----

| Delaware                                      | 13-3545006                                             |
|-----------------------------------------------|-------------------------------------------------------------|
| (State or Other Jurisdiction of Organization) | (I.R.S. Employer Incorporation or  Identification No.) |
|                                               |                                                             |
|                                          |                                                        |
| Richman Tax Credit Properties III L.P.        |                                                        |
| 340 Pemberwick Road                           |                                                        |
| Greenwich, Connecticut                        | 06831                                                       |
| (Address of Principal Executive Offices)      | (Zip Code)                                                  |

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

----

|    |                                                                                   | Page   |
|---------|----------------------------------------------------------------------------------------|--------|
|    |                                                                                   |   |
| Item 1. | Financial Statements.                                                                  |   |
|    |                                                                                   |   |
|         | Balance Sheets                                                                         | 3      |
|    |                                                                                   |   |
|         | Statements of Operations and Comprehensive Income (Loss)                               | 4      |
|    |                                                                                   |   |
|         | Statements of Cash Flows                                                               | 5      |
|    |                                                                                   |   |
|         | Notes to Financial Statements                                                          | 7      |
|    |                                                                                   |   |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 9      |
|    |                                                                                   |   |
| Item 3. | Quantitative and Qualitative Disclosure About Market Risk.                             | 11     |
|    |                                                                                   |   |
| Item 4. | Controls and Procedures.                                                               | 12     |

----

|                                                                        |   | June 29, |       |   | March 30, |   |
|-----------------------------------------------------------------------------|--------|----------|------------|--------|-----------|--------|
|                                                                        |   | 2016     |       |   | 2016      |   |
|                                                                        |   |          |       |   |           |   |
| ASSETS                                                                      |   |          |       |   |           |   |
|                                                                        |   |          |       |   |           |   |
| Cash and liquid investments                                                 |   |          |       |   |           |   |
|                                                                        |   |          |       |   |           |   |
| Cash and cash equivalents                                                   |   | $        | 254,446    |   |      | $      | 110,119 |   |
| Investment in Pemberwick Fund, a short duration bond fund                   |   |     | 893,553    |   |      |   | 231,367 |   |
|                                                                        |   |     |       |   |      |   |   |   |
|                                                                        |   | $        | 1,147,999  |   |      | $      | 341,486 |   |
|                                                                        |   |     |       |   |      |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT)                                  |   |     |       |   |      |   |   |   |
|                                                                        |   |     |       |   |      |   |   |   |
| Liabilities                                                                 |   |     |       |   |      |   |   |   |
|                                                                        |   |     |       |   |      |   |   |   |
| Accounts payable and accrued expenses                                       |   | $        | 10,543     |   |      | $      | 32,120 |   |
| Payable to general partner and affiliates                                   |   |     | 3,269,294  |   |      |   | 3,260,048 |   |
|                                                                        |   |     |       |   |      |   |   |   |
|                                                                        |   |     | 3,279,837  |   |      |   | 3,292,168 |   |
|                                                                        |   |     |       |   |      |   |   |   |
| Commitments and contingencies                                               |   |     |       |   |      |   |   |   |
|                                                                        |   |     |       |   |      |   |   |   |
| Partners' equity (deficit)                                                  |   |     |       |   |      |   |   |   |
|                                                                        |   |     |       |   |      |   |   |   |
| General partner                                                             |   |     | (2,024,804 | )      |      |   | (2,842,300 | ) |
| Limited partners (35,883 units of limited partnership interest outstanding) |   |     | (107,589   | )      |      |   | (107,589 | ) |
| Accumulated other comprehensive income (loss)                               |   |     | 555        |   |      |   | (793 | ) |
|                                                                        |   |     |       |   |      |   |   |   |
|                                                                        |   |     | (2,131,838 | )      |      |   | (2,950,682 | ) |
|                                                                        |   |     |       |   |      |   |   |   |
|                                                                        |   | $        | 1,147,999  |   |      | $      | 341,486 |   |

----

|                                                                                                      |   | 2016   |    |   | 2015   |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                      |   |        |    |   |        |   |
| REVENUE                                                                                                   |   |        |    |   |        |   |
|                                                                                                      |   |        |    |   |        |   |
| Interest                                                                                                  |   | $      | 958     |   |   | $      | 566 |   |
| Other income from local partnerships                                                                      |   |   | 5,000   |   |   |   | 4,080 |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| TOTAL REVENUE                                                                                             |   |   | 5,958   |   |   |   | 4,646 |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| EXPENSES                                                                                                  |   |   |    |   |   |   |   |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| Administration fees                                                                                       |   |   | 5,738   |   |   |   | 12,175 |   |
| Management fees                                                                                           |   |   | 5,738   |   |   |   | 12,175 |   |
| Professional fees                                                                                         |   |   | 9,731   |   |   |   | 11,679 |   |
| Printing, postage and other                                                                               |   |   | 4,920   |   |   |   | 2,008 |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| TOTAL EXPENSES                                                                                            |   |   | 26,127  |   |   |   | 38,037 |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| LOSS BEFORE GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES                        |   |   | (20,169 | )      |   |   | (33,391 | ) |
|                                                                                                      |   |   |    |   |   |   |   |   |
| GAIN ON SALE OF LIMITED PARTNER INTERESTS/ LOCAL PARTNERSHIP PROPERTIES                                   |   |   | 837,665 |   |   |   |   |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| NET INCOME (LOSS)                                                                                         |   |   | 817,496 |   |   |   | (33,391 | ) |
|                                                                                                      |   |   |    |   |   |   |   |   |
| Other comprehensive income (loss) - Pemberwick Fund                                                       |   |   | 1,348   |   |   |   | (457 | ) |
|                                                                                                      |   |   |    |   |   |   |   |   |
| COMPREHENSIVE INCOME (LOSS)                                                                               |   | $      | 818,844 |   |   | $      | (33,848 | ) |
|                                                                                                      |   |   |    |   |   |   |   |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| NET INCOME (LOSS) ATTRIBUTABLE TO                                                                         |   |   |    |   |   |   |   |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
| General partner                                                                                           |   | $      | 817,496 |   |   | $      | (33,391 | ) |
| Limited partners                                                                                          |   |   | --      |   |   |   | -- |   |
|                                                                                                      |   |   |    |   |   |   |   |   |
|                                                                                                      |   | $      | 817,496 |   |   | $      | (33,391 | ) |
|                                                                                                      |   |   |    |   |   |   |   |   |
| NET INCOME (LOSS) per unit of limited partnership interest (35,883 units of limited partnership interest) |   | $      | --      |   |   | $      | -- |   |

----

|                                                                                       |   | 2016   |     |   | 2015   |   |
|--------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                       |   |        |     |   |        |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                       |   |        |     |   |        |   |
|                                                                                       |   |        |     |   |        |   |
| Interest received                                                                          |   | $      | 958      |   |   | $      | 566 |   |
| Cash paid for                                                                              |   |   |     |   |   |   |   |   |
| Administration fees                                                                        |   |   | (2,230   | )      |   |   | (1,490 | ) |
| Professional fees                                                                          |   |   | (31,308  | )      |   |   | (3,570 | ) |
| Printing, postage and other expenses                                                       |   |   | (4,920   | )      |   |   | (3,348 | ) |
|                                                                                       |   |   |     |   |   |   |   |   |
| Net cash used in operating activities                                                      |   |   | (37,500  | )      |   |   | (7,842 | ) |
|                                                                                       |   |   |     |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                       |   |   |     |   |   |   |   |   |
|                                                                                       |   |   |     |   |   |   |   |   |
| Proceeds in connection with sale of limited partner interests/local partnership properties |   |   | 837,665  |   |   |   |   |   |
| Investments in Pemberwick Fund                                                             |   |   | (660,838 | )      |   |   | (538 | ) |
| Distributions received from local partnerships                                             |   |   | 5,000    |   |   |   | 4,080 |   |
|                                                                                       |   |   |     |   |   |   |   |   |
| Net cash provided by investing activities                                                  |   |   | 181,827  |   |   |   | 3,542 |   |
|                                                                                       |   |   |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                       |   |   | 144,327  |   |   |   | (4,300 | ) |
|                                                                                       |   |   |     |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                           |   |   | 110,119  |   |   |   | 52,011 |   |
|                                                                                       |   |   |     |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                 |   | $      | 254,446  |   |   | $      | 47,711 |   |
|                                                                                       |   |   |     |   |   |   |   |   |
| SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES                                     |   |   |     |   |   |   |   |   |
|                                                                                       |   |   |     |   |   |   |   |   |
| Unrealized gain (loss) on investment in Pemberwick Fund                                    |   | $      | 1,348    |   |   | $      | (457 | ) |

----

|                                                                                     |   | 2016   |     |   | 2015   |   |
|------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                     |   |        |     |   |        |   |
| RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES             |   |        |     |   |        |   |
|                                                                                     |   |        |     |   |        |   |
| Net income (loss)                                                                        |   | $      | 817,496  |   |   | $      | (33,391 | ) |
|                                                                                     |   |   |     |   |   |   |   |   |
| Adjustments to reconcile net income (loss) to net cash used in operating activities      |   |   |     |   |   |   |   |   |
|                                                                                     |   |   |     |   |   |   |   |   |
|    Gain on sale of limited partner interests/local partnership properties |   |   | (837,665 | )      |   |   |   |   |
| Other income from local partnerships                                                     |   |   | (5,000   | )      |   |   | (4,080 | ) |
| Increase (decrease) in accounts payable and accrued expenses                             |   |   | (21,577  | )      |   |   | 6,769 |   |
| Increase in payable to general partner and affiliates                                    |   |   | 9,246    |   |   |   | 22,860 |   |
|                                                                                     |   |   |     |   |   |   |   |   |
| NET CASH USED IN OPERATING ACTIVITIES                                                    |   | $      | (37,500  | )      |   | $      | (7,842 | ) |

----

| 1. | Basis of Presentation |
|----|-----------------------|

| 2. | Investment in Local Partnerships |
|----|----------------------------------|

| 3. | Investment in Pemberwick Fund |
|----|-------------------------------|

----

| 4. | Additional Information |
|----|------------------------|

----

----

----

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

----

----

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

----

|                  |   | AMERICAN TAX CREDIT PROPERTIES III L.P.                            |
|-----------------------|--------|--------------------------------------------------------------------|
|                  |   | (a Delaware limited partnership)                                   |
|                  |   |                                                               |
|                  |   | By:    Richman Tax Credit Properties III L.P., |
|                  |   | General Partner                                                    |
|                  |   |                                                               |
|                  |   | By:    Richman Housing Credits Inc.,           |
|                  |   | general partner                                                    |
|                  |   |                                                               |
|                  |   |                                                               |
| Dated: August 1, 2016 |   | /s/Brian Myers                                                     |
|                  |   | By: Brian Myers                                                    |
|                  |   | Chief Executive Officer                                            |
|                  |   |                                                               |
|                  |   |                                                               |
|                  |   |                                                               |
| Dated: August 1, 2016 |   | /s/James Hussey                                                    |
|                  |   | By:    James Hussey                            |
|                  |   | Chief Financial Officer                                            |
|                  |   |                                                               |
|                  |   |                                                               |
|                  |   |                                                               |
| Dated: August 1, 2016 |   | /s/Richard Paul Richman                                            |
|                  |   | By:    Richard Paul Richman                    |
|                  |   | Sole Director                                                      |

----