**FORM      10-Q**

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

**December      30, 2007**

| 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** |   | **December 30,****2007** |   | **March 30,****2007** |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------|--------|-------------------------------|--------|----------------------------|--------|
|                                                                                                        |   |      |   |                          |   |                       |   |
| **ASSETS**                                                                                                  |   |      |   |                          |   |                       |   |
|                                                                                                        |   |      |   |                          |   |                       |   |
| Cash                and cash equivalents                                                                    |   |      |   |                          | $      | 1,538,940                  |   | $ | 1,642,515 |   |
| Restricted                cash                                                                              |   |      | 3      |                          |   | 12,470                     |   |   | 62,635 |   |
| Investments                in bonds                                                                         |   |      | 2      |                          |   | 107,588                    |   |   | 127,457 |   |
| Investment                in local partnerships                                                             |   |      | 3      |                          |   | 2,265,322                  |   |   | 2,321,070 |   |
| Interest                receivable                                                                          |   |      |   |                          |   | 1,690                      |   |   | 2,588 |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          | $      | 3,926,010                  |   | $ | 4,156,265 |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
| **LIABILITIES                AND OWNERS’ EQUITY (DEFICIT)**                                           |   |      |   |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
| Liabilities                                                                                                 |   |      |   |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |   |      |   |                          | $      | 36,955                     |   | $ | 44,449 |   |
| Payable                to manager and affiliates                                                            |   |      |   |                          |   | 777,944                    |   |   | 793,186 |   |
| Interest                payable                                                                             |   |      | 3      |                          |   | 12,470                     |   |   | 62,635 |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          |   | 827,369                    |   |   | 900,270 |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
| Commitments                and contingencies                                                                |   |      | 3,4    |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
| Owners’                equity (deficit)                                                               |   |      |   |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
| Manager                                                                                                     |   |      |   |                          |   | (132,906                   | )      |   | (131,349 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |   |      |   |                          |   | 3,230,488                  |   |   | 3,384,649 |   |
| Accumulated                other comprehensive income, net                                                  |   |      | 2      |                          |   | 1,059                      |   |   | 2,695 |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          |   | 3,098,641                  |   |   | 3,255,995 |   |
|                                                                                                        |   |      |   |                          |   |                       |   |   |   |   |
|                                                                                                        |   |      |   |                          | $      | 3,926,010                  |   | $ | 4,156,265 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

**(UNAUDITED)**

|                                                                                                                                                         |   |   | **Notes** |   |   | **Three Months****Ended****December 30,****2007** |   |   | **Nine Months****Ended****December 30,****2007** |   |   | **Three Months****Ended****December 30,****2006** |   |   | **Nine Months****Ended****December 30,****2006** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|-------------------------------------------------------------|--------|--------|------------------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|--------|------------------------------------------------------------|--------|
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| **REVENUE**                                                                                                                                                  |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| Interest                                                                                                                                                     |   |   |      |   | $      | 16,460                                                      |   | $      | 59,301                                                     |   | $      | 23,951                                                      |   | $      | 69,775                                                     |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| TOTAL                REVENUE                                                                                                                                 |   |   |      |   |   | 16,460                                                      |   |   | 59,301                                                     |   |   | 23,951                                                      |   |   | 69,775                                                     |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| **EXPENSES**                                                                                                                                                 |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| Management                fee                                                                                                                                |   |   |      |   |   | 48,036                                                      |   |   | 144,107                                                    |   |   | 48,036                                                      |   |   | 144,107                                                    |   |
| Professional                fees                                                                                                                             |   |   |      |   |   | 10,266                                                      |   |   | 27,416                                                     |   |   | 10,778                                                      |   |   | 29,385                                                     |   |
| Printing,                postage and other                                                                                                                   |   |   |      |   |   | 4,341                                                       |   |   | 6,603                                                      |   |   | 1,723                                                       |   |   | 6,037                                                      |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| TOTAL                EXPENSES                                                                                                                                |   |   |      |   |   | 62,643                                                      |   |   | 178,126                                                    |   |   | 60,537                                                      |   |   | 179,529                                                    |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
|                                                                                                                                                         |   |   |      |   |   | (46,183                                                     | )      |   | (118,825                                                   | )      |   | (36,586                                                     | )      |   | (109,754                                                   | )      |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| Equity                in income (loss) of investment in local partnerships                                                                                   |   |   | 3         |   |   | 13,062                                                      |   |   | (36,893                                                    | )      |   | 56,800                                                      |   |   | (1,551                                                     | )      |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| **NET                INCOME (LOSS)**                                                                                                                         |   |   |      |   |   | (33,121                                                     | )      |   | (155,718                                                   | )      |   | 20,214                                                      |   |   | (111,305                                                   | )      |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| Other                comprehensive loss                                                                                                                      |   |   | 2         |   |   | (556                                                        | )      |   | (1,636                                                     | )      |   | (1,193                                                      | )      |   | (3,358                                                     | )      |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                               |   |   |      |   | $      | (33,677                                                     | )      | $      | (157,354                                                   | )      | $      | 19,021                                                      |   | $      | (114,663                                                   | )      |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| Manager                                                                                                                                                      |   |   |      |   | $      | (331                                                        | )      | $      | (1,557                                                     | )      | $      | 202                                                         |   | $      | (1,113                                                     | )      |
| Beneficial                owners                                                                                                                             |   |   |      |   |   | (32,790                                                     | )      |   | (154,161                                                   | )      |   | 20,012                                                      |   |   | (110,192                                                   | )      |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
|                                                                                                                                                         |   |   |      |   | $      | (33,121                                                     | )      | $      | (155,718                                                   | )      | $      | 20,214                                                      |   | $      | (111,305                                                   | )      |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
|                                                                                                                                                         |   |   |      |   |   |                                                        |   |   |                                                       |   |   |                                                        |   |   |                                                       |   |
| **NET                INCOME (LOSS)**                per unit of beneficial ownership interest (18,654 units of beneficial                ownership interest) |   |   |      |   | $      | (1.75                                                       | )      | $      | (8.26                                                      | )      | $      | 1.07                                                        |   | $      | (5.91                                                      | )      |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

**NINE      MONTHS ENDED DECEMBER 30, 2007 AND 2006**

**(UNAUDITED)**

|                                                                   |   | **2007** |      | **2006** |   |
|------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                   |   |     |      |     |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |   |     |      |     |   |
|                                                                   |   |     |      |     |   |
| Interest                received                                       |   | $        | 11,267    |     | $      | 67,226 |   |
| Cash                paid for                                           |   |     |      |     |   |   |   |
| management                fee                                          |   |     | (159,349  | )        |   | (81,517 | ) |
| professional                fees                                       |   |     | (37,960   | )        |   | (23,833 | ) |
| printing,                postage and other expenses                    |   |     | (3,553    | )        |   | (6,037 | ) |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash used in operating activities                   |   |     | (189,595  | )        |   | (44,161 | ) |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Cash                distributions from local partnerships              |   |     | 63,855    |     |   | 64,350 |   |
| Advances                made to local partnerships                     |   |     | (45,000   | )        |   | (25,000 | ) |
| Transfer                from restricted cash                           |   |     | 50,165    |     |   | 5,578 |   |
| Proceeds                from maturities/redemptions and sales of bonds |   |     | 17,000    |     |   | 64,000 |   |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash provided by investing activities               |   |     | 86,020    |     |   | 108,928 |   |
|                                                                   |   |     |      |     |   |   |   |
| Net                increase (decrease) in cash and cash equivalents    |   |     | (103,575  | )        |   | 64,767 |   |
|                                                                   |   |     |      |     |   |   |   |
| Cash                and cash equivalents at beginning of period        |   |     | 1,642,515 |     |   | 1,503,841 |   |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**          |   | $        | 1,538,940 |     | $      | 1,568,608 |   |
|                                                                   |   |     |      |     |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**           |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Unrealized                loss on investments in bonds, net            |   | $        | (1,636    | )        | $      | (3,358 | ) |

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**NINE      MONTHS ENDED DECEMBER 30, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                    |   | **2007** |     | **2006** |   |
|---------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|
|                                                                                                    |   |     |     |     |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH USED IN OPERATING                ACTIVITIES**   |   |     |     |     |   |
|                                                                                                    |   |     |     |     |   |
| Net                loss                                                                                 |   | $        | (155,718 | )        | $      | (111,305 | ) |
|                                                                                                    |   |     |     |     |   |   |   |
| Adjustments                to reconcile net loss to net cash used inoperating                activities |   |     |     |     |   |   |   |
|                                                                                                    |   |     |     |     |   |   |   |
| Equity                in loss of investment in local partnerships                                       |   |     | 36,893   |     |   | 1,551 |   |
| Amortization                of net premium on investments in bonds                                      |   |     | 1,233    |     |   | 2,096 |   |
| Decrease                in interest receivable                                                          |   |     | 898      |     |   | 933 |   |
| Increase                (decrease) in accounts payable and accrued expenses                             |   |     | (7,494   | )        |   | 5,552 |   |
| Increase                (decrease) in payable to manager and affiliates                                 |   |     | (15,242  | )        |   | 62,590 |   |
| Decrease                in interest payable                                                             |   |     | (50,165  | )        |   | (5,578 | ) |
|                                                                                                    |   |     |     |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                |   | $        | (189,595 | )        | $      | (44,161 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**DECEMBER      30, 2007**

**(UNAUDITED)**

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

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

| Description                and maturity          |   | Amortizedcost |    | Grossunrealizedgains |   | Grossunrealizedlosses |   | Estimatedfair value |    |
|--------------------------------------------------|--------|---------------|---------|----------------------|--------|-----------------------|--------|--------------------------|---------|
|                                             |   |          |    |                 |   |                  |   |                     |    |
| Corporate                debt securities         |   |          |    |                 |   |                  |   |                     |    |
| Within                one year                   |   | $             | 103,403 |                 | $      | 773                   |   | $                        | — |  | $ | 104,176 |   |
| After                one year through five years |   |          | 3,126   |                 |   | 286                   |   |                     | — |   |   | 3,412 |   |
|                                             |   |          |    |                 |   |                  |   |                     |    |   |   |   |   |
|                                             |   | $             | 106,529 |                 | $      | 1,059                 |   | $                        | — |   | $ | 107,588 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**DECEMBER      30, 2007**

**(UNAUDITED)**

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

** **

| Investment                in local partnerships as of March 30, 2007    |   | $      | 2,321,070 |     |
|-------------------------------------------------------------------------|--------|--------|-----------|----------|
|                                                                    |   |   |      |     |
| Advances                to Local Partnership                            |   |   | 45,000    |     |
|                                                                    |   |   |      |     |
| Cash                distributions received from Local Partnerships      |   |   | (63,855   | )        |
|                                                                    |   |   |      |     |
| Equity                in loss of investment in local partnerships       |   |   | (36,893   | )*  |
|                                                                    |   |   |      |     |
| Investment                in local partnerships as of December 30, 2007 |   | $      | 2,265,322 |     |

|  | * | 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 $838,269 for the nine                months ended September 30, 2007 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)**

**DECEMBER      30, 2007**

**(UNAUDITED)**

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

|                                                                                                                                     |   | **September 30,** |        | **December 31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|-------------|-----------------------|--------|
|                                                                                                                                     |   | **2007**               |        | **2006**              |   |
|                                                                                                                                     |   |                   |        |                  |   |
| **ASSETS**                                                                                                                               |   |                   |        |                  |   |
|                                                                                                                                     |   |                   |        |                  |   |
| Cash                and cash equivalents                                                                                                 |   | $                      | 307,240     |                  | $      | 386,275 |   |
| Rents                receivable                                                                                                          |   |                   | 68,081      |                  |   | 61,039 |   |
| Escrow                deposits and reserves                                                                                              |   |                   | 2,016,578   |                  |   | 1,545,848 |   |
| Land                                                                                                                                     |   |                   | 1,213,303   |                  |   | 1,213,303 |   |
| Buildings                and improvements (net of accumulated depreciation of $14,220,457                and                $13,396,892) |   |                   | 20,403,785  |                  |   | 20,997,017 |   |
| Intangible                assets (net of accumulated amortization of $157,136 and                $155,452)                               |   |                   | 270,319     |                  |   | 249,863 |   |
| Other                assets                                                                                                              |   |                   | 543,273     |                  |   | 593,655 |   |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   | $                      | 24,822,579  |                  | $      | 25,047,000 |   |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
| Liabilities                                                                                                                              |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                      | 1,037,678   |                  | $      | 1,021,581 |   |
| Due                to related parties                                                                                                    |   |                   | 1,302,889   |                  |   | 2,826,188 |   |
| Mortgage                loans                                                                                                            |   |                   | 21,160,506  |                  |   | 20,977,035 |   |
| Notes                payable                                                                                                             |   |                   | 115,573     |                  |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |                   | 3,447,972   |                  |   | 3,046,533 |   |
| Other                liabilities                                                                                                         |   |                   | 1,964,004   |                  |   | 398,090 |   |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   |                   | 29,028,622  |                  |   | 28,369,427 |   |
| Partners'                equity (deficit)                                                                                                |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |                   |        |                  |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                   | 13,965,047  |                  |   | 13,963,902 |   |
| Cumulative                loss                                                                                                           |   |                   | (10,237,876 | )                     |   | (10,200,983 | ) |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   |                   | 3,727,171   |                  |   | 3,762,919 |   |
| General                partners and other limited partners                                                                               |   |                   |        |                  |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                   | 470,294     |                  |   | 471,037 |   |
| Cumulative                loss                                                                                                           |   |                   | (8,403,508  | )                     |   | (7,556,383 | ) |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   |                   | (7,933,214  | )                     |   | (7,085,346 | ) |
|                                                                                                                                     |   |                   |        |                  |   |   |   |
|                                                                                                                                     |   |                   | (4,206,043  | )                     |   | (3,322,427 | ) |
|                                                                                                                                     |   |                   |             |                  |   |   |   |
|                                                                                                                                     |   | $                      | 24,822,579  |                  | $      | 25,047,000 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**DECEMBER      30, 2007**

**(UNAUDITED)**

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

|                                                                                                                                                                                                     |   | **Three Months****Ended****September 30,****2007** |      | **Nine Months****Ended****September 30,****2007** |   | **Three Months****Ended****September 30,****2006** |   | **Nine Months****Ended****September 30,****2006** |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|-----------|-------------------------------------------------------------|--------|--------------------------------------------------------------|--------|-------------------------------------------------------------|-----------|
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |
| **REVENUE**                                                                                                                                                                                              |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |
| Rental                                                                                                                                                                                                   |   | $                                                            | 1,092,776 |                                                        | $      | 3,250,091                                                    |   | $                                                           | 1,016,050 |   | $ | 3,114,016 |   |
| Interest                and other                                                                                                                                                                        |   |                                                         | 41,667    |                                                        |   | 111,181                                                      |   |                                                        | 46,052    |   |   | 126,959 |   |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                                             |   |                                                         | 1,134,443 |                                                        |   | 3,361,272                                                    |   |                                                        | 1,062,102 |   |   | 3,240,975 |   |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                             |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
| Administrative                                                                                                                                                                                           |   |                                                         | 277,687   |                                                        |   | 887,097                                                      |   |                                                        | 245,861   |   |   | 733,075 |   |
| Utilities                                                                                                                                                                                                |   |                                                         | 183,695   |                                                        |   | 594,580                                                      |   |                                                        | 199,288   |   |   | 603,388 |   |
| Operating                and maintenance                                                                                                                                                                 |   |                                                         | 249,185   |                                                        |   | 835,384                                                      |   |                                                        | 320,407   |   |   | 865,880 |   |
| Taxes                and insurance                                                                                                                                                                       |   |                                                         | 153,202   |                                                        |   | 423,296                                                      |   |                                                        | 103,192   |   |   | 397,245 |   |
| Financial                                                                                                                                                                                                |   |                                                         | 293,169   |                                                        |   | 661,387                                                      |   |                                                        | 195,205   |   |   | 589,896 |   |
| Depreciation                and amortization                                                                                                                                                             |   |                                                         | 345,123   |                                                        |   | 843,546                                                      |   |                                                        | 261,880   |   |   | 784,215 |   |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                                            |   |                                                         | 1,502,061 |                                                        |   | 4,245,290                                                    |   |                                                        | 1,325,833 |   |   | 3,973,699 |   |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
| **NET                LOSS**                                                                                                                                                                              |   | $                                                            | (367,618  | )                                                           | $      | (884,018                                                     | )      | $                                                           | (263,731  | ) | $ | (732,724 | ) |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                                                                       |   | $                                                            | 13,062    |                                                        | $      | (36,893                                                      | )      | $                                                           | 56,800    |   | $ | (1,551 | ) |
| General                partners and other limited partners, which includes Trust loss in                excess                of investment of $376,993, $838,269, $317,889, and                $723,831 |   |                                                         | (380,680  | )                                                           |   | (847,125                                                     | )      |                                                        | (320,531  | ) |   | (731,173 | ) |
|                                                                                                                                                                                                     |   |                                                         |      |                                                        |   |                                                         |   |                                                        |      |   |   |   |   |
|                                                                                                                                                                                                     |   | $                                                            | (367,618  | )                                                           | $      | (884,018                                                     | )      | $                                                           | (263,731  | ) | $ | (732,724 | ) |

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

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**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. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

----

**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, 2007. |
|                          |                                                                                                                                                                                                                                              |
| **Item                  2.**  | **Unregistered                  Sales of Equity Securities and Use of                  Proceeds**                                                                                                                                                 |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **Item                  3.**  | **Defaults                  Upon Senior Securities**                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **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                                                                                                                                              |

----

**SIGNATURES**

|                                 | **AMERICAN                TAX CREDIT TRUST,**      |
|--------------------------------------|----------------------------------------------------|
|                                 | a                Delaware statutory business trust |
|                                 | Series                I                            |
|                                 |                                               |
|                                 | By:                                                | Richman                American Credit Corp., |
|                                 |                                               | The                Manager |
|                                 |                                               |
|                                 |                                               |
| Dated:                March 28, 2008 | /s/                David Salzman                   |   |
|                                 | by:                                                | David                Salzman |
|                                 |                                               | Chief                Executive Officer |
|                                 |                                               |
|                                 |                                               |
| Dated:                March 28, 2008 | /s/                Neal Ludeke                     |   |
|                                 | by:                                                | Neal                Ludeke |
|                                 |                                               | Chief                Financial Officer |
|                                 |                                               |
|                                 |                                               |
| Dated:                March 28, 2008 | /s/                Richard Paul Richman            |   |
|                                 | by:                                                | Richard                Paul Richman |
|                                 |                                               | Director |

----