----

**FORM      10-Q**

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

**June      29, 2006**

| o | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

**0-24600**

**American      Tax Credit Trust, a Delaware statutory business trust**

**Series      I**

| **Delaware**                                                                                                                    |   | **06-6385350**                                                     |
|---------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|
| (State                or other jurisdiction of incorporation                or organization)                                    |   | (I.R.S.                Employer Identification                No.) |
|                                                                                                                            |   |                                                               |
| **Richman                American Credit Corp.****340                Pemberwick Road****Greenwich,                Connecticut** |   |   **06831**                                              |
| (Address                of principal executive offices)                                                                         |   | (Zip                Code)                                          |

**(203)      869-0900**

----

**AMERICAN      TAX CREDIT TRUST, **

**a      Delaware statutory business trust**

**Series      I **

**Part      I - **
**FINANCIAL      INFORMATION**

**Item      1. **
**Financial      Statements**

| **Table                  of Contents**         | **Page** |
|------------------------------------------------|----------|
|                                           |     |
| Balance                  Sheets                | 3        |
|                                           |     |
| Statements                  of Operations      | 4        |
|                                           |     |
| Statements                  of Cash Flows      | 5        |
|                                           |     |
| Notes                  to Financial Statements | 7        |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**BALANCE      SHEETS**

**(UNAUDITED)**

|                                                                                                        |  **Notes** |   | **June                29,****2006** |   | **March                30,****2006** |   |
|-------------------------------------------------------------------------------------------------------------|-----------------|--------|-------------------------------------|--------|--------------------------------------|--------|
|                                                                                                        |            |   |                                |   |                                 |   |
| **ASSETS**                                                                                                  |            |   |                                |   |                                 |   |
|                                                                                                        |            |   |                                |   |                                 |   |
| Cash                and cash equivalents                                                                    |            |   |                                | $      | 1,577,642                            |   | $ | 1,503,841 |   |
| Restricted                cash                                                                              |            | 3      |                                |   | 67,919                               |   |   | 67,441 |   |
| Investments                in bonds                                                                         |            | 2      |                                |   | 249,883                              |   |   | 271,704 |   |
| Investment                in local partnerships                                                             |            | 3      |                                |   | 2,418,538                            |   |   | 2,511,855 |   |
| Interest                receivable                                                                          |            |   |                                |   | 5,120                                |   |   | 5,571 |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                | $      | 4,319,102                            |   | $ | 4,360,412 |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
| **LIABILITIES                AND OWNERS’ EQUITY (DEFICIT)**                                           |            |   |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
| Liabilities                                                                                                 |            |   |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |            |   |                                | $      | 38,728                               |   | $ | 31,197 |   |
| Payable                to manager and affiliates                                                            |            |   |                                |   | 705,565                              |   |   | 684,722 |   |
| Interest                payable                                                                             |            | 3      |                                |   | 67,919                               |   |   | 67,441 |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                |   | 812,212                              |   |   | 783,360 |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
| Commitments                and contingencies                                                                |            | 3,4    |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
| Owners’                equity (deficit)                                                               |            |   |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
| Manager                                                                                                     |            |   |                                |   | (128,853                             | )      |   | (128,173 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |            |   |                                |   | 3,631,716                            |   |   | 3,699,077 |   |
| Accumulated                other comprehensive income, net                                                  |            | 2      |                                |   | 4,027                                |   |   | 6,148 |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                |   | 3,506,890                            |   |   | 3,577,052 |   |
|                                                                                                        |            |   |                                |   |                                 |   |   |   |   |
|                                                                                                        |            |   |                                | $      | 4,319,102                            |   | $ | 4,360,412 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                                                |      |   |     |   |     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|----------|--------|----------|--------|
|                                                                                                                                                | **Notes** |   | **2006** |   | **2005** |   |
|                                                                                                                                                |      |   |     |   |     |   |
| **REVENUE**                                                                                                                                         |      |   |     |   |     |   |
|                                                                                                                                                |      |   |     |   |     |   |
| Interest                                                                                                                                            |      |   |     | $      | 22,037   |   | $ | 17,119 |   |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| TOTAL                REVENUE                                                                                                                        |      |   |     |   | 22,037   |   |   | 17,119 |   |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| **EXPENSES**                                                                                                                                        |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| Management                fee                                                                                                                       |      |   |     |   | 48,036   |   |   | 48,036 |   |
| Professional                fees                                                                                                                    |      |   |     |   | 10,508   |   |   | 8,577 |   |
| Printing,                postage and other                                                                                                          |      |   |     |   | 2,567    |   |   | 4,481 |   |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                       |      |   |     |   | 61,111   |   |   | 61,094 |   |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                |      |   |     |   | (39,074  | )      |   | (43,975 | ) |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                   |      | 3      |     |   | (28,967  | )      |   | (30,533 | ) |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| **NET                LOSS**                                                                                                                         |      |   |     |   | (68,041  | )      |   | (74,508 | ) |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| Other                comprehensive loss, net                                                                                                        |      | 2      |     |   | (2,121   | )      |   | (646 | ) |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| **COMPREHENSIVE                LOSS**                                                                                                               |      |   |     | $      | (70,162  | )      | $ | (75,154 | ) |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                         |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| Manager                                                                                                                                             |      |   |     | $      | (680     | )      | $ | (745 | ) |
| Beneficial                owners                                                                                                                    |      |   |     |   | (67,361  | )      |   | (73,763 | ) |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                |      |   |     | $      | (68,041  | )      | $ | (74,508 | ) |
|                                                                                                                                                |      |   |     |   |     |   |   |   |   |
| **NET                LOSS**                per unit of beneficial ownership interest (18,654 units of beneficial                ownership interest) |      |   |     | $      | (3.61    | )      | $ | (3.95 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

**THREE      MONTHS ENDED JUNE 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                   |   | **2006** |      | **2005** |   |
|------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                   |   |     |      |     |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |   |     |      |     |   |
|                                                                   |   |     |      |     |   |
| Interest                received                                       |   | $        | 23,666    |     | $      | 15,717 |   |
| Cash                paid for                                           |   |     |      |     |   |   |   |
| management                fee                                          |   |     | (27,193   | )        |   | (2,299 | ) |
| professional                fees                                       |   |     | (2,977    | )        |   | (1,405 | ) |
| printing,                postage and other expenses                    |   |     | (2,567    | )        |   | (4,481 | ) |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash provided by (used in) operating activities     |   |     | (9,071    | )        |   | 7,532 |   |
|                                                                   |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Cash                distributions from local partnerships              |   |     | 64,350    |     |   |   |   |
| Capital                contributions paid to local partnerships        |   |     |      |     |   | (25,720 | ) |
| Transfer                from (to) restricted cash                      |   |     | (478      | )        |   | 25,304 |   |
| Proceeds                from maturities/redemptions and sales of bonds |   |     | 19,000    |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash provided by (used in) investing activities     |   |     | 82,872    |     |   | (416 | ) |
|                                                                   |   |     |      |     |   |   |   |
| Net                increase in cash and cash equivalents               |   |     | 73,801    |     |   | 7,116 |   |
|                                                                   |   |     |      |     |   |   |   |
| Cash                and cash equivalents at beginning of period        |   |     | 1,503,841 |     |   | 1,430,592 |   |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**          |   | $        | 1,577,642 |     | $      | 1,437,708 |   |
|                                                                   |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**           |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Unrealized                loss on investments in bonds, net            |   | $        | (2,121    | )        | $      | (646 | ) |

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS - (Continued)**

**THREE      MONTHS ENDED JUNE 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                   |   | **2006** |    | **2005** |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|
|                                                                                                                   |   |     |    |     |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH PROVIDED BY (USED IN) OPERATING                ACTIVITIES**    |   |     |    |     |   |
|                                                                                                                   |   |     |    |     |   |
| Net                loss                                                                                                |   | $        | (68,041 | )        | $      | (74,508 | ) |
|                                                                                                                   |   |     |    |     |   |   |   |
| Adjustments                to reconcile net loss to net cash provided by (used in) operating                activities |   |     |    |     |   |   |   |
|                                                                                                                   |   |     |    |     |   |   |   |
| Equity                in loss of investment in local partnerships                                                      |   |     | 28,967  |     |   | 30,533 |   |
| Amortization                of net premium on investments in bonds                                                     |   |     | 700     |     |   | 953 |   |
| Decrease                (increase) in interest receivable                                                              |   |     | 451     |     |   | (2,771 | ) |
| Increase                in accounts payable and accrued expenses                                                       |   |     | 7,531   |     |   | 7,172 |   |
| Increase                in payable to manager and affiliates                                                           |   |     | 20,843  |     |   | 45,737 |   |
| Increase                in interest payable                                                                            |   |     | 478     |     |   | 416 |   |
|                                                                                                                   |   |     |    |     |   |   |   |
| **NET                CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES**                                                 |   | $        | (9,071  | )        | $      | 7,532 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**JUNE      29, 2006**

**(UNAUDITED)**

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

| **2.** | **Investments                in Bonds** |
|--------|-----------------------------------------|

|   Description                and maturity |   |  Amortizedcost |    | Gross                unrealized gains |   | Grossunrealized                losses |   |  Estimatedfair                value |   |
|-----------------------------------------------------|--------|---------------------|---------|---------------------------------------|--------|---------------------------------------|--------|------------------------------------------|--------|
|                                                |   |                |    |                                  |   |                                  |   |                                     |   |
| Corporate                debt securities            |   |                |    |                                  |   |                                  |   |                                     |   |
| Within                one year                      |   | $                   | 126,855 |                                  | $      | 833                                   |   | $                                        | --     |   | $ | 127,688 |   |
| After                one year through five years    |   |                | 115,831 |                                  |   | 2,970                                 |   |                                     | --     |   |   | 118,801 |   |
| After                five years through ten years   |   |                | 3,170   |                                  |   | 224                                   |   |                                     | --     |   |   | 3,394 |   |
|                                                |   |                |    |                                  |   |                                  |   |                                     |   |   |   |   |   |
|                                                |   | $                   | 245,856 |                                  | $      | 4,027                                 |   | $                                        | --     |   | $ | 249,883 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**JUNE      29, 2006**

**(UNAUDITED)**

| **3.** | **Investment                in Local Partnerships** |
|--------|-----------------------------------------------------|

** **

| Investment                in local partnerships as of March 30, 2006 |   | $      | 2,511,855 |   |
|----------------------------------------------------------------------|--------|--------|-----------|--------|
|                                                                 |   |   |      |   |
| Cash                distributions received from Local Partnerships   |   |   | (64,350   | )      |
|                                                                 |   |   |      |   |
| Equity                in loss of investment in local partnerships    |   |   | (28,967)* |   |
|                                                                 |   |   |      |   |
| Investment                in local partnerships as of June 29, 2006  |   | $      | 2,418,538 |   |

|  | * | Equity                in loss of investment in local partnerships is limited to the Trust’s                investment balance in each Local Partnership; any excess is applied                to                other partners’ capital in any such Local Partnership. The amount of such                excess losses applied to other partners’ capital was $221,594 for the                three months ended March 31, 2006 as reflected in the combined statement                of operations of the Local Partnerships reflected herein Note                3. |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**JUNE      29, 2006**

**(UNAUDITED)**

**3.**
**Investment      in Local Partnerships (continued) **

|                                                                                                                                     |   | **March                31,** |        | **December                31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|---------------------------------|--------|
|                                                                                                                                     |   | **2006**                     |        | **2005**                        |   |
|                                                                                                                                     |   |                         |        |                            |   |
| **ASSETS**                                                                                                                               |   |                         |        |                            |   |
|                                                                                                                                     |   |                         |        |                            |   |
| Cash                and cash equivalents                                                                                                 |   | $                            | 469,871     |                            | $      | 502,018 |   |
| Rents                receivable                                                                                                          |   |                         | 122,895     |                            |   | 95,807 |   |
| Escrow                deposits and reserves                                                                                              |   |                         | 2,421,718   |                            |   | 2,520,682 |   |
| Land                                                                                                                                     |   |                         | 1,213,303   |                            |   | 1,213,303 |   |
| Buildings                and improvements (net of accumulated depreciation of $12,585,490                and                $12,320,873) |   |                         | 20,979,084  |                            |   | 20,702,149 |   |
| Intangible                assets (net of accumulated amortization of $145,714 and                $142,317)                               |   |                         | 260,052     |                            |   | 263,449 |   |
| Other                assets                                                                                                              |   |                         | 906,562     |                            |   | 969,001 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   | $                            | 26,373,485  |                            | $      | 26,266,409 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| Liabilities                                                                                                                              |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                            | 808,704     |                            | $      | 920,566 |   |
| Due                to related parties                                                                                                    |   |                         | 1,447,772   |                            |   | 1,449,401 |   |
| Mortgage                loans                                                                                                            |   |                         | 21,323,534  |                            |   | 21,439,391 |   |
| Notes                payable                                                                                                             |   |                         | 100,000     |                            |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |                         | 2,794,109   |                            |   | 2,734,757 |   |
| Other                liabilities                                                                                                         |   |                         | 680,909     |                            |   | 150,739 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | 27,155,028  |                            |   | 26,794,854 |   |
| Partners'                equity (deficit)                                                                                                |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |                         |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                         | 14,003,252  |                            |   | 14,003,252 |   |
| Cumulative                loss                                                                                                           |   |                         | (10,100,865 | )                               |   | (10,071,898 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | 3,902,387   |                            |   | 3,931,354 |   |
| General                partners and other limited partners                                                                               |   |                         |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                         | 473,938     |                            |   | 473,938 |   |
| Cumulative                loss                                                                                                           |   |                         | (5,157,868  | )                               |   | (4,933,737 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | (4,683,930  | )                               |   | (4,459,799 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | (781,543    | )                               |   | (528,445 | ) |
|                                                                                                                                     |   |                         |             |                            |   |   |   |
|                                                                                                                                     |   | $                            | 26,373,485  |                            | $      | 26,266,409 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**JUNE      29, 2006**

**(UNAUDITED)**

| **3.** | **Investment                in Local Partnerships (continued)** |
|--------|-----------------------------------------------------------------|

|                                                                                                                                                  |   | **2006** |      | **2005** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                                  |   |     |      |     |   |
| **REVENUE**                                                                                                                                           |   |     |      |     |   |
|                                                                                                                                                  |   |     |      |     |   |
| Rental                                                                                                                                                |   | $        | 1,057,742 |     | $      | 1,046,328 |   |
| Interest                and other                                                                                                                     |   |     | 39,289    |     |   | 37,222 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| TOTAL                REVENUE                                                                                                                          |   |     | 1,097,031 |     |   | 1,083,550 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| **EXPENSES**                                                                                                                                          |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| Administrative                                                                                                                                        |   |     | 250,841   |     |   | 234,516 |   |
| Utilities                                                                                                                                             |   |     | 226,727   |     |   | 216,053 |   |
| Operating                and maintenance                                                                                                              |   |     | 261,254   |     |   | 257,519 |   |
| Taxes                and insurance                                                                                                                    |   |     | 145,916   |     |   | 137,104 |   |
| Financial                                                                                                                                             |   |     | 197,377   |     |   | 221,086 |   |
| Depreciation                and amortization                                                                                                          |   |     | 268,014   |     |   | 295,347 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| TOTAL                EXPENSES                                                                                                                         |   |     | 1,350,129 |     |   | 1,361,625 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| **NET                LOSS**                                                                                                                           |   | $        | (253,098  | )        | $      | (278,075 | ) |
|                                                                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                           |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                    |   | $        | (28,967   | )        | $      | (30,533 | ) |
| General                partners and other limited partners, which includes $221,594                and $244,554 of Trust loss in excess of investment |   |     | (224,131  | )        |   | (247,542 | ) |
|                                                                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                  |   | $        | (253,098  | )        | $      | (278,075 | ) |

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**Item      2.**
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued) **

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**Item      2.**
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued)**

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**Item      2.**
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued) **

|   | · | Registrant                accounts for its investment in local partnerships in accordance with                the                equity method of accounting since Registrant does not control the                operations of a Local Partnership. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If                the book value of Registrant’s investment in a Local Partnership exceeds                the estimated value derived by management, Registrant reduces its                investment in any such Local Partnership and includes such reduction                in                equity in loss of investment in local partnerships. Registrant                makes such assessment at least annually in the fourth quarter of                its                fiscal year                or                whenever there are indications that a permanent impairment may have                occurred. A loss in value of an investment in a Local Partnership                other                than a temporary decline would be recorded as an impairment loss.                Impairment is measured by comparing the investment carrying amount                to the                sum of the total amount of the remaining tax credits to be allocated                to                Registrant and the estimated residual value of the                investment. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Registrant                does not consolidate the accounts and activities of the Local                Partnerships, which are considered Variable Interest Entities under                Financial Accounting Standards Board Interpretation No. 46 - Revised,                “Consolidation of Variable Interest Entities,” 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 strength of the Local General                Partners. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item      3.**
**Quantitative      and Qualitative Disclosure about Market Risk**

**Item      4.**
**Controls      and Procedures**

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**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**PART      II - **
**OTHER      INFORMATION**

| **Item                  1.**  | **Legal                  Proceedings**                                                                                                                                                                                                            |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                                                                              |
|                          | Registrant                  is not aware of any material legal proceedings.                                                                                                                                                                       |
|                          |                                                                                                                                                                                                                                              |
| **Item                  1A.** | **Risk                  Factors**                                                                                                                                                                                                                 |
|                          |                                                                                                                                                                                                                                              |
|                          | There                  have been no material changes from the risk factors previously                  disclosed                  in Item 1A of Registrant’s Annual Report on Form 10-K for the year ended                  March 30, 2006. |
|                          |                                                                                                                                                                                                                                              |
| **Item                  2.**  | **Unregistered                  Sales of Equity Securities and Use of Proceeds**                                                                                                                                                                  |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **Item                  3.**  | **Defaults                  Upon Senior Securities**                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
|                          | None;                  see Item 2 of Part I regarding the mortgage default of a certain                  Local                  Partnership.                                                                                                      |
|                          |                                                                                                                                                                                                                                              |
| **Item                  4.**  | **Submission                  of Matters to a Vote of Security Holders**                                                                                                                                                                          |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **Item                  5.**  | **Other                  Information**                                                                                                                                                                                                            |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **Item                  6.**  | **Exhibits**                                                                                                                                                                                                                                      |
|                          |                                                                                                                                                                                                                                              |
|                          | 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                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |

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**SIGNATURES**

|                                     | **AMERICAN                  TAX CREDIT TRUST,**      |                                     |
|------------------------------------------|------------------------------------------------------|------------------------------------------|
|                                     | a                  Delaware statutory business trust |                                     |
|                                     | Series                  I                            |                                     |
|                                     |                                                 |                                     |   |
|                                     | By:                  Richman American Credit Corp.,  |                                     |
|                                     |                                                 | The                  Manager             |   |
|                                     |                                                 |                                     |   |
|                                     |                                                 |                                     |   |
| Dated:                    March 12, 2008 | /s/                  David Salzman                   |                                     |
|                                     | by:                                                  | David                  Salzman           |   |
|                                     |                                                 | Chief                  Executive Officer |   |
|                                     |                                                 |                                     |   |
|                                     |                                                 |                                     |   |
| Dated:                    March 12, 2008 | /s/                  Neal Ludeke                     |                                     |
|                                     | by:                                                  | Neal                  Ludeke             |   |
|                                     |                                                 | Chief                  Financial Officer |   |
|                                     |                                                 |                                     |   |
|                                     |                                                 |                                     |   |
| Dated:                  March 12, 2008   | /s/                  Richard Paul Richman            |                                     |
|                                     | by:                                                  | Richard                  Paul Richman    |   |
|                                     |                                                 | Director                                 |   |

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