Now the Moto G 3rd Generation is given a lifeline through community development by "althafvly", an XDA Senior Member, with a port from the Moto G4 Play and Moto X Play that recently got an update to official Android 7.1.1 Nougat.
Android 7.1.1 Nougat brings Brand new Moto System icons, New Camera UI, New bootanimation, and other usual Android 7.1.1 Nougat goodies.
Apart from the Video recording and Moto Actions bug, the port is stable and fully functional. If you want to get a taste of Official (Sort of) Android 7.1.1 Nougat on the Moto G 3rd Generation, then go ahead to XDA. Note that it needs an Unlocked bootloader and a Custom recovery.