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| 1. | I      have reviewed this annual report on Form 10-KSB of AmREIT Monthly Income      and Growth Fund III, Ltd.; |
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| 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; |
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| 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 small      business issuer as of, and for, the periods presented in this      report; |
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| 4. | The      small business issuer’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 small business issuer and      have: |
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|   | a) | Designed      such disclosure controls and procedures or caused such disclosure controls      and procedures to be designed under our supervision, to ensure that      material information relating to the small business issuer, 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; |
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|   | b) | Evaluated      the effectiveness of the small business issuer’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 |
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|   | c) | Disclosed      in this report any change in the small business issuer’s internal control      over financial reporting that occurred during the small business issuer’s      most recent fiscal quarter (the small business issuer’s fourth fiscal      quarter in the case of an annual report) that has materially affected, or      is reasonably likely to materially affect, the small business issuer’s      internal control over financial reporting;and |
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| 5. | The      small business issuer’s other certifying officer and I have disclosed,      based on our most recent evaluation of internal control over financial      reporting, to the small business issuer’s auditors and the audit committee      of small business issuer’s board of directors (or persons performing the      equivalent functions): |
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|   | a) | All      significant deficiencies and material weaknesses in the design or      operation of internal controls over financial reporting which are      reasonably likely to adversely affect the small business issuer’s ability      to record, process, summarize and report financial information;      and |
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|   | b) | Any      fraud, whether or not material, that involves management or other      employees who have a significant role in the small business issuer’s      internal controls over financialreporting. |
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| Date:      March 31, 2008 | By:                                                                                                                                           | /s/ Chad C. Braun |
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|                      | Name:      Chad C. Braun                                                                                                                      |
|                      | Title:      Chief Financial Officer of AmREIT Monthly Income & Growth III      Corporation, General Partner of the Small business  issuer |

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