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 September 30, 2000
OR
o 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.
California 33-0531301
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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 ____ No __X__.
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
INDEX TO FORM 10-Q
For the Quarter Ended September 30, 2000
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets
September 30, 2000 and March 31, 2000...............................3
Statements of Operations
For the three and six months ended September 30, 2000 and 1999......4
Statement of Partners' Equity (Deficit)
For the six months ended September 30, 2000.........................5
Statements of Cash Flows
For the six months ended September 30, 2000 and 1999................6
Notes to Financial Statements................................................7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations................................13
Item 3. Quantitative and Qualitative Disclosures About Market Risks.........14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings...................................................14
Item 6. Exhibits and Reports on Form 8-K....................................14
Signatures .................................................................15
2
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, 2000 March 31, 2000
----------------------- --------------------
(Unaudited)
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 459,264 $ 480,598
Investments in limited partnerships, net (Note 2) 7,752,983 8,224,971
----------------------- --------------------
$ 8,212,247 $ 8,705,569
======================= ====================
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Accrued fees and expenses due to
General Partner and affiliates (Note 3) $ 787,638 $ 718,279
----------------------- --------------------
Total liabilities 787,638 718,279
----------------------- --------------------
Partners' equity (deficit):
General partner (95,885) (90,258)
Limited partners (30,000 units authorized;
18,000 units issued and outstanding) 7,520,494 8,077,548
----------------------- --------------------
Total partners' equity 7,424,609 7,987,290
----------------------- --------------------
$ 8,212,247 $ 8,705,569
======================= ====================
</TABLE>
See accompanying notes to financial statements
3
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
For the Three and Six Months Ended September 30, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
---------------------------------- ---------------------------------
Three Six Three Six
Months Months Months Months
-------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
Interest income $ 5,220 $ 10,484 $ 5,059 $ 10,046
-------------- -------------- ------------- --------------
Operating expenses:
Amortization 15,116 30,232 15,116 30,232
Asset management fees (Note 3) 45,346 90,692 45,346 90,692
Legal and accounting 10,712 12,565 971 10,602
Other 734 3,358 6,487 4,867
-------------- -------------- ------------- --------------
Total operating expenses 71,908 136,847 67,920 136,393
-------------- -------------- ------------- --------------
Loss from operations (66,688) (126,363) (62,861) (126,347)
Equity in losses of
limited partnerships (Note2) (218,159) (436,318) (224,354) (454,050)
-------------- -------------- ------------- --------------
Net loss $ (284,847) $ (562,681) $ (287,215) $ (580,397)
============== ============== ============= ==============
Net loss allocated to:
General partner $ (2,848) $ (5,627) $ (2,872) $ (5,804)
============== ============== ============= ==============
Limited partners $ (281,999) $ (557,054) $ (284,343) $ (574,593)
============== ============== ============= ==============
Net loss per limited
partner unit $ (16) $ (31) $ (16) $ (32)
============== ============== ============= ==============
Outstanding weighted limited
partner units 18,000 18,000 18,000 18,000
============== ============== ============= ==============
</TABLE>
See accompanying notes to financial statements
4
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
STATEMENT OF PARTNERS' EQUITY
For the Six Months Ended September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
------------------ ---------------- -----------------
<S> <C> <C> <C>
Partners' equity (deficit) at March 31, 2000 $ (90,258) $ 8,077,548 $ 7,987,290
Net loss (5,627) (557,054) (562,681)
------------------ ---------------- -----------------
Partners' equity (deficit) at September 30, 2000 $ (95,885) $ 7,520,494 $ 7,424,609
================== ================ =================
</TABLE>
See accompanying notes to financial statements
5
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
For the Six Months Ended September 30, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
----------------- ------------------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (562,681) $ (580,397)
Adjustments to reconcile net loss to net cash
used in operating activities:
Amortization 30,232 30,232
Equity in losses of limited partnerships 436,318 454,050
Change in accrued fees and expenses due to
General Partner and affiliates 69,359 88,604
----------------- ------------------
Net cash used in operating activities (26,772) (7,511)
----------------- ------------------
Cash flows from investing activities:
Distributions from limited partnerships 5,438 4,335
----------------- ------------------
Net cash provided by investing activities 5,438 4,335
----------------- ------------------
Net decrease in cash and cash equivalents (21,334) (3,176)
----------------- ------------------
Cash and cash equivalents, beginning of period 480,598 509,695
----------------- ------------------
Cash and cash equivalents, end of period $ 459,264 $ 506,519
================= ==================
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION:
Taxes paid $ 800 $ 800
================= ==================
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
The accompanying condensed consolidated unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q for quarterly
reports under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and six months ended September 30, 2000 are not
necessarily indicative of the results that may be expected for the fiscal year
ending March 31, 2001. For further information, refer to the financial
statements and footnotes thereto included in the Partnership's annual report on
Form 10-K for the fiscal year ended March 31, 2000.
Organization
WNC California Housing Tax Credits III, L.P. a California Limited Partnership
(the "Partnership"), was formed on October 5, 1992 under the laws of the state
of California and began operations on July 19, 1993. The Partnership was formed
to invest primarily in other limited partnerships (the "Local Limited
Partnerships") which own and operate multi-family housing complexes (the
"Housing Complex") that are eligible for low income housing credits. The local
general partners (the "Local General Partners") of each Local Limited
Partnership retain responsibility for maintaining, operating and managing the
Housing Complex.
The general partner is WNC Tax Credit Partners III, L.P. (the "General
Partner"). WNC & Associates, Inc. ("WNC") is the general partner of WNC Tax
Credit Partners III, L.P. Wilfred N. Cooper Sr., through the Cooper Revocable
Trust owns 66.8% of the outstanding stock of WNC. John B. Lester, Jr. was the
original limited partner of the Partnership and owns, through the Lester Family
Trust, 28.6% of the outstanding stock of WNC. Wilfred N. Cooper, Jr., President
of WNC, owns 2.1% of the outstanding stock of WNC. The business of the
Partnership is conducted primarily through the General Partner, as the
Partnership has no employees of its own.
The Partnership Agreement authorized the sale of up to 30,000 units at $1,000
per Unit ("Units"). The offering of Units concluded in July 1994 at which time
17,990 Units, representing subscriptions in the amount of $17,990,000, had been
accepted. During 1995, an additional 10 units amounting to $10,000 was collected
on subscriptions accepted and previously deemed uncollectible. The General
Partner has a 1% interest in operating profits and losses, taxable income and
losses, cash available for distribution from the Partnership and tax credits of
the Partnership. The limited partners will be allocated the remaining 99% of
these items in proportion to their respective investments.
After the limited partners have received proceeds from a sale or refinancing
equal to their capital contributions and their return on investment (as defined
in the Partnership Agreement) and the General Partner has received proceeds
equal to its capital contribution and a subordinated disposition fee from the
remainder, any additional sale or refinancing proceeds will be distributed 90%
to the limited partners (in proportion to their respective investments) and 10%
to the General Partner.
7
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Risks and Uncertainties
The Partnership's investments in Local Limited Partnerships are subject to the
risks incident to the management and ownership of low-income housing and to the
management and ownership of multi-unit residential real estate. Some of these
risks are that the low income housing credit could be recaptured and that
neither the Partnership's investments nor the Housing Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes receive government financing or operating subsidies, they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests; limitations on
removal of Local Partners; limitations on subsidy programs; and possible changes
in applicable regulations. The Housing Complexes are or will be subject to
mortgage indebtedness. If a Local Limited Partnership does not make its mortgage
payments, the lender could foreclose resulting in a loss of the Housing Complex
and low income housing credits. As a limited partner of the Local Limited
Partnerships, the Partnership will have very limited rights with respect to
management of the Local Limited Partnerships, and will rely totally on the Local
General Partners of the Local Limited Partnerships for management of the Local
Limited Partnerships. The value of the Partnership's investments will be subject
to changes in national and local economic conditions, including unemployment
conditions, which could adversely impact vacancy levels, rental payment defaults
and operating expenses. This, in turn, could substantially increase the risk of
operating losses for the Housing Complexes and the Partnership. In addition,
each Local Limited Partnership is subject to risks relating to environmental
hazards and natural disasters which might be uninsurable. Because the
Partnership's operations will depend on these and other factors beyond the
control of the General Partner and the Local General Partners, there can be no
assurance that the anticipated low income housing credits will be available to
Limited Partners.
In addition, Limited Partners are subject to risks in that the rules governing
the low income housing credit are complicated, and the use of credits can be
limited. The only material benefit from an investment in Units may be the low
income housing credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will develop. All management decisions will
be made by the General Partner.
Method of Accounting For Investments in Limited Partnerships
The Partnership accounts for its investments in limited partnerships using the
equity method of accounting, whereby the Partnership adjusts its investment
balance for its share of the Local Limited Partnership's results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnerships are consistent with those of the Partnership. Costs incurred by the
Partnership in acquiring the investments are capitalized as part of the
investment account and are being amortized over 30 years.
Offering Expenses
Offering expenses consist of underwriting commissions, legal fees, printing,
filing and recordation fees, and other costs incurred with selling limited
partnership interests in the Partnership. The General Partner is obligated to
pay all offering and organization costs in excess of 15% (including sales
commissions) of the total offering proceeds. Offering expenses are reflected as
a reduction of partners' capital and amounted to $2,366,564 at the end of all
periods presented.
8
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Actual results could materially differ from those estimates.
Cash and Cash Equivalents
The Partnership considers highly liquid investments with remaining maturities of
three months or less when purchased to be cash equivalents. The Partnership had
no cash equivalents at the end of all periods presented.
Concentration of Credit Risk
At September 30, 2000, the Partnership maintained a cash balance at a certain
financial institution in excess of the maximum federally insured amounts.
Net Loss Per Limited Partner Unit
Net loss per limited partnership unit is calculated pursuant to Statement of
Financial Accounting Standards No. 128, Earnings Per Share. Net loss per unit
includes no dilution and is computed by dividing loss available to limited
partners by the weighted average number of units outstanding during the period.
Calculation of diluted net income per unit is not required.
Reporting Comprehensive Income
In June 1997, the FASB issued Statement of Financial Accounting Standards
("SFAS") No. 130, Reporting Comprehensive Income. This statement establishes
standards for reporting the components of comprehensive income and requires that
all items that are required to be recognized under accounting standards as
compoents of comprehensive income be included in a financial statement that is
displayed with the same prominence as other financial statements. Comprehensive
income includes net income as well as certain items that are reported directly
within a separate components of partners' equity and bypass net income. The
Partnership adopted the provisions of this statement in 1998. For the periods
presented, the Partnership has no element of other comprehensive income, as
defined by SFAS No. 130.
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
As of the periods presented, the Partnership had acquired limited partnership
interests in eighteen Local Limited Partnerships, each of which owns one Housing
Complex consisting of an aggregate of 635 apartment units. The respective
general partners of the Local Limited Partnerships manage the day-to-day
operations of the entities. Significant Local Limited Partnership business
decisions require approval from the Partnership. The Partnership, as a limited
partner, is generally entitled to 99%, as specified in the Local Limited
Partnership agreements, of the operating profits and losses, taxable income and
losses and tax credits of the Limited Partnerships.
Equity in losses of the Local Limited Partnerships is recognized in the
financial statements until the related investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
9
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
recognized. If the Local Limited Partnerships report net income in future years,
the Partnership will resume applying the equity method only after its share of
such net income equals the share of net losses not recognized during the
period(s) the equity method was suspended.
The following is a summary of the equity method activity of the investments in
Local Limited Partnerships for the periods presented.
<TABLE>
<CAPTION>
For the Six For the Year
Months Ended Ended
September 30, March 31,
2000 2000
------------------ ----------------
<S> <C> <C>
Investments per balance sheet, beginning of period $ 8,224,971 $ 9,164,197
Distributions received (5,438)
(5,909)
Equity in losses of limited partnerships (436,318) (872,853)
Amortization of paid acquisition fees and costs (30,232) (60,464)
------------------ ----------------
Investments per balance sheet, end of period $ 7,752,983 $ 8,224,971
================== ================
</TABLE>
Selected financial information for the six months ended September 30 from the
unaudited combined financial statements of the limited partnerships in which the
Partnership has invested as follows:
COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
2000 1999
---------------------- --------------------
<S> <C> <C>
Revenue $ 1,471,000 $ 1,490,000
Expenses:
Operating expenses 1,037,000 900,000
Interest expense 286,000 474,000
Depreciation and amortization 613,000 594,000
---------------------- --------------------
Total expenses 1,936,000 1,968,000
---------------------- --------------------
Net loss $ (465,000) $ (478,000)
====================== ====================
Net loss allocable to the Partnership $ (460,000) $ (473,200)
====================== ====================
Net loss recorded by the Partnership $ (436,000) $ (454,000)
====================== ====================
</TABLE>
10
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 2 - INVESTMENT IN LIMITED PARTNERSHIP, continued
Certain Local Limited Partnerships have incurred significant operating losses
and have working capital deficiencies. In the event these Local Limited
Partnerships continue to incur significant operating losses, additional capital
contributions by the Partnership and/or the Local General Partners may be
required to sustain operations of such Local Limited Partnerships. If additional
capital contributions are not made when they are required, the Partnership's
investment in certain of such Local Limited Partnerships could be impaired.
NOTE 3 - RELATED PARTY TRANSACTIONS
The Partnership has no officers, employees, or directors. However, under the
terms of the Partnership Agreement the Partnership is obligated to the General
Partner or its affiliates during the current or future years for the following
fees:
(a) Annual Asset Management Fee. An annual asset management fee in an amount
equal to 0.5% of the Invested Assets of the Partnership, as defined.
"Invested Assets" means the sum of the Partnership's Investment in Local
Limited Partnership Interests and the Partnership's allocable share of the
amount of the mortgage loans on and other debts related to, the Housing
Complexes owned by such Local Limited Partnerships. Fees of $90,692 were
incurred during each of the six months ended September 30, 2000 and 1999.
The Partnership paid the General Partner or its affiliates $20,833 of those
fees during the six months ended September 30, 2000 and $0 during the six
months ended September 30, 1999.
(b) Subordinated Disposition Fee. A subordinated disposition fee in an amount
equal to 1% of the sales price of real estate sold. Payment of this fee is
subordinated to the limited partners receiving a preferred return of 16%
through December 31, 2003 and 6% thereafter (as defined in the Partnership
Agreement) and is payable only if the General Partner or its affiliates
render services in the sales effort.
The accrued fees and expenses due to General Partner and affiliates consist of
the following:
<TABLE>
<CAPTION>
September 30, 2000 March 31, 2000
---------------------- ----------------------
<S> <C> <C>
Asset management fee payable $ 787,638 $ 717,779
Reimbursement for expenses paid by the General Partner or
an affiliate - 500
---------------------- ----------------------
$ 787,638 $ 718,279
====================== ======================
</TABLE>
The General Partner does not anticipate that these accrued fees will be paid in
full until such time as capital reserves are in excess of future foreseeable
working capital requirements of the Partnership.
11
<PAGE>
WNC CALIFORNIA HOUSING TAX CREDITS III, L.P.
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 4 - PAYABLES TO LIMITED PARTNERSHIPS
Payable to limited partnerships at September 30, 2000 represents amounts which
are due at various times based on conditions specified in the respective local
limited partnership agreements. These contributions are payable in installments
and are due upon the local limited partnership achieving certain operating
benchmarks ( generally within two years of the Partnership's initial
investment).
NOTE 5 - INCOME TAXES
No provision for income taxes has been recorded in the financial statements as
any liability for income taxes is the obligation of the partners of the
Partnership.
12
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
This Quarterly Report contains forward-looking statements concerning the
Partnership's anticipated future revenues and earnings, adequacy of future cash
flow and related matters. These forward-looking statements include, but are not
limited to, statements containing the words "expect", "believe", "will", "may",
"should", "project", "estimate", and like expressions, and the negative thereof.
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from the statements, including competition, as well
as those risks described in the Partnership's SEC reports, including the
Partnership's Form 10-K filed pursuant to the Securities and Exchange Act of
1934 on June 29, 2000.
The following discussion and analysis compares the results of operations for the
three and six months ended September 30, 2000 and 1999, and should be read in
conjunction with the condensed consolidated financial statements and
accompanying notes included within this report.
Financial Condition
The Partnership's assets at September 30, 2000 consisted primarily of $459,000
in cash and aggregate investments in the eighteen Local Limited Partnerships of
$7,753,000. Liabilities at September 30, 2000 primarily consisted of $788,000 of
accrued asset management fees due to the General Partner.
Results of Operations
Three Months Ended September 30, 2000 Compared to Three Months Ended September
30, 1999. The Partnership's net loss for the three months ended September 30,
2000 was $(285,000), reflecting a decrease of $2,000 from the $(287,000)of net
loss experienced for the three months ended September 30, 1999. The decline in
net loss is primarily due to equity in losses of limited partnerships which
declined by $6,000 to $(218,000) for the three months ended September 30, 2000
from $(224,000) for the three months ended September 30, 1999. This decrease was
a result of the Partnership not recognizing certain losses of the Local Limited
Partnerships. The investments in such Local Limited Partnerships had reached $0
at September 30, 2000. Since the Partnership's liability with respect to its
investments is limited, losses in excess of investment are not recognized. Along
with the decrease in equity in losses of limited partnerships, there was an
increase in loss from operations of $4,000 for the three months ended September
30, 2000 to $(67,000) from $(63,000) for the three months ended September 30,
1999, due to a comparable increase in operating expense allocations.
Six Months Ended September 30, 2000 Compared to Six Months Ended September 30,
1999. The Partnership's net loss for the six months ended September 30, 2000 was
$(562,000), reflecting a decrease of $18,000 from $(580,000)of the net loss
experienced for the six months ended September 30, 1999. The decline in net loss
is primarily due to equity in losses of limited partnerships which declined by
$18,000 to $(436,000) for the six months ended September 30, 2000 from
$(454,000) for the six months ended September 30, 1999. This decrease was a
result of the Partnership not recognizing certain losses of the Local Limited
Partnerships. The investments in such Local Limited Partnerships had reached $0
at September 30, 2000. Since the Partnership's liability with respect to its
investments is limited, losses in excess of investment are not recognized.
Cash Flows
Six Months Ended September 30, 2000 Compared to Six Months Ended September 30,
1999. Net cash used during the six months ended September 30, 2000 was $(21,000)
compared to a net decrease in cash for the six months ended September 30, 1999
of $(3,000). The change was due primarily to an increase in operating costs paid
of $20,000 offset by an increase in distributions from limited partnerships of
$1,000.
13
<PAGE>
During the six months ended September 30, 2000 and 1999, accrued payables, which
consist primarily of asset management fees due to the General Partner, increased
by $70,000 and $91,000, respectively. The General Partner does not anticipate
that these accrued fees will be paid until such time as capital reserves are in
excess of future foreseeable working capital requirements of the partnership.
The Partnership expects its future cash flows, together with its net available
assets at September 30, 2000, to be sufficient to meet all currently foreseeable
future cash requirements.
Item 3. Quantitative and Qualitative Disclosures About Market Risks
NONE
Part II. Other Information
Item 1. Legal Proceedings
NONE
Item 6. Exhibits and Reports on Form 8-K
NONE
14
<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/ Wilfred N. Cooper, Jr.
Wilfred N. Cooper, Jr.,
President - Chief Operating Officer of WNC & Associates, Inc.
Date: December 1, 2000
By: /s/ Michael L. Dickenson
Michael L. Dickenson,
Vice-President - Chief Financial Officer of WNC & Associates, Inc.
Date: December 1, 2000
15
