WNC CALIFORNIA HOUSING TAX CREDITS III LP
10-Q, 1997-05-20
OPERATORS OF APARTMENT BUILDINGS
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                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

(Mark One)

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

For the quarterly period ended MARCH 31, 1997

                                       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: 0-23908


                  WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.

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

CALIFORNIA                                       33-0531301

WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
3158 REDHILL AVENUE, SUITE 120, COSTA MESA, CA  92626

(714) 662-5565


         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 X No ____




<PAGE>


Part I.  Financial Information

Item 1.  Financial Statements

         INDEX

                  WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
                       (A California Limited Partnership)

                               INDEX TO FORM 10-Q

                      FOR THE QUARTER ENDED MARCH 31, 1997




PART I. FINANCIAL INFORMATION

   Item 1. Financial Statements...............................................2

  

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



PART II. OTHER INFORMATION

    Item 6. Exhibits and Reports on Form 8-K..................................3

    Signatures ...............................................................4



<PAGE>






Item 1.  Financial Statements

Omitted




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

Omitted










                                       -2-
<PAGE>






Part II.  Other Information

Item 1.  Legal Proceedings

         None.

Item 6.  Exhibits and Reports on Form 8-K

1.  None.


         No reports on Form 8-K  were  filed during  the quarter ended March 31,
1997


                                       -3-
<PAGE>


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

WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.

By:  WNC California Tax Credit Partners III General Partner

By:  WNC & Associates, Inc.                 General Partner


By:   /s/  John B. Lester, Jr
    ------------------------------
John B. Lester, Jr.        President

Date: May 20, 1997

By:    /s/  Theodore M. Paul
    ------------------------------
Theodore M. Paul  Vice President-Finance

Date: May 20, 1997


                                      -4-


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<ARTICLE>                     5
<CIK>                         0000892997
<NAME>                        WNC CALIFORNIA HOUSING TAX CREDITRS III, L.P.
<MULTIPLIER>                                   1
<CURRENCY>                                     US CURRENCY
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 JAN-01-1997
<PERIOD-END>                                   MAR-31-1997
<EXCHANGE-RATE>                                1
<CASH>                                                 0
<SECURITIES>                                           0
<RECEIVABLES>                                          0
<ALLOWANCES>                                           0
<INVENTORY>                                            0
<CURRENT-ASSETS>                                       0
<PP&E>                                                 0
<DEPRECIATION>                                         0
<TOTAL-ASSETS>                                         0
<CURRENT-LIABILITIES>                                  0
<BONDS>                                                0
                                  0
                                            0
<COMMON>                                               0
<OTHER-SE>                                             0
<TOTAL-LIABILITY-AND-EQUITY>                           0
<SALES>                                                0
<TOTAL-REVENUES>                                       0
<CGS>                                                  0
<TOTAL-COSTS>                                          0
<OTHER-EXPENSES>                                       0
<LOSS-PROVISION>                                       0
<INTEREST-EXPENSE>                                     0
<INCOME-PRETAX>                                        0
<INCOME-TAX>                                           0
<INCOME-CONTINUING>                                    0
<DISCONTINUED>                                         0
<EXTRAORDINARY>                                        0
<CHANGES>                                              0
<NET-INCOME>                                           0
<EPS-PRIMARY>                                          0
<EPS-DILUTED>                                          0
        


</TABLE>


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