UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C.  20549










FORM
10-Q





(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
29, 2010





OR





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





For the
Transition Period from ____________ to ____________





Commission
File Number: 0-24600





American Tax Credit Trust, a
Delaware statutory business trust


Series I


(Exact
Name of Registrant as Specified in its Charter)





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)





Registrant's
Telephone Number, Including Area Code:  (203)
869-0900





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 filing requirements for the
past 90 days.





Yes  x  No  ̈





Indicate
by check mark whether the Registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
Registrant was required to submit and post such files).





Yes   ̈   No
 ̈





Indicate
by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting
company.  See the definitions of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.





Large Accelerated
Filer   ̈  Accelerated
Filer  ̈  Non-Accelerated
Filer  ̈   Smaller
Reporting Company  x





Indicate
by check mark whether the Registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).





Yes  ̈  No
x





As of
November 3, 2010, there are 18,654 units of beneficial ownership interest
outstanding.









AMERICAN
TAX CREDIT TRUST,


a
Delaware statutory business trust


Series
I





Part
I - FINANCIAL
INFORMATION


Table of
Contents


PageItem
      1.
                                Financial Statements.Balance
      Sheets
                                3Statements
      of Operations
                                4Statements
      of Cash Flows
                                5Notes
      to Financial Statements
                                6Item
      2.
                                Management’s Discussion and Analysis of
      FinancialCondition and Results of
      Operations.
                                8Item
      3.
                                Quantitative and Qualitative Disclosure About
      Market Risk.
                                11Item
      4.
                                Controls and Procedures.
                                11Item
      4T.
                                Internal Control Over Financial
      Reporting.
                                11




2




AMERICAN
TAX CREDIT TRUST,


a
Delaware statutory business trust


Series
I


BALANCE
SHEETS


(UNAUDITED)





September 29,
                  2010
              
              
              March 30,
                  2010ASSETSCash
      and cash equivalents
              
              $
              210,528
              
              
              $
              286,543Investment
      in mutual fund
              
              
              1,127,916
              
              
              
              1,113,737Investment
      in bond
              
              
              100,100Interest
      receivable
              
              
              99Investment
      in local partnerships
              
              
              2,177,767
              
              
              
              2,126,698$
              3,616,410
              
              
              $
              3,526,978LIABILITIES
      AND OWNERS’ EQUITY (DEFICIT)LiabilitiesAccounts
      payable and accrued expenses
              
              $
              13,290
              
              
              $
              32,561Payable
      to manager and affiliates
              
              
              1,052,157
              
              
              
              959,0991,065,447
              
              
              
              991,660Commitments
      and contingenciesOwners’
      equity (deficit)Manager
              
              
              (138,468
              )
              
              
              (138,529
              )Beneficial
      owners (18,654 units of beneficial ownership interest
      outstanding)
              
              
              2,679,871
              
              
              
              2,673,847Accumulated
      other comprehensive income
              
              
              9,5602,550,963
              
              
              
              2,535,318$
              3,616,410
              
              
              $
              3,526,978




See Notes
to Financial Statements.




3




AMERICAN
TAX CREDIT TRUST,


a
Delaware statutory business trust


Series
I


STATEMENTS
OF OPERATIONS


THREE
AND SIX MONTH PERIODS ENDED SEPTEMBER 29, 2010 AND 2009


(UNAUDITED)





Three MonthsEndedSeptember 29,2010
              
              
              Six MonthsEndedSeptember 29,2010
              
              
              Three MonthsEndedSeptember 29,2009
              
              
              Six MonthsEndedSeptember 29,2009REVENUEInterest
              
              $
              5,794
              
              
              $
              9,182
              
              
              $
              8
              
              
              $
              62Other
      income from local partnerships
              
              
              
              
              
              
              2,500TOTAL
      REVENUE
              
              
              5,794
              
              
              
              11,682
              
              
              
              8
              
              
              
              62EXPENSESManagement
      fee
              
              
              48,035
              
              
              
              96,071
              
              
              
              48,035
              
              
              
              96,071Professional
      fees
              
              
              7,723
              
              
              
              15,144
              
              
              
              7,793
              
              
              
              21,729Printing,
      postage and other
              
              
              3,952
              
              
              
              5,683
              
              
              
              1,023
              
              
              
              1,761TOTAL
      EXPENSES
              
              
              59,710
              
              
              
              116,898
              
              
              
              56,851
              
              
              
              119,561(53,916
              )
              
              
              (105,216
              )
              
              
              (56,843
              )
              
              
              (119,499
              )Equity
      in income of investment in local partnerships
              
              
              29,835
              
              
              
              111,301
              
              
              
              17,675
              
              
              
              60,911NET
      INCOME (LOSS)
              
              
              (24,081
              )
              
              
              6,085
              
              
              
              (39,168
              )
              
              
              (58,588
              )Other
      comprehensive income
              
              
              13,402
              
              
              
              9,560COMPREHENSIVE
      INCOME (LOSS)
              
              $
              (10,679
              )
              
              $
              15,645
              
              
              $
              (39,168
              )
              
              $
              (58,588
              )NET
      INCOME (LOSS) ATTRIBUTABLE TOManager
              
              $
              (241
              )
              
              $
              61
              
              
              $
              (392
              )
              
              $
              (586
              )Beneficial
      owners
              
              
              (23,840
              )
              
              
              6,024
              
              
              
              (38,776
              )
              
              
              (58,002
              )$
              (24,081
              )
              
              $
              6,085
              
              
              $
              (39,168
              )
              
              $
              (58,588
              )NET INCOME (LOSS) per
      unit of beneficial ownership interest (18,654 units of beneficial
      ownership interest)
              
              $
              (1.28
              )
              
              $
              .32
              
              
              $
              (2.08
              )
              
              $
              (3.11
              )




See Notes
to Financial Statements.




4




AMERICAN
TAX CREDIT TRUST,


a
Delaware statutory business trust


Series
I


STATEMENTS
OF CASH FLOWS


SIX
MONTHS ENDED SEPTEMBER 29, 2010 AND 2009


(UNAUDITED)





2010
                
                
                2009CASH
      FLOWS FROM OPERATING ACTIVITIESInterest
      received (paid)
                
                $
                11,652
                
                
                $
                (2,946
                )Cash
      paid forManagement
      fee
                
                
                (3,013
                )
                
                
                (55,043
                )Professional
      fees
                
                
                (31,887
                )
                
                
                (45,483
                )Printing,
      postage and other expenses
                
                
                (8,211
                )
                
                
                (2,785
                )Net
      cash used in operating activities
                
                
                (31,459
                )
                
                
                (106,257
                )CASH
      FLOWS FROM INVESTING ACTIVITIESDistributions
      received from local partnerships
                
                
                62,732
                
                
                
                60,233Investments
      in mutual fund
                
                
                (6,348
                )Investment
      in bond
                
                
                (100,940
                )Voluntary
      advances to local partnerships
                
                
                
                
                
                
                (6,092
                )Transfer
      from restricted cash
                
                
                
                
                
                
                3,008Net
      cash provided by (used in) investing activities
                
                
                (44,556
                )
                
                
                57,149Net
      decrease in cash and cash equivalents
                
                
                (76,015
                )
                
                
                (49,108
                )Cash
      and cash equivalents at beginning of period
                
                
                286,543
                
                
                
                1,461,329CASH
      AND CASH EQUIVALENTS AT END OF PERIOD
                
                $
                210,528
                
                
                $
                1,412,221RECONCILIATION
      OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING
    ACTIVITIESNet
      income (loss)
                
                $
                6,085
                
                
                $
                (58,588
                )Adjustments
      to reconcile net income (loss) to net cash used in operating
      activitiesEquity
      in income of investment in local partnerships
                
                
                (111,301
                )
                
                
                (60,911
                )Other
      income from local partnerships
                
                
                (2,500
                )Amortization
      of premium on investment in bond
                
                
                819Decrease
      in interest receivable
                
                
                1,651Decrease
      in accounts payable and accrued expenses
                
                
                (19,271
                )
                
                
                (24,778
                )Increase
      in payable to manager and affiliates
                
                
                93,058
                
                
                
                41,028Decrease
      in interest payable
                
                
                
                
                
                
                (3,008
                )NET
      CASH USED IN OPERATING ACTIVITIES
                
                $
                (31,459
                )
                
                $
                (106,257
                )SIGNIFICANT
      NONCASH INVESTING ACTIVITIESUnrealized
      gain on investment in mutual fund
                
                $
                7,831Unrealized
      gain on investment in bond
                
                $
                1,729





See Notes
to Financial Statements.




5




AMERICAN
TAX CREDIT TRUST,


a
Delaware statutory business trust


Series
I


NOTES
TO FINANCIAL STATEMENTS


SEPTEMBER
29, 2010


(UNAUDITED)





1.
            Basis
      of Presentation





The
accompanying unaudited financial statements of American Tax Credit Trust, a
Delaware statutory business Trust Series I (the “Trust”) have been prepared in
accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information.  They do not
include all information and footnotes required by GAAP for complete financial
statements.  The results of operations are impacted, in part, by the
combined results of operations of the Local Partnerships, which are provided by
the Local Partnerships on an unaudited basis during interim
periods.  Accordingly, the accompanying unaudited financial statements
are dependent on such unaudited information.  In the opinion of the
Manager, the accompanying unaudited financial statements include all adjustments
necessary to present fairly the financial position as of September 29, 2010 and
the results of operations and cash flows for the interim periods
presented.  All adjustments are of a normal recurring
nature.  The results of operations for the six months ended September
29, 2010 are not necessarily indicative of the results that may be expected for
the entire year.





2.
            Investment
      in Local Partnerships





The Trust
owns a 98.9% - 99% limited partner interest (the “Local Partnership Interests”)
in ten Local Partnerships and has committed to make capital contribution
payments in the aggregate amount of $14,837,956, which includes voluntary
advances made to certain Local Partnerships and all of which has been
paid.  The Partnership has no legal obligation to fund any operating
deficits of the Local Partnerships.





For the
six months ended September 29, 2010, the investment in local partnerships
activity consists of the following:





Investment
      in local partnerships as of March 30, 2010
                  
                  $
                  2,126,698Equity
      in income of investment in local partnerships
                  
                  
                  111,301
                  *Distributions
      received from Local Partnerships
                  
                  
                  (62,732
                  )Distributions
      classified as other income
                  
                  
                  2,500Investment
      in local partnerships as of September 29, 2010
                  
                  $
                  2,177,767





*
              In
      the event the operations of a Local Partnership result in a loss, equity
      in loss of each investment in Local Partnership allocated to the
      Partnership is recognized to the extent of the Partnership’s investment
      balance in each Local Partnership.  Equity in loss in excess of
      the Partnership’s investment balance in a Local Partnership is allocated
      to other partners’ capital in any such Local
  Partnership.





As a
result of a violation of certain terms of the regulatory agreement (the
“Regulatory Agreement”) entered into in connection with its mortgage, the lender
has declared Vision Limited Dividend Housing Association Limited Partnership
(“Vision”) in default under the terms of the mortgage.  The lender has
granted the Local General Partner of Vision an extension to December 31, 2010 to
cure the violation of the Regulatory Agreement.  The Local General
Partner of Vision represents that payments on the mortgage and real estate taxes
are current.  The Partnership’s investment balance in Vision, after
cumulative equity losses, became zero during the year ended March 30,
2005.





Edgewood
Manor Associates, L.P. (“Edgewood”) is in default under the terms of its first
mortgage and a default has been declared by the lender; delinquent payments of
principal, interest and certain fees represent a cumulative arrearage of
approximately $36,000 as of October 2010.  The Trust has made
cumulative voluntary advances to Edgewood of $90,000 as of September 29, 2010 to
fund operating deficits, none of which were made during the six months then
ended.  The Trust’s investment balance in Edgewood, after cumulative
equity losses, became zero during the year ended March 30, 2005 and voluntary
advances made by the Trust were recorded as investment in local partnerships and
written off as additional equity in loss of investment in local
partnerships.




6




AMERICAN
TAX CREDIT TRUST,


a
Delaware statutory business trust


Series
I


NOTES
TO FINANCIAL STATEMENTS - CONTINUED


SEPTEMBER
29, 2010


(UNAUDITED)





2.
            Investment
      in Local Partnerships (Continued)





The
Trust’s investment balance in St. John Housing Associates, L.P. (“St. John
Housing”) represents more than 20% of the Trust’s total assets as of September
29, 2010 and equity in income of investment in local partnerships reflected in
the accompanying unaudited statement of operations for the six months ended
September 29, 2010 is attributable to St. John Housing.  The following
financial information represents certain unaudited operating statement data of
St. John Housing for the six months ended June 30, 2010:





Revenue
                  
                  $
                  714,589Net
      income
                  
                  $
                  112,425





3.
            Investment
      in Mutual Fund





The
Partnership carries its investment in mutual fund (the “Fund”) at estimated fair
value.  The fair value of the Partnership’s investment in mutual fund
is classified within Level 1 of the fair value hierarchy of the guidance on
Fair Value Measurements as defined in Accounting Standards Codification (“ASC”)
Topic 820.  Level 1 inputs utilize quoted prices (unadjusted) in
active markets for identical assets or liabilities that the Partnership has the
ability to access.  The Fund’s net asset value (“NAV”) is $10.07 per
share as of September 29, 2010.  The unrealized gain of $7,831 is
included as a component of accumulated other comprehensive income in the
accompanying unaudited financial statements as of and for the six months ended
September 29, 2010.





4.
            Investment
      in Bond





The
Partnership carries its investment in bond as available-for-sale because such
investment is used to facilitate and provide flexibility for its obligations,
including resolving circumstances that may arise in connection with the Local
Partnerships.  Investment in bond is reflected in the accompanying
unaudited balance sheet as of September 29, 2010 at estimated fair value and is
classified within Level 1 of the fair value hierarchy of the guidance on
Fair Value Measurements (see discussion in Note 3 above).  The
unrealized gain of $1,729 is included as a component of accumulated other
comprehensive income in the accompanying unaudited financial statements as of
and for the six months ended September 29, 2010.





As of
September 29, 2010, certain information concerning investment in bond is as
follows:





Description and maturity
                
                Amortized
                    cost
                
                
                Grossunrealized gain
                
                
                Gross
                    unrealizedloss
                
                
                Estimated
                    fair valueCorporate
      debt securityAfter
      ten years
                
                $
                98,371
                
                
                $
                1,729
                
                
                $
                —
                
                
                $
                100,100





5.
            Additional
      Information





Additional
information, including the audited March 30, 2010 Financial Statements and the
Organization, Purpose and Summary of Significant Accounting Policies, is
included in the Trust’s Annual Report on Form 10-K for the fiscal year ended
March 30, 2010 on file with the Securities and Exchange Commission.




7




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.





Material Changes in
Financial Condition





As of
September 29, 2010, American Tax Credit Trust (the “Registrant”) has not
experienced a significant change in financial condition as compared to March 30,
2010.  Principal changes in assets are comprised of periodic
transactions and adjustments and equity in income (loss) from operations of the
local partnerships (the “Local Partnerships”), which own low-income multifamily
residential complexes (the “Properties”) that qualify for the low-income tax
credit in accordance with Section 42 of the Internal Revenue Code (the
“Low-income Tax Credit”).  During the six months ended September 29,
2010, Registrant received cash from interest revenue and distributions from
Local Partnerships and utilized cash for operating expenses and investments in a
mutual fund and a bond.  Cash and cash equivalents, investment in
mutual fund and investment in bond increased, in the aggregate, by approximately
$38,000 during the six months ended September 29, 2010 (which includes
unrealized gains on investment in mutual fund and investment in bond in the
aggregate of approximately $10,000).  Registrant intends to hold the
bond until its call date (September 2013) and therefore does not expect to
realize significant gains or losses on its investment in bond, if
any.  During the six months ended September 29, 2010, the investment
in local partnerships increased as a result of equity in the Local Partnerships’
net income for the six months ended June 30, 2010 of $111,301, partially offset
by distributions received from Local Partnerships of $60,232 (excluding $2,500
of distributions classified as other income from local
partnerships).  Payable to manager and affiliates in the accompanying
unaudited balance sheet as of September 29, 2010 represents deferred management
fees.





Results of
Operations





Registrant’s
operating results are dependent, in part, upon the operating results of the
Local Partnerships and are impacted by the Local Partnerships’
policies.  In addition, the operating results herein are not
necessarily the same for tax reporting.  Registrant accounts for its
investment in local partnerships in accordance with the equity method of
accounting.  Accordingly, the investment is carried at cost and is
adjusted for Registrant’s share of each Local Partnership’s results of
operations and by cash distributions received.  In the event the
operations of a Local Partnership result in a loss, equity in loss of each
investment in Local Partnership allocated to Registrant is recognized to the
extent of Registrant’s investment balance in each Local
Partnership.  Equity in loss in excess of Registrant’s investment
balance in a Local Partnership is allocated to other partners’ capital in any
such Local Partnership.





Cumulative
losses and cash distributions in excess of investment in local partnerships may
result from a variety of circumstances, including a Local Partnership's
accounting policies, subsidy structure, debt structure and operating deficits,
among other things.  In addition, the book value of Registrant’s
investment in each Local Partnership (the “Local Partnership Carrying Value”)
may be reduced if the Local Partnership Carrying Value is considered to exceed
the estimated value derived by management.  Accordingly, cumulative
losses and cash distributions in excess of the investment or an adjustment to a
Local Partnership’s Carrying Value are not necessarily indicative of adverse
operating results of a Local Partnership.





Registrant’s
operations for the three months ended September 29, 2010 and 2009 have not
varied significantly, as reflected by the net losses of $24,081 and $39,168,
respectively.  Other comprehensive income for the three months ended
September 29, 2010 resulted from unrealized gains on investment in mutual fund
and investment in bond of $10,058 and $3,344, respectively.





Registrant’s
operations for the six months ended September 29, 2010 and 2009 resulted in net
income (loss) of $6,085 and $(58,588), respectively.  The decrease in
net loss from fiscal 2009 to fiscal 2010 is primarily attributable to (i) an
increase in equity in income of investment in local partnerships of
approximately $50,000, which is attributable to an increase in the net operating
income of the Local Partnership in which Registrant continues to have an
investment balance, and (ii) an increase in interest revenue and other income
from local partnerships in the aggregate amount of approximately $12,000. Other
comprehensive income for the six months ended September 29, 2010 resulted from
unrealized gains on investment in mutual fund and investment in bond of $7,831
and $1,729, respectively.




8




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).





Local Partnership
Matters





Registrant's
primary objective has been to provide Low-income Tax Credits to its beneficial
owners (the “Beneficial Owners”).  The relevant state tax credit
agency allocated each of the Local Partnerships an amount of Low-income Tax
Credits, which are generally available for a ten year period from the year the
Property is placed in service (the “Ten Year Credit Period”).  The Ten
Year Credit Period was fully exhausted with respect to all of the Properties as
of December 31, 2006.  The required holding period of each Property,
in order to avoid Low-income Tax Credit recapture, is fifteen years from the
year in which the Low-income Tax Credits commence on the last building of the
Property (the "Compliance Period").  The Properties must satisfy
various requirements including rent restrictions and tenant income limitations
(the "Low-income Tax Credit Requirements") in order to maintain eligibility for
the recognition of the Low-income Tax Credit at all times during the Compliance
Period.  Once a Local Partnership has become eligible for the
Low-income Tax Credit, it may lose such eligibility and suffer an event of
recapture if its Property fails to remain in compliance with the Low-income Tax
Credit Requirements.  The Compliance Period of all but one of the
Local Partnerships had expired as of December 31, 2009, with the remaining Local
Partnership’s Compliance Period expiring on December 31, 2010.  In
addition, certain of the Local Partnerships entered into agreements with the
relevant state tax credit agencies whereby the Local Partnerships must maintain
the low-income nature of the Properties for a period which exceeds the
Compliance Period (in certain circumstances, up to 50 years from when the
Property is placed in service, but commonly 30 years from the date any such
Property is placed in service), regardless of a sale of the Properties by the
Local Partnerships after the Compliance Period (the “Extended Use
Provisions”).  Although the Extended Use Provisions do not extend the
Compliance Period of the respective Local Partnerships, such provisions limit
the number and availability of potential purchasers of the
Properties.  Accordingly, a sale of a Property may happen well after
the expiration of the Compliance Period and/or may be significantly
discounted.  Registrant is in the process of disposing of its limited
partner interests in the Local Partnerships (the “Local Partnership
Interests”).  With the understanding of the expiration of the
respective Compliance Periods as noted above, Registrant has served a demand on
the local general partners (the “Local General Partners”) to commence a sale
process to dispose of the Properties.  In the event a sale cannot be
consummated, it is the Manager’s intention to sell or assign Registrant’s Local
Partnership Interests.  It is not possible to ascertain the amount, if
any, that Registrant will receive with respect to each specific Property from
such sales or assignments.  Registrant intends to dissolve after the
final disposition of its Local Partnership Interests.  There can be no
assurance as to when Registrant will dispose of its Local Partnership
Interests.





The
Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United
States.  Certain of the Local Partnerships receive rental subsidy
payments, including payments under Section 8 of Title II of the Housing and
Community Development Act of 1974 (“Section 8”).  The subsidy
agreements expire at various times.  Since October 1997, the United
States Department of Housing and Urban Development (“HUD”) has issued a series
of directives related to project based Section 8 contracts that define owners’
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8 contracts,
provide policies and procedures on setting renewal rents and handling renewal
rent adjustments and provide the requirements and procedures for opting-out of a
Section 8 project based contract.  Registrant cannot reasonably
predict legislative initiatives and governmental budget negotiations, the
outcome of which could result in a reduction in funds available for the various
federal and state administered housing programs including the Section 8
program.  Such changes could adversely affect the future net operating
income before debt service (“NOI”) and debt structure of any or all Local
Partnerships currently receiving such subsidy or similar
subsidies.  Four Local Partnerships’ Section 8 contracts are currently
subject to renewal under applicable HUD guidelines.  Of the four Local
Partnerships noted above, three have entered into restructuring agreements,
resulting in changes to both rent subsidy and mandatory debt
service.





The Local
Partnerships have various financing structures which include (i) required debt
service payments (“Mandatory Debt Service”) and (ii) debt service payments which
are payable only from available cash flow subject to the terms and conditions of
the notes, which may be subject to specific laws, regulations and agreements
with appropriate federal and state agencies (“Non-Mandatory Debt Service or
Interest”).  Registrant has no legal obligation to fund any operating
deficits of the Local Partnerships.




9




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).





As a
result of a violation of certain terms of the regulatory agreement (the
“Regulatory Agreement”) entered into in connection with its mortgage, the lender
has declared Vision Limited Dividend Housing Association Limited Partnership
(“Vision”) in default under the terms of the mortgage.  The lender has
granted the Local General Partner of Vision an extension to December 31, 2010 to
cure the violation of the Regulatory Agreement.  The Local General
Partner of Vision represents that payments on the mortgage and real estate taxes
are current.  Registrant’s investment balance in Vision, after
cumulative equity losses, became zero during the year ended March 30,
2005.  Vision generated approximately $130.30 per Unit to the
Beneficial Owners upon the expiration of its Low-income Tax Credit allocation in
2006.  The Compliance Period for Vision expires on December 31,
2010.





Edgewood
Manor Associates, L.P. (“Edgewood”) is currently in default under the terms of
its first mortgage and a default has been declared by the lender; delinquent
payments of principal, interest and certain fees represent a cumulative
arrearage of approximately $36,000 as of October 2010.  Registrant has
made cumulative voluntary advances of $90,000 to Edgewood to fund operating
deficits as of September 29, 2010, none of which were made during the six months
then ended.  Registrant’s investment balance in Edgewood, after
cumulative equity losses, became zero during the year ended March 30, 2005 and
voluntary advances made by Registrant were recorded as investment in local
partnerships and written off as additional equity in loss of investment in local
partnerships.  The Compliance Period for Edgewood has
expired.





Critical Accounting Policies
and Estimates





The
accompanying unaudited financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America
(“GAAP”), which requires Registrant to make certain estimates and
assumptions.  The following section is a summary of certain aspects of
those accounting policies that may require subjective or complex judgments and
are most important to the portrayal of Registrant’s financial condition and
results of operations.  Registrant believes that there is a low
probability that the use of different estimates or assumptions in making these
judgments would result in materially different amounts being reported in the
accompanying unaudited financial statements.





·
            Registrant
      accounts for its investment in local partnerships in accordance with the
      equity method of accounting.





·
            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 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 (“FASB”) Accounting Standards
      Codification (“ASC”) Topic 810; Subtopic 10, because Registrant is not
      considered the primary beneficiary.  Registrant’s balance in
      investment in local partnerships, plus the risk of recapture of tax
      credits previously recognized on certain of such investments, 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 financial strength of the Local
      General Partners and their guarantees against credit
      recapture.




10




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).





Forward-Looking
Information





As a
cautionary note, with the exception of historical facts, the matters discussed
in this quarterly report on Form 10-Q are “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform
Act”).  Forward-looking statements may relate to, among other things,
current expectations, forecasts of future events, future actions, future
performance generally, business development activities, capital expenditures,
strategies, the outcome of contingencies, future financial results, financing
sources and availability and the effects of regulation and
competition.  Words such as “anticipate,” “expect,” “intend,” “plan,”
“seek,” “estimate” and other words and terms of similar meaning in connection
with discussions of future operating or financial performance signify
forward-looking statements.  Registrant may also provide written
forward-looking statements in other materials released to the
public.  Such statements are made in good faith by Registrant pursuant
to the “Safe Harbor” provisions of the Reform Act.  Registrant
undertakes no obligation to update publicly or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.  Such forward-looking statements involve known risks,
uncertainties and other factors that may cause Registrant’s actual results of
operations or actions to be materially different from future results of
operations or actions expressed or implied by the forward-looking
statements.





Item
3.   Quantitative and Qualitative
Disclosure About Market Risk.





Registrant’s
investment in mutual fund (the “Fund”) is subject to certain
risk.  The fixed income securities in which the Fund invests are
subject to interest rate risk, credit risk, prepayment risk, counterparty risk,
municipal securities risk, liquidity risk, management risk, government security
risk and valuation risk.  Typically, when interest rates rise, the
market prices of fixed income securities go down.  The Fund is
classified as “non-diversified,” and thus may invest most of its assets in
securities issued by or representing a small number of issuers.  As a
result, the Fund may be more susceptible to the risks associated with these
particular issuers, or to a single economic, political or regulatory occurrence
affecting these issuers.  These risks could adversely affect the
Fund’s net asset value (“NAV”), yield and total return.





The
market value of Registrant’s investment in bond is subject to fluctuation based
upon changes in interest rates relative to the investment’s maturity date and
the associated bond rating.  Since Registrant’s investment in bond is
callable in 2013, the value of such investment may be adversely impacted in an
environment of rising interest rates in the event Registrant decides to
liquidate the investment prior to its call date.  Although Registrant
may utilize the investment to pay for its operating expenses and/or for certain
Local Partnership matters, it otherwise intends to hold such investment to its
call date.  Therefore, Registrant does not anticipate any material
adverse impact in connection with such investment.





Item
4.  Controls
and Procedures.





Disclosure
controls and procedures are controls and procedures that are designed to ensure
that information required to be disclosed by Registrant in reports that
Registrant files or submits under the Exchange Act is recorded, processed,
summarized and timely reported as provided in SEC rules and
forms.  Registrant periodically reviews the design and effectiveness
of its disclosure controls and procedures, including compliance with various
laws and regulations that apply to its operations.  Registrant makes
modifications to improve the design and effectiveness of its disclosure controls
and procedures, and may take other corrective action, if its reviews identify a
need for such modifications or actions.  In designing and evaluating
the disclosure controls and procedures, Registrant recognizes that any controls
and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives.





Registrant
has carried out an evaluation, under the supervision and the participation of
its management, including the Chief Executive Officer and Chief Financial
Officer of the Manager, of the effectiveness of the design and operation of its
disclosure controls and procedures (as defined in Rule 13a-15(e) and
15d-15(e) under the Exchange Act), as of the three months ended September
29, 2010.  Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer of the Manager concluded that Registrant’s disclosure
controls and procedures were effective as of September 29, 2010.





Item
4T.  Internal Control Over
Financial Reporting.





There
were no changes in Registrant’s internal control over financial reporting during
the three months ended September 29, 2010 that have materially affected, or
are reasonably likely to materially affect, Registrant’s internal control over
financial reporting.




11




AMERICAN
TAX CREDIT TRUST,


a
Delaware statutory business trust


Series
I





PART
II - OTHER
INFORMATION





Item
      1.
            Legal
      Proceedings.





None.





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,
2010.





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 defaults of certain Local
Partnerships.





Item
      4.
            Removed and
      Reserved.





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.




12




SIGNATURES





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.





AMERICAN
      TAX CREDIT TRUST,a
      Delaware statutory business trustSeries
      IBy:Richman
      American Credit Corp.,The ManagerDated:
      November 3, 2010
                          
                          /s/David
      Salzmanby: 
      David SalzmanChief Executive OfficerDated:
      November 3, 2010
                          
                          /s/James
      Husseyby:James
      HusseyChief Financial OfficerDated:
      November 3, 2010
                          
                          /s/Richard
      Paul Richmanby:Richard
      Paul RichmanDirector





13