,344	5,534,374
Partners' capital   (deficit),   June 30, 2015	$  5,397,513	$  (366,640)	$  5,030,873
Series 18
Partners' capital   (deficit)   April 1, 2015	$ (3,372,966)	$  (347,432)	$ (3,720,398)
Net income (loss)	(30,999)	(313)	(31,312)
Partners' capital   (deficit),   June 30, 2015	$ (3,403,965)	$  (347,745)	$ (3,751,710)

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)

Three Months Ended June 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)	(14,133)	(143)	(14,276)
Partners' capital   (deficit),   June 30, 2015	$  1,642,257	$ (281,063)	$  1,361,194

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

	2015	2014
Cash flows from operating activities:
Net Income (Loss)	$  5,814,790	$   193,893
Adjustments to reconcile net income      (loss) to net cash (used in)      provided by operating activities
Share of Income from          Operating Partnerships	(5,850,728)	(382,700)
Changes in assets and liabilities
Increase in accounts payable         and accrued expenses	17,800	11,000
Decrease in other assets	2,200	-
(Decrease) Increase in accounts         payable affiliates	38,584	180,539
Net cash (used in) provided by          operating activities	22,646	2,732
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships	6,192,561	382,700
Net cash provided by      investing activities	6,192,561	382,700
INCREASE (DECREASE) IN CASH AND         CASH EQUIVALENTS	6,215,207	385,432
Cash and cash equivalents, beginning	2,523,234	2,294,311
Cash and cash equivalents, ending	$  8,738,441	$  2,679,743

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 15

	2015	2014
Cash flows from operating activities:
Net Income (Loss)	$    374,504	$   375,601
Adjustments to reconcile net income      (loss) to net cash (used in)      provided by operating activities
Share of Income from          Operating Partnerships	(325,769)	(382,700)
Changes in assets and liabilities
Increase in accounts payable         and accrued expenses	3,000	11,000
Decrease in other assets	-	-
(Decrease) Increase in accounts         payable affiliates	19,131	30,864
Net cash (used in) provided by          operating activities	70,866	34,765
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships	325,769	382,700
Net cash provided by      investing activities	325,769	382,700
INCREASE (DECREASE) IN CASH AND         CASH EQUIVALENTS	396,635	417,465
Cash and cash equivalents, beginning	414,859	161,422
Cash and cash equivalents, ending	$    811,494	$    578,887

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 16

		2015		2014
Cash flows from operating activities:
Net Income (Loss)		$ (48,500)		$  (58,143)
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		45,774		56,813
Net cash (used in) provided by          operating activities		(2,726)		(1,330)
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	(2,726)		(1,330)
Cash and cash equivalents, beginning	221,108		176,922
Cash and cash equivalents, ending	$   218,382		$   175,592

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 17

		2015		2014
Cash flows from operating activities:
Net Income (Loss)		$ 5,534,374		$  (51,918)
Adjustments to reconcile net income      (loss) to net cash (used in)      provided by operating activities
Share of Income from          Operating Partnerships		(5,524,959)		-
Changes in assets and liabilities
Increase in accounts payable         and accrued expenses		14,800		-
Decrease in other assets		2,200		-
(Decrease) Increase in accounts         payable affiliates		(50,225)		46,986
Net cash (used in) provided by          operating activities		(23,810)		(4,932)
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships		5,524,959		-
Net cash provided by      investing activities		5,524,959		-
INCREASE (DECREASE) IN CASH AND         CASH EQUIVALENTS	5,501,149		(4,932)
Cash and cash equivalents, beginning	197,779		799,176
Cash and cash equivalents, ending	$  5,698,928		$  794,244

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 18

	2015	2014
Cash flows from operating activities:
Net Income (Loss)	$ (31,312)	$  (49,627)
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	23,904	45,876
Net cash (used in) provided by          operating activities	(7,408)	(3,751)
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships	341,833	-
Net cash provided by      investing activities	341,833	-
INCREASE (DECREASE) IN CASH AND         CASH EQUIVALENTS	334,425	(3,751)
Cash and cash equivalents, beginning	306,518	355,319
Cash and cash equivalents, ending	$   640,943	$   351,568

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 19

		2015		2014
Cash flows from operating activities:
Net Income (Loss)		$   (14,276)		$   (22,020)
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		(14,276)		(22,020)
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	(14,276)		(22,020)
Cash and cash equivalents, beginning	1,382,970		801,472
Cash and cash equivalents, ending	$  1,368,694		$   779,452

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
June 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 June 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
June 30, 2015

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of June 30, 2015 and for the three 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
June 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 June 30, 2015 and 2014 are as follows:

	2015	2014
Series 15	$ 19,131	$ 30,864
Series 16	45,774	56,813
Series 17	37,158	46,986
Series 18	23,904	45,876
Series 19	8,793	15,618
	$134,760	$196,157

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

	2015	2014
Series 15	$    -	$        -
Series 16	-	-
Series 17	87,383	-
Series 18	-	-
Series 19	8,793	15,618
	$ 96,176	$   15,618

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2015 and 2014, the Fund had limited partnership interests in 68 and 92 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2015 and 2014 is as follows:

	2015	2014
Series 15	17	21
Series 16	21	28
Series 17	12	17
Series 18	12	18
Series 19	6	8
	68	92

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 June 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 three months ended June 30, 2015 the Fund disposed of two Operating Partnerships. A summary of the dispositions by Series for June 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition*		Gain on Disposition
Series 15	-	1	$	325,769	$	325,769
Series 16	-	-		-		-
Series 17	-	1		5,524,959		5,524,959
Series 18	-	-		341,833		-
Series 19	-	-		-		-
Total	-	2	$	6,192,561	$	5,850,728

* Fund proceeds from disposition include $341,833 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

During the three months ended June 30, 2014 the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for June 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	-	-		-		-
Series 17	-	-		-		-
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	2	1	$	382,700	$	382,700

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 three months ended March 31, 2015.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

	2015	2014
Revenues
Rental	$ 3,263,242	$  5,018,236
Interest and other	62,042	122,887
	3,325,284	5,141,123
Expenses
Interest	408,660	695,315
Depreciation and amortization	845,960	1,285,448
Operating expenses	2,514,133	3,835,600
	3,768,753	5,816,363
NET LOSS	$ (443,469)	$  (675,240)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$ (439,032)	$  (668,486)
Net loss allocated to other     Partners	$   (4,437)	$    (6,754)

* Amounts include $439,032 and $668,486 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 15

	2015	2014
Revenues
Rental	$   725,157	$    935,673
Interest and other	12,202	17,653
	737,359	953,326
Expenses
Interest	98,002	128,421
Depreciation and amortization	187,833	231,481
Operating expenses	560,078	692,690
	845,913	1,052,592
NET LOSS	$  (108,554)	$   (99,266)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (107,468)	$   (98,273)
Net loss allocated to other     Partners	$    (1,086)	$      (993)

* Amounts include $107,468 and $98,273 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 16

	2015	2014
Revenues
Rental	$  1,126,696	$  1,377,097
Interest and other	16,743	19,129
	1,143,439	1,396,226
Expenses
Interest	144,524	197,712
Depreciation and amortization	290,726	349,083
Operating expenses	814,159	1,096,998
	1,249,409	1,643,793
NET LOSS	$  (105,970)	$  (247,567)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (104,910)	$  (245,091)
Net loss allocated to other     Partners	$    (1,060)	$    (2,476)

* Amounts include $104,910 and $245,091 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 17

	2015	2014
Revenues
Rental	$   700,583	$  1,437,760
Interest and other	12,712	28,887
	713,295	1,466,647
Expenses
Interest	88,135	181,486
Depreciation and amortization	195,800	338,004
Operating expenses	533,854	1,057,152
	817,789	1,576,642
NET LOSS	$  (104,494)	$  (109,995)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (103,448)	$  (108,894)
Net loss allocated to other     Partners	$    (1,046)	$    (1,101)

* Amounts include $103,448 and $108,894 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 18

	2015	2014
Revenues
Rental	$    523,605	$     933,455
Interest and other	16,560	34,624
	540,165	968,079
Expenses
Interest	54,430	118,785
Depreciation and amortization	131,150	286,504
Operating expenses	442,777	710,705
	628,357	1,115,994
NET LOSS	$    (88,192)	$   (147,915)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$    (87,310)	$   (146,436)
Net loss allocated to other     Partners	$      (882)	$     (1,479)

* Amounts include $87,310 and $146,436 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 19

	2015	2014
Revenues
Rental	$    187,201	$    334,251
Interest and other	3,825	22,594
	191,026	356,845
Expenses
Interest	23,569	68,911
Depreciation and amortization	40,451	80,376
Operating expenses	163,265	278,055
	227,285	427,342
NET LOSS	$   (36,259)	$   (70,497)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (35,896)	$   (69,792)
Net loss allocated to other     Partners	$     (363)	$      (705)

* Amounts include $35,896 and $69,792 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
June 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 three months ended June 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 June 30, 2015 were $134,760 and total fund management fees accrued as of June 30, 2015 were $16,184,685. During the three months ended June 30, 2015, $96,176 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 June 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 three months ended June 30, 2015 there were no advances. Below is a summary, by series, of the total advances made to date.

	Three 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 51 of the Operating Partnerships.

During the quarter ended June 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 June 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 43 of the Operating Partnerships.

During the quarter ended June 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 June 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 37 of the Operating Partnerships.

During the quarter ended June 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 June 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 June 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 June 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 June 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 June 30, 2015.

Results of Operations

As of June 30, 2015 and 2014, the Fund held limited partnership interests in 68 and 92 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 months ended June 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	$ 19,131	$  77,167	$ (58,036)
Series 16	45,774	7,484	38,290
Series 17	37,158	38,847	(1,689)
Series 18	23,904	700	23,204
Series 19	8,793	750	8,043
	$134,760	$ 124,948	$  9,812

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 June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%.  The series had a total of 17 properties June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 15 reflects a net loss from Operating Partnerships of $(108,554) and $(99,266), respectively, which includes depreciation and amortization of $187,833 and $231,481, 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.

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 June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 21 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 16 reflects a net loss from Operating Partnerships of $(105,970) and $(247,567), respectively, which includes depreciation and amortization of $290,726 and $349,083, 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.

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.

Anson Limited Partnership

Falcon Ridge, Limited Partnership

Greenfield Properties, Limited Partnership

Series 17

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

For the three month periods ended June 30, 2015 and 2014, Series 17 reflects a net loss from Operating Partnerships of $(104,494) and $(109,995), respectively, which includes depreciation and amortization of $195,800 and $338,004, 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 is scheduled to be transferred in September 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 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 will be 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.

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

Skowhegan Housing Limited Partnership

Series 18

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

For the three month periods ended June 30, 2015 and 2014, Series 18 reflects a net loss from Operating Partnerships of $(88,192) and $(147,915), respectively, which includes depreciation and amortization of $131,150 and $286,504, 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 is still receivable as of June 30, 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.

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.

Natchitoches Elderly Apartments, A Louisiana Partnership

Ripley Housing, L.P.

Series 19

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

For the three month periods ended June 30, 2015 and 2014, Series 19 reflects a net loss from Operating Partnerships of $(36,259) and $(70,497), respectively, which includes depreciation and amortization of $40,451 and $80,376, 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.

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.

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 June 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 June 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: August 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:
August 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:
August 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.
	Marc N. Teal

EX-31

Exhibit 31.a

I, John P. Manning, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund III L.P.;
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;
4. 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:

1. 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;
2. 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;
3. 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
4. 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

1. 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):

1. 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
2. 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: August 13, 2015	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

EX-31

Exhibit 31.b

I, Marc Teal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund III L.P.;
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;
4. 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:

1. 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;
2. 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;
3. 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
4. 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

1. 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):

1. 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
2. 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: August 13, 2015	/s/ Marc N. Teal
	Marc N. Teal, Principal Financial Officer

EX-32

EXHIBIT 32.a

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 Boston Capital Tax Credit Fund III L.P. (the "Fund") on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and 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 Fund.

Date:
August 13, 2015	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32

EXHIBIT 32.b

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 Boston Capital Tax Credit Fund III L.P. (the "Fund") on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and 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 Fund.

Date:
August 13, 2015	/s/ Marc N. Teal
	Marc. N. Teal
	Principal Financial Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

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 June 30, 2015 and 2014 are as follows:

	2015	2014
Series 15	$ 19,131	$ 30,864
Series 16	45,774	56,813
Series 17	37,158	46,986
Series 18	23,904	45,876
Series 19	8,793	15,618
	$134,760	$196,157

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

	2015	2014
Series 15	$    -	$        -
Series 16	-	-
Series 17	87,383	-
Series 18	-	-
Series 19	8,793	15,618
	$ 96,176	$   15,618

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ACCOUNTING AND FINANCIAL REPORTING POLICIES

3 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of June 30, 2015 and for the three 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.

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CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Mar. 31, 2015
ASSETS
Cash and cash equivalents	$ 8,738,441	$ 2,523,234
Other assets	13,456	357,489
Assets	8,751,897	2,880,723
LIABILITIES
Accounts payable & accrued expenses	46,034	28,234
Accounts payable affiliates (Note C)	16,820,047	16,781,463
Capital contributions payable (Note D)	76,455	76,455
Liabilities	16,942,536	16,886,152
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(6,298,084)	(12,054,726)
General Partner	(1,892,555)	(1,950,703)
Partners' capital (deficit)	(8,190,639)	(14,005,429)
Liabilities and Stockholders' Equity	8,751,897	2,880,723
Series Fifteen [Member]
ASSETS
Cash and cash equivalents	811,494	414,859
Other assets	0	0
Assets	811,494	414,859
LIABILITIES
Accounts payable & accrued expenses	9,246	6,246
Accounts payable affiliates (Note C)	3,714,956	3,695,825
Capital contributions payable (Note D)	0	0
Liabilities	3,724,202	3,702,071
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(2,561,392)	(2,932,151)
General Partner	(351,316)	(355,061)
Partners' capital (deficit)	(2,912,708)	(3,287,212)
Liabilities and Stockholders' Equity	811,494	414,859
Series Sixteen [Member]
ASSETS
Cash and cash equivalents	218,382	221,108
Other assets	0	0
Assets	218,382	221,108
LIABILITIES
Accounts payable & accrued expenses	4,488	4,488
Accounts payable affiliates (Note C)	8,082,174	8,036,400
Capital contributions payable (Note D)	50,008	50,008
Liabilities	8,136,670	8,090,896
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(7,372,497)	(7,324,482)
General Partner	(545,791)	(545,306)
Partners' capital (deficit)	(7,918,288)	(7,869,788)
Liabilities and Stockholders' Equity	218,382	221,108
Series Seventeen [Member]
ASSETS
Cash and cash equivalents	5,698,928	197,779
Other assets	0	2,200
Assets	5,698,928	199,979
LIABILITIES
Accounts payable & accrued expenses	24,800	10,000
Accounts payable affiliates (Note C)	635,362	685,587
Capital contributions payable (Note D)	7,893	7,893
Liabilities	668,055	703,480
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	5,397,513	(81,517)
General Partner	(366,640)	(421,984)
Partners' capital (deficit)	5,030,873	(503,501)
Liabilities and Stockholders' Equity	5,698,928	199,979
Series Eighteen [Member]
ASSETS
Cash and cash equivalents	640,943	306,518
Other assets	13,456	355,289
Assets	654,399	661,807
LIABILITIES
Accounts payable & accrued expenses	0	0
Accounts payable affiliates (Note C)	4,387,555	4,363,651
Capital contributions payable (Note D)	18,554	18,554
Liabilities	4,406,109	4,382,205
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(3,403,965)	(3,372,966)
General Partner	(347,745)	(347,432)
Partners' capital (deficit)	(3,751,710)	(3,720,398)
Liabilities and Stockholders' Equity	654,399	661,807
Series Nineteen [Member]
ASSETS
Cash and cash equivalents	1,368,694	1,382,970
Other assets	0	0
Assets	1,368,694	1,382,970
LIABILITIES
Accounts payable & accrued expenses	7,500	7,500
Accounts payable affiliates (Note C)	0	0
Capital contributions payable (Note D)	0	0
Liabilities	7,500	7,500
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	1,642,257	1,656,390
General Partner	(281,063)	(280,920)
Partners' capital (deficit)	1,361,194	1,375,470
Liabilities and Stockholders' Equity	$ 1,368,694	$ 1,382,970

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Cash flows from operating activities
Net income (loss)	$ 5,814,790		$ 193,893
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships	(5,850,728)		(382,700)
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	17,800		11,000
Decrease in other assets	2,200		0
(Decrease) Increase in accounts payable affiliates	38,584		180,539
Net cash (used in) provided by operating activities	22,646		2,732
Cash flows from investing activities
Proceeds from the disposition of Operating Partnerships	6,192,561	[1]	382,700
Net cash provided by investing activities	6,192,561		382,700
Net cash used in financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,215,207		385,432
Cash and cash equivalents, beginning	2,523,234		2,294,311
Cash and cash equivalents, ending	8,738,441		2,679,743
Series Fifteen [Member]
Cash flows from operating activities
Net income (loss)	374,504		375,601
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships	(325,769)		(382,700)
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	3,000		11,000
Decrease in other assets	0		0
(Decrease) Increase in accounts payable affiliates	19,131		30,864
Net cash (used in) provided by operating activities	70,866		34,765
Cash flows from investing activities
Proceeds from the disposition of Operating Partnerships	325,769	[1]	382,700
Net cash provided by investing activities	325,769		382,700
Net cash used in financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	396,635		417,465
Cash and cash equivalents, beginning	414,859		161,422
Cash and cash equivalents, ending	811,494		578,887
Series Sixteen [Member]
Cash flows from operating activities
Net income (loss)	(48,500)		(58,143)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships	0		0
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	0		0
Decrease in other assets	0		0
(Decrease) Increase in accounts payable affiliates	45,774		56,813
Net cash (used in) provided by operating activities	(2,726)		(1,330)
Cash flows from investing activities
Proceeds from the disposition of Operating Partnerships	0	[1]	0
Net cash provided by investing activities	0		0
Net cash used in financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2,726)		(1,330)
Cash and cash equivalents, beginning	221,108		176,922
Cash and cash equivalents, ending	218,382		175,592
Series Seventeen [Member]
Cash flows from operating activities
Net income (loss)	5,534,374		(51,918)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships	(5,524,959)		0
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	14,800		0
Decrease in other assets	2,200		0
(Decrease) Increase in accounts payable affiliates	(50,225)		46,986
Net cash (used in) provided by operating activities	(23,810)		(4,932)
Cash flows from investing activities
Proceeds from the disposition of Operating Partnerships	5,524,959	[1]	0
Net cash provided by investing activities	5,524,959		0
Net cash used in financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	5,501,149		(4,932)
Cash and cash equivalents, beginning	197,779		799,176
Cash and cash equivalents, ending	5,698,928		794,244
Series Eighteen [Member]
Cash flows from operating activities
Net income (loss)	(31,312)		(49,627)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships	0		0
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	0		0
Decrease in other assets	0		0
(Decrease) Increase in accounts payable affiliates	23,904		45,876
Net cash (used in) provided by operating activities	(7,408)		(3,751)
Cash flows from investing activities
Proceeds from the disposition of Operating Partnerships	341,833	[1]	0
Net cash provided by investing activities	341,833		0
Net cash used in financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	334,425		(3,751)
Cash and cash equivalents, beginning	306,518		355,319
Cash and cash equivalents, ending	640,943		351,568
Series Nineteen [Member]
Cash flows from operating activities
Net income (loss)	(14,276)		(22,020)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of income from operating partnerships	0		0
Changes in assets and liabilities
Increase in accounts payable and accrued expenses	0		0
Decrease in other assets	0		0
(Decrease) Increase in accounts payable affiliates	0		0
Net cash (used in) provided by operating activities	(14,276)		(22,020)
Cash flows from investing activities
Proceeds from the disposition of Operating Partnerships	0	[1]	0
Net cash provided by investing activities	0		0
Net cash used in financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(14,276)		(22,020)
Cash and cash equivalents, beginning	1,382,970		801,472
Cash and cash equivalents, ending	$ 1,368,694		$ 779,452

[1] Fund proceeds from disposition include $341,833 which was receivable as of March 31, 2015 for Series 18.

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INVESTMENTS IN OPERATING PARTNERSHIPS (Details 3) - USD ($)		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental		$ 3,263,242	$ 5,018,236
Interest and other		62,042	122,887
Operating Partnerships Revenues		3,325,284	5,141,123
Expenses
Interest		408,660	695,315
Depreciation and amortization		845,960	1,285,448
Operating expenses		2,514,133	3,835,600
Operating Partnerships Total Expenses		3,768,753	5,816,363
NET LOSS		(443,469)	(675,240)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	[1]	(439,032)	(668,486)
Net Income (Loss) allocated to other partners		(4,437)	(6,754)
Series Fifteen [Member]
Revenues
Rental		725,157	935,673
Interest and other		12,202	17,653
Operating Partnerships Revenues		737,359	953,326
Expenses
Interest		98,002	128,421
Depreciation and amortization		187,833	231,481
Operating expenses		560,078	692,690
Operating Partnerships Total Expenses		845,913	1,052,592
NET LOSS		(108,554)	(99,266)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	[2]	(107,468)	(98,273)
Net Income (Loss) allocated to other partners		(1,086)	(993)
Series Sixteen [Member]
Revenues
Rental		1,126,696	1,377,097
Interest and other		16,743	19,129
Operating Partnerships Revenues		1,143,439	1,396,226
Expenses
Interest		144,524	197,712
Depreciation and amortization		290,726	349,083
Operating expenses		814,159	1,096,998
Operating Partnerships Total Expenses		1,249,409	1,643,793
NET LOSS		(105,970)	(247,567)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	[3]	(104,910)	(245,091)
Net Income (Loss) allocated to other partners		(1,060)	(2,476)
Series Seventeen [Member]
Revenues
Rental		700,583	1,437,760
Interest and other		12,712	28,887
Operating Partnerships Revenues		713,295	1,466,647
Expenses
Interest		88,135	181,486
Depreciation and amortization		195,800	338,004
Operating expenses		533,854	1,057,152
Operating Partnerships Total Expenses		817,789	1,576,642
NET LOSS		(104,494)	(109,995)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	[4]	(103,448)	(108,894)
Net Income (Loss) allocated to other partners		(1,046)	(1,101)
Series Eighteen [Member]
Revenues
Rental		523,605	933,455
Interest and other		16,560	34,624
Operating Partnerships Revenues		540,165	968,079
Expenses
Interest		54,430	118,785
Depreciation and amortization		131,150	286,504
Operating expenses		442,777	710,705
Operating Partnerships Total Expenses		628,357	1,115,994
NET LOSS		(88,192)	(147,915)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	[5]	(87,310)	(146,436)
Net Income (Loss) allocated to other partners		(882)	(1,479)
Series Nineteen [Member]
Revenues
Rental		187,201	334,251
Interest and other		3,825	22,594
Operating Partnerships Revenues		191,026	356,845
Expenses
Interest		23,569	68,911
Depreciation and amortization		40,451	80,376
Operating expenses		163,265	278,055
Operating Partnerships Total Expenses		227,285	427,342
NET LOSS		(36,259)	(70,497)
Net loss allocated to Boston Capital Tax Credit Fund III L.P.	[6]	(35,896)	(69,792)
Net Income (Loss) allocated to other partners		$ (363)	$ (705)

[1] Amounts include $439,032 and $668,486 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[2] Amounts include $107,468 and $98,273 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[3] Amounts include $104,910 and $245,091 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[4] Amounts include $103,448 and $108,894 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[5] Amounts include $87,310 and $146,436 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[6] Amounts include $35,896 and $69,792 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

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ORGANIZATION

3 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

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 June 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.

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CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2015	Mar. 31, 2015	Sep. 04, 1993
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10	$ 10
Limited Partners Capital Account, Units Authorized	22,000,000	22,000,000
Limited Partners' Capital Account, Units Issued	21,996,102	21,996,102
Limited Partners Capital Account, Units Outstanding	21,936,787	21,936,787
Series Fifteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners Capital Account, Units Authorized	22,000,000	22,000,000
Limited Partners' Capital Account, Units Issued	3,870,500	3,870,500
Limited Partners Capital Account, Units Outstanding	3,858,400	3,858,400
Series Sixteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners Capital Account, Units Authorized	22,000,000	22,000,000
Limited Partners' Capital Account, Units Issued	5,429,402	5,429,402
Limited Partners Capital Account, Units Outstanding	5,411,800	5,411,800
Series Seventeen [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners Capital Account, Units Authorized	22,000,000	22,000,000
Limited Partners' Capital Account, Units Issued	5,000,000	5,000,000
Limited Partners Capital Account, Units Outstanding	4,980,687	4,980,687
Series Eighteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners Capital Account, Units Authorized	22,000,000	22,000,000
Limited Partners' Capital Account, Units Issued	3,616,200	3,616,200
Limited Partners Capital Account, Units Outstanding	3,612,200	3,612,200
Series Nineteen [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners Capital Account, Units Authorized	22,000,000	22,000,000
Limited Partners' Capital Account, Units Issued	4,080,000	4,080,000
Limited Partners Capital Account, Units Outstanding	4,073,700	4,073,700

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RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Management fees paid	$ 96,176	$ 15,618
Series Fifteen [Member]
Related Party Transaction [Line Items]
Management fees paid	0	0
Series Sixteen [Member]
Related Party Transaction [Line Items]
Management fees paid	0	0
Series Seventeen [Member]
Related Party Transaction [Line Items]
Management fees paid	87,383	0
Series Eighteen [Member]
Related Party Transaction [Line Items]
Management fees paid	0	0
Series Nineteen [Member]
Related Party Transaction [Line Items]
Management fees paid	$ 8,793	$ 15,618

XML

Document And Entity Information - Jun. 30, 2015 - shares	Total
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND III L P
Entity Central Index Key	0000879555
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

XML

RELATED PARTY TRANSACTIONS (Details Textual)	3 Months Ended
	Jun. 30, 2015
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%

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CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income
Interest income	$ 1,280	$ 972
Other income	16,622	2,094
Total income	17,902	3,066
Share of Income from Operating Partnerships(Note D)	5,850,728	382,700
Expenses
Professional fees	26,640	27,900
Fund management fee, net (Note C)	9,812	144,997
General and administrative expenses	17,388	18,976
Operating expenses	53,840	191,873
NET INCOME (LOSS)	5,814,790	193,893
Net income (loss) allocated to limited assignees	5,756,642	191,953
Net income (loss) allocated to general partner	$ 58,148	$ 1,940
Net income (loss) per BAC (in dollars per share)	$ 0.26	$ 0.01
Series Fifteen [Member]
Income
Interest income	$ 185	$ 130
Other income	0	0
Total income	185	130
Share of Income from Operating Partnerships(Note D)	325,769	382,700
Expenses
Professional fees	6,120	6,020
Fund management fee, net (Note C)	(58,036)	(2,304)
General and administrative expenses	3,366	3,513
Operating expenses	(48,550)	7,229
NET INCOME (LOSS)	374,504	375,601
Net income (loss) allocated to limited assignees	370,759	371,845
Net income (loss) allocated to general partner	$ 3,745	$ 3,756
Net income (loss) per BAC (in dollars per share)	$ 0.1	$ 0.1
Series Sixteen [Member]
Income
Interest income	$ 122	$ 110
Other income	401	661
Total income	523	771
Share of Income from Operating Partnerships(Note D)	0	0
Expenses
Professional fees	6,780	6,970
Fund management fee, net (Note C)	38,290	47,680
General and administrative expenses	3,953	4,264
Operating expenses	49,023	58,914
NET INCOME (LOSS)	(48,500)	(58,143)
Net income (loss) allocated to limited assignees	(48,015)	(57,562)
Net income (loss) allocated to general partner	$ (485)	$ (581)
Net income (loss) per BAC (in dollars per share)	$ (0.01)	$ (0.01)
Series Seventeen [Member]
Income
Interest income	$ 314	$ 266
Other income	16,138	1,350
Total income	16,452	1,616
Share of Income from Operating Partnerships(Note D)	5,524,959	0
Expenses
Professional fees	5,130	6,020
Fund management fee, net (Note C)	(1,689)	43,639
General and administrative expenses	3,596	3,875
Operating expenses	7,037	53,534
NET INCOME (LOSS)	5,534,374	(51,918)
Net income (loss) allocated to limited assignees	5,479,030	(51,399)
Net income (loss) allocated to general partner	$ 55,344	$ (519)
Net income (loss) per BAC (in dollars per share)	$ 1.1	$ (0.01)
Series Eighteen [Member]
Income
Interest income	$ 158	$ 95
Other income	0	0
Total income	158	95
Share of Income from Operating Partnerships(Note D)	0	0
Expenses
Professional fees	5,130	5,390
Fund management fee, net (Note C)	23,204	41,114
General and administrative expenses	3,136	3,218
Operating expenses	31,470	49,722
NET INCOME (LOSS)	(31,312)	(49,627)
Net income (loss) allocated to limited assignees	(30,999)	(49,131)
Net income (loss) allocated to general partner	$ (313)	$ (496)
Net income (loss) per BAC (in dollars per share)	$ (0.01)	$ (0.01)
Series Nineteen [Member]
Income
Interest income	$ 501	$ 371
Other income	83	83
Total income	584	454
Share of Income from Operating Partnerships(Note D)	0	0
Expenses
Professional fees	3,480	3,500
Fund management fee, net (Note C)	8,043	14,868
General and administrative expenses	3,337	4,106
Operating expenses	14,860	22,474
NET INCOME (LOSS)	(14,276)	(22,020)
Net income (loss) allocated to limited assignees	(14,133)	(21,800)
Net income (loss) allocated to general partner	$ (143)	$ (220)
Net income (loss) per BAC (in dollars per share)	$ (0.00)	$ (0.01)

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INCOME TAXES

3 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Relating To Partnership Disclosure [Text Block]

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.

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TAXABLE LOSS

3 Months Ended

Jun. 30, 2015

Taxable Loss [Abstract]

Taxable Loss [Text Block]

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.

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INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 668,486	$ 439,032
Series Fifteen [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	107,468	98,273
Series Sixteen [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	104,910	245,091
Series Seventeen [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	103,448	108,894
Series Eighteen [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	87,310	146,436
Fund Receivable	341,833
Series Nineteen [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 35,896	$ 69,792

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number	Jun. 30, 2015	Jun. 30, 2014
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	68	92
Series Fifteen [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	17	21
Series Sixteen [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	21	28
Series Seventeen [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	12	17
Series Eighteen [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	12	18
Series Nineteen [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	6	8

XML

ORGANIZATION (Details Textual) - USD ($)	Sep. 04, 1993	Jun. 30, 2015	Mar. 31, 2015
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10	$ 10
Limited Partners' Capital Account, Units Issued		21,996,102	21,996,102
Limited Partners Capital Account, Units Outstanding		21,936,787	21,936,787
Limited Partners Capital Account Additional Units Registered For Sale	2,000,000
Series Fifteen [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		$ 10	$ 10
Limited Partners' Capital Account, Units Issued		3,870,500	3,870,500
Limited Partners Capital Accounts Units Issued Value		$ 38,705,000
Limited Partners Capital Account, Units Outstanding		3,858,400	3,858,400
Series Sixteen [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		$ 10	$ 10
Limited Partners' Capital Account, Units Issued		5,429,402	5,429,402
Limited Partners Capital Accounts Units Issued Value		$ 54,293,000
Limited Partners Capital Account, Units Outstanding		5,411,800	5,411,800
Series Seventeen [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		$ 10	$ 10
Limited Partners' Capital Account, Units Issued		5,000,000	5,000,000
Limited Partners Capital Accounts Units Issued Value		$ 50,000,000
Limited Partners Capital Account, Units Outstanding		4,980,687	4,980,687
Series Eighteen [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		$ 10	$ 10
Limited Partners' Capital Account, Units Issued		3,616,200	3,616,200
Limited Partners Capital Accounts Units Issued Value		$ 36,162,000
Limited Partners Capital Account, Units Outstanding		3,612,200	3,612,200
Series Nineteen [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized		22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)		$ 10	$ 10
Limited Partners' Capital Account, Units Issued		4,080,000	4,080,000
Limited Partners Capital Accounts Units Issued Value		$ 40,800,000
Limited Partners Capital Account, Units Outstanding		4,073,700	4,073,700

XML

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

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

	2015	2014
Series 15	$ 19,131	$ 30,864
Series 16	45,774	56,813
Series 17	37,158	46,986
Series 18	23,904	45,876
Series 19	8,793	15,618
	$134,760	$196,157

Schedule Of Management Fees Paid [Table Text Block]

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

	2015	2014
Series 15	$    -	$        -
Series 16	-	-
Series 17	87,383	-
Series 18	-	-
Series 19	8,793	15,618
	$ 96,176	$   15,618

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

3 Months Ended

Jun. 30, 2015

Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

The breakdown of Operating Partnerships within the Fund at June 30, 2015 and 2014 is as follows:

	2015	2014
Series 15	17	21
Series 16	21	28
Series 17	12	17
Series 18	12	18
Series 19	6	8
	68	92

Schedule Of Contributions Payable [Table Text Block]

The contributions payable at June 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

Schedule Of Dispositions By Series [Table Text Block]

During the three months ended June 30, 2015 the Fund disposed of two Operating Partnerships. A summary of the dispositions by Series for June 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition*		Gain on Disposition
Series 15	-	1	$	325,769	$	325,769
Series 16	-	-		-		-
Series 17	-	1		5,524,959		5,524,959
Series 18	-	-		341,833		-
Series 19	-	-		-		-
Total	-	2	$	6,192,561	$	5,850,728

* Fund proceeds from disposition include $341,833 which was receivable as of March 31, 2015 for Series 18. 

During the three months ended June 30, 2014 the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for June 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	-	-		-		-
Series 17	-	-		-		-
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	2	1	$	382,700	$	382,700

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

Accordingly, the current financial results available for the Operating Partnerships are for the three months ended March 31, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

	2015	2014
Revenues
Rental	$ 3,263,242	$  5,018,236
Interest and other	62,042	122,887
	3,325,284	5,141,123
Expenses
Interest	408,660	695,315
Depreciation and amortization	845,960	1,285,448
Operating expenses	2,514,133	3,835,600
	3,768,753	5,816,363
NET LOSS	$ (443,469)	$  (675,240)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$ (439,032)	$  (668,486)
Net loss allocated to other     Partners	$   (4,437)	$    (6,754)

* Amounts include $439,032 and $668,486 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 15

	2015	2014
Revenues
Rental	$   725,157	$    935,673
Interest and other	12,202	17,653
	737,359	953,326
Expenses
Interest	98,002	128,421
Depreciation and amortization	187,833	231,481
Operating expenses	560,078	692,690
	845,913	1,052,592
NET LOSS	$  (108,554)	$   (99,266)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (107,468)	$   (98,273)
Net loss allocated to other     Partners	$    (1,086)	$      (993)

* Amounts include $107,468 and $98,273 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 16

	2015	2014
Revenues
Rental	$  1,126,696	$  1,377,097
Interest and other	16,743	19,129
	1,143,439	1,396,226
Expenses
Interest	144,524	197,712
Depreciation and amortization	290,726	349,083
Operating expenses	814,159	1,096,998
	1,249,409	1,643,793
NET LOSS	$  (105,970)	$  (247,567)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (104,910)	$  (245,091)
Net loss allocated to other     Partners	$    (1,060)	$    (2,476)

* Amounts include $104,910 and $245,091 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 17

	2015	2014
Revenues
Rental	$   700,583	$  1,437,760
Interest and other	12,712	28,887
	713,295	1,466,647
Expenses
Interest	88,135	181,486
Depreciation and amortization	195,800	338,004
Operating expenses	533,854	1,057,152
	817,789	1,576,642
NET LOSS	$  (104,494)	$  (109,995)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (103,448)	$  (108,894)
Net loss allocated to other     Partners	$    (1,046)	$    (1,101)

* Amounts include $103,448 and $108,894 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 18

	2015	2014
Revenues
Rental	$    523,605	$     933,455
Interest and other	16,560	34,624
	540,165	968,079
Expenses
Interest	54,430	118,785
Depreciation and amortization	131,150	286,504
Operating expenses	442,777	710,705
	628,357	1,115,994
NET LOSS	$    (88,192)	$   (147,915)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$    (87,310)	$   (146,436)
Net loss allocated to other     Partners	$      (882)	$     (1,479)

* Amounts include $87,310 and $146,436 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 19

	2015	2014
Revenues
Rental	$    187,201	$    334,251
Interest and other	3,825	22,594
	191,026	356,845
Expenses
Interest	23,569	68,911
Depreciation and amortization	40,451	80,376
Operating expenses	163,265	278,055
	227,285	427,342
NET LOSS	$   (36,259)	$   (70,497)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (35,896)	$   (69,792)
Net loss allocated to other     Partners	$     (363)	$      (705)

* Amounts include $35,896 and $69,792 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

XML

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Accrued management fees	$ 134,760	$ 196,157
Series Fifteen [Member]
Related Party Transaction [Line Items]
Accrued management fees	19,131	30,864
Series Sixteen [Member]
Related Party Transaction [Line Items]
Accrued management fees	45,774	56,813
Series Seventeen [Member]
Related Party Transaction [Line Items]
Accrued management fees	37,158	46,986
Series Eighteen [Member]
Related Party Transaction [Line Items]
Accrued management fees	23,904	45,876
Series Nineteen [Member]
Related Party Transaction [Line Items]
Accrued management fees	$ 8,793	$ 15,618

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2)	3 Months Ended
	Jun. 30, 2015 USD ($) Number		Jun. 30, 2014 USD ($) Number
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number	0		2
Sale of Underlying Operating Partnership | Number	2		1
Partnership Proceeds from Disposition	$ 6,192,561	[1]	$ 382,700
Gain on Disposition	$ 5,850,728		$ 382,700
Series Fifteen [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number	0		2
Sale of Underlying Operating Partnership | Number	1		1
Partnership Proceeds from Disposition	$ 325,769	[1]	$ 382,700
Gain on Disposition	$ 325,769		$ 382,700
Series Sixteen [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number	0		0
Sale of Underlying Operating Partnership | Number	0		0
Partnership Proceeds from Disposition	$ 0	[1]	$ 0
Gain on Disposition	$ 0		$ 0
Series Seventeen [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number	0		0
Sale of Underlying Operating Partnership | Number	1		0
Partnership Proceeds from Disposition	$ 5,524,959	[1]	$ 0
Gain on Disposition	$ 5,524,959		$ 0
Series Eighteen [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number	0		0
Sale of Underlying Operating Partnership | Number	0		0
Partnership Proceeds from Disposition	$ 341,833	[1]	$ 0
Gain on Disposition	$ 0		$ 0
Series Nineteen [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number	0		0
Sale of Underlying Operating Partnership | Number	0		0
Partnership Proceeds from Disposition	$ 0	[1]	$ 0
Gain on Disposition	$ 0		$ 0

[1] Fund proceeds from disposition include $341,833 which was receivable as of March 31, 2015 for Series 18.

XML

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 3 months ended Jun. 30, 2015 - USD ($)	Total	Assignees [Member]	General Partner [Member]	Series Fifteen [Member]	Series Fifteen [Member] Assignees [Member]	Series Fifteen [Member] General Partner [Member]	Series Sixteen [Member]	Series Sixteen [Member] Assignees [Member]	Series Sixteen [Member] General Partner [Member]	Series Seventeen [Member]	Series Seventeen [Member] Assignees [Member]	Series Seventeen [Member] General Partner [Member]	Series Eighteen [Member]	Series Eighteen [Member] Assignees [Member]	Series Eighteen [Member] General Partner [Member]	Series Nineteen [Member]	Series Nineteen [Member] Assignees [Member]	Series Nineteen [Member] General Partner [Member]
Partners' capital (deficit) at Mar. 31, 2015	$ (14,005,429)	$ (12,054,726)	$ (1,950,703)	$ (3,287,212)	$ (2,932,151)	$ (355,061)	$ (7,869,788)	$ (7,324,482)	$ (545,306)	$ (503,501)	$ (81,517)	$ (421,984)	$ (3,720,398)	$ (3,372,966)	$ (347,432)	$ 1,375,470	$ 1,656,390	$ (280,920)
Net income (loss)	5,814,790	5,756,642	58,148	374,504	370,759	3,745	(48,500)	(48,015)	(485)	5,534,374	5,479,030	55,344	(31,312)	(30,999)	(313)	(14,276)	(14,133)	(143)
Partners' capital (deficit) at Jun. 30, 2015	$ (8,190,639)	$ (6,298,084)	$ (1,892,555)	$ (2,912,708)	$ (2,561,392)	$ (351,316)	$ (7,918,288)	$ (7,372,497)	$ (545,791)	$ 5,030,873	$ 5,397,513	$ (366,640)	$ (3,751,710)	$ (3,403,965)	$ (347,745)	$ 1,361,194	$ 1,642,257	$ (281,063)

XML

INVESTMENTS IN OPERATING PARTNERSHIPS

3 Months Ended

Jun. 30, 2015

Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2015 and 2014, the Fund had limited partnership interests in 68 and 92 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2015 and 2014 is as follows:

	2015	2014
Series 15	17	21
Series 16	21	28
Series 17	12	17
Series 18	12	18
Series 19	6	8
	68	92

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 June 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 three months ended June 30, 2015 the Fund disposed of two Operating Partnerships. A summary of the dispositions by Series for June 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition*		Gain on Disposition
Series 15	-	1	$	325,769	$	325,769
Series 16	-	-		-		-
Series 17	-	1		5,524,959		5,524,959
Series 18	-	-		341,833		-
Series 19	-	-		-		-
Total	-	2	$	6,192,561	$	5,850,728

* Fund proceeds from disposition include $341,833 which was receivable as of March 31, 2015 for Series 18. 

During the three months ended June 30, 2014 the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for June 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	-	-		-		-
Series 17	-	-		-		-
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	2	1	$	382,700	$	382,700

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 three months ended March 31, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

	2015	2014
Revenues
Rental	$ 3,263,242	$  5,018,236
Interest and other	62,042	122,887
	3,325,284	5,141,123
Expenses
Interest	408,660	695,315
Depreciation and amortization	845,960	1,285,448
Operating expenses	2,514,133	3,835,600
	3,768,753	5,816,363
NET LOSS	$ (443,469)	$  (675,240)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$ (439,032)	$  (668,486)
Net loss allocated to other     Partners	$   (4,437)	$    (6,754)

* Amounts include $439,032 and $668,486 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.

Series 15

	2015	2014
Revenues
Rental	$   725,157	$    935,673
Interest and other	12,202	17,653
	737,359	953,326
Expenses
Interest	98,002	128,421
Depreciation and amortization	187,833	231,481
Operating expenses	560,078	692,690
	845,913	1,052,592
NET LOSS	$  (108,554)	$   (99,266)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (107,468)	$   (98,273)
Net loss allocated to other     Partners	$    (1,086)	$      (993)

* Amounts include $107,468 and $98,273 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.

Series 16

	2015	2014
Revenues
Rental	$  1,126,696	$  1,377,097
Interest and other	16,743	19,129
	1,143,439	1,396,226
Expenses
Interest	144,524	197,712
Depreciation and amortization	290,726	349,083
Operating expenses	814,159	1,096,998
	1,249,409	1,643,793
NET LOSS	$  (105,970)	$  (247,567)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (104,910)	$  (245,091)
Net loss allocated to other     Partners	$    (1,060)	$    (2,476)

* Amounts include $104,910 and $245,091 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.

Series 17

	2015	2014
Revenues
Rental	$   700,583	$  1,437,760
Interest and other	12,712	28,887
	713,295	1,466,647
Expenses
Interest	88,135	181,486
Depreciation and amortization	195,800	338,004
Operating expenses	533,854	1,057,152
	817,789	1,576,642
NET LOSS	$  (104,494)	$  (109,995)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$  (103,448)	$  (108,894)
Net loss allocated to other     Partners	$    (1,046)	$    (1,101)

* Amounts include $103,448 and $108,894 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.

Series 18

	2015	2014
Revenues
Rental	$    523,605	$     933,455
Interest and other	16,560	34,624
	540,165	968,079
Expenses
Interest	54,430	118,785
Depreciation and amortization	131,150	286,504
Operating expenses	442,777	710,705
	628,357	1,115,994
NET LOSS	$    (88,192)	$   (147,915)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$    (87,310)	$   (146,436)
Net loss allocated to other     Partners	$      (882)	$     (1,479)

* Amounts include $87,310 and $146,436 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.

Series 19

	2015	2014
Revenues
Rental	$    187,201	$    334,251
Interest and other	3,825	22,594
	191,026	356,845
Expenses
Interest	23,569	68,911
Depreciation and amortization	40,451	80,376
Operating expenses	163,265	278,055
	227,285	427,342
NET LOSS	$   (36,259)	$   (70,497)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (35,896)	$   (69,792)
Net loss allocated to other     Partners	$     (363)	$      (705)

* Amounts include $35,896 and $69,792 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.

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014
Contributions Payable [Line Items]
Capital contributions payable	$ 76,455	$ 76,455	$ 85,274
Series Fifteen [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0	0
Series Sixteen [Member]
Contributions Payable [Line Items]
Capital contributions payable	50,008	50,008	50,008
Series Seventeen [Member]
Contributions Payable [Line Items]
Capital contributions payable	7,893	7,893	16,712
Series Eighteen [Member]
Contributions Payable [Line Items]
Capital contributions payable	18,554	18,554	18,554
Series Nineteen [Member]
Contributions Payable [Line Items]
Capital contributions payable	$ 0	$ 0	$ 0