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, 2003
                               ------------------

                                       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                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)


Richman American Credit Corp.
599 West Putnam Avenue, 3rd Floor
Greenwich, Connecticut                                              06830
---------------------------------------                           ----------
(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     .
    -----     -----

<PAGE>

                           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



                                       2

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                                 BALANCE SHEETS
                                   (UNAUDITED)


                                                                   September 29,          March 30,
                                                      Notes            2003                 2003
                                                      -----        ------------          -----------

ASSETS

<S>                                                     <C>       <C>                   <C>
Cash and cash equivalents                                          $   536,492           $   394,025
Restricted cash                                          3             134,204               133,807
Investments in bonds                                     2           1,558,916             1,654,852
Investment in local partnerships                         3           5,051,339             5,490,521
Interest receivable                                                     29,071                32,471
                                                                   -----------           -----------
                                                                   $ 7,310,022           $ 7,705,676
                                                                   ===========           ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                            $    16,002           $    27,492
  Payable to manager                                                   662,572               621,142
  Capital contributions payable                          3              69,300                69,300
  Interest payable                                       3              64,904                64,507
                                                                   -----------           -----------
                                                                       812,778               782,441
                                                                   -----------           -----------

Commitments and contingencies                            3

Owners' equity (deficit)

  Manager                                                              (99,739)              (95,418)
  Beneficial owners (18,654 units of beneficial
   ownership interest outstanding)                                   6,514,013             6,941,833
  Accumulated other comprehensive income, net            2              82,970                76,820
                                                                   -----------           -----------
                                                                     6,497,244             6,923,235
                                                                   -----------           -----------
                                                                   $ 7,310,022           $ 7,705,676
                                                                   ===========           ===========
</TABLE>


                       See Notes to Financial Statements.


                                       3

<PAGE>

<TABLE>
<CAPTION>

                                          AMERICAN TAX CREDIT TRUST,
                                      a Delaware statutory business trust
                                                   Series I
                                           STATEMENTS OF OPERATIONS
                                                  (UNAUDITED)

                                                     Three Months      Six Months      Three Months    Six Months
                                                        Ended            Ended            Ended           Ended
                                                     September 29,    September 29,    September 29,   September 29,
                                          Notes          2003             2003             2002            2002
                                          -----      -------------    ------------     ------------    ------------

<S>                                                   <C>              <C>              <C>              <C>
REVENUE

Interest                                              $  26,024        $  51,758        $  31,436        $  62,217
                                                      ---------        ---------        ---------        ---------

TOTAL REVENUE                                            26,024           51,758           31,436           62,217
                                                      ---------        ---------        ---------        ---------

EXPENSES

Management fee                                           48,035           96,071           48,035           96,071
Professional fees                                         6,984           13,614            6,498           13,106
Printing, postage and other                               1,567            5,372              381            6,069
                                                      ---------        ---------        ---------        ---------

TOTAL EXPENSES                                           56,586          115,057           54,914          115,246
                                                      ---------        ---------        ---------        ---------

Loss from operations                                    (30,562)         (63,299)         (23,478)         (53,029)

Equity in loss of investment
  in local partnerships                      3         (178,326)        (368,842)        (211,390)        (449,386)

NET LOSS                                               (208,888)        (432,141)        (234,868)        (502,415)

Other comprehensive income (loss)            2           (5,407)           6,150            9,519           31,381
                                                      ---------        ---------        ---------        ---------

COMPREHENSIVE LOSS                                    $(214,295)       $(425,991)       $(225,349)       $(471,034)
                                                      =========        =========        =========        =========

NET LOSS ATTRIBUTABLE TO

  Manager                                             $  (2,088)       $  (4,321)       $  (2,349)       $  (5,024)
  Beneficial owners                                    (206,800)        (427,820)        (232,519)        (497,391)
                                                      ---------        ---------        ---------        ---------

                                                      $(208,888)       $(432,141)       $(234,868)       $(502,415)
                                                      =========        =========        =========        =========

NET LOSS per unit of
  beneficial ownership
  interest (18,654 units of
  beneficial ownership interest)                      $  (11.08)       $  (22.93)       $  (12.46)       $  (26.66)
                                                      =========        =========        =========        =========
</TABLE>


                       See Notes to Financial Statements.


                                       4

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                  SIX MONTHS ENDED SEPTEMBER 29, 2003 AND 2002
                                   (UNAUDITED)

                                                                 2003            2002
                                                               ---------       ---------
<S>                                                            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                                              $  57,641       $  65,159
Cash paid for
  management fee                                                 (54,641)        (55,520)
  professional fees                                              (26,606)        (26,102)
  printing, postage and other expenses                            (3,870)         (6,069)
                                                               ---------       ---------

Net cash used in operating activities                            (27,476)        (22,532)
                                                               ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                        70,340          70,456
Transfer to restricted cash                                         (397)           (710)
Proceeds from maturity/redemption and sale of bonds              100,000
                                                               ---------       ---------

Net cash provided by investing activities                        169,943          69,746
                                                               ---------       ---------

Net increase in cash and cash equivalents                        142,467          47,214

Cash and cash equivalents at beginning of period                 394,025         207,314
                                                               ---------       ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                     $ 536,492       $ 254,528
                                                               =========       =========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain on investments in bonds, net                   $   6,150       $  31,381
                                                               =========       =========
</TABLE>

-------------------------------------------------------------------------------
See reconciliation of net loss to net cash used in operating  activities on page
6.


                       See Notes to Financial Statements.


                                       5
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                  SIX MONTHS ENDED SEPTEMBER 29, 2003 AND 2002
                                   (UNAUDITED)

                                                               2003           2002
                                                             ---------      ---------

<S>                                                          <C>            <C>
RECONCILIATION OF NET LOSS TO NET CASH USED IN
  OPERATING ACTIVITIES

Net loss                                                     $(432,141)     $(502,415)

Adjustments to reconcile net loss to net cash
  used in operating activities

   Equity in loss of investment in local partnerships          368,842        449,386
   Amortization of net premium on investments in bonds           2,086          1,887
   Decrease in interest receivable                               3,400            345
   Decrease in accounts payable and accrued expenses           (11,490)       (12,996)
   Increase in payable to manager                               41,430         40,551
   Increase in interest payable                                    397            710
                                                             ---------      ---------
NET CASH USED IN OPERATING ACTIVITIES                        $ (27,476)     $ (22,532)
                                                             =========      =========
</TABLE>



                       See Notes to Financial Statements.



                                       6

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 29, 2003
                                   (UNAUDITED)


1. Basis of Presentation

   The accompanying unaudited financial statements have been prepared in
   accordance with accounting principles generally accepted in the United States
   of America for interim financial information. They do not include all
   information and footnotes required by accounting principles generally
   accepted in the United States of America for complete financial statements.
   The results of operations are impacted significantly 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 financial statements are dependent on such unaudited
   information. In the opinion of the Manager, the financial statements include
   all adjustments necessary to present fairly the financial position as of
   September 29, 2003 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 three and six month periods ended September
   29, 2003 are not necessarily indicative of the results that may be expected
   for the entire year.


2. Investments in Bonds

   As of September 29, 2003, certain information concerning investments in bonds
   is as follows:

<TABLE>
<CAPTION>

                                                           Gross         Gross
                                          Amortized      unrealized    unrealized    Estimated
   Description and maturity                 cost           gains         losses      fair value
   ------------------------               ---------      ----------    ----------    ----------
<S>                                    <C>             <C>            <C>           <C>
Corporate debt securities
  Within one year                         $  799,960     $   27,706    $     --      $  827,666
  After one year through five years          672,736         54,730          --         727,466
  After five years through ten years           3,250            534          --           3,784
                                          ----------     ----------    ----------    ----------
                                          $1,475,946     $   82,970    $     --      $1,558,916
                                          ==========     ==========    ==========    ==========
</TABLE>



                                       7

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                               SEPTEMBER 29, 2003
                                   (UNAUDITED)


3. Investment in Local Partnerships

   The Trust owns a 98.9%-99% limited partnership interest in ten Local
   Partnerships and has committed to make capital contribution payments in the
   aggregate amount of $14,741,864, of which the Trust has paid $14,672,564 and
   $69,300 is outstanding as of September 29, 2003. Restricted cash in the
   accompanying balance sheet as of September 29, 2003 represents such
   outstanding capital contribution along with accrued interest of $64,904 on an
   outstanding capital contribution. The outstanding capital contribution is
   payable upon a certain Local Partnership's satisfaction of specified
   conditions. As of June 30, 2003, the Local Partnerships have outstanding
   mortgage loans payable totaling approximately $20,932,000 and accrued
   interest payable on such loans totaling approximately $2,099,000, which are
   secured by security interests and liens common to mortgage loans on the Local
   Partnerships' real property and other assets.

   For the six months ended September 29, 2003, the investment in local
   partnerships activity consists of the following:

             Investment in local partnerships as of
               March 30, 2003                                $ 5,490,521

             Equity in loss of investment in local
               partnerships                                     (368,842)*

             Cash distributions received from Local
               Partnerships                                      (70,340)
                                                             -----------
             Investment in local partnerships as of
               September 29, 2003                            $ 5,051,339
                                                             ===========

   *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 $51,157 for the six months
   ended June 30, 2003 as reflected in the combined statement of operations of
   the Local Partnership reflected herein Note 3.

   The combined unaudited balance sheets of the Local Partnerships as of June
   30, 2003 and December 31, 2002 and the combined unaudited statements of
   operations of the Local Partnerships for the three and six month periods
   ended June 30, 2003 and 2002 are reflected on pages 9 and 10, respectively.



                                       8

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                               SEPTEMBER 29, 2003
                                   (UNAUDITED)

3. Investment in Local Partnerships (continued)

   The combined balance sheets of the Local Partnerships as of June 30, 2003 and
   December 31, 2002 are as follows:

<TABLE>
<CAPTION>

                                                            June 30,         December 31,
                                                              2003              2002
                                                          ------------      ------------

   ASSETS

<S>                                                       <C>               <C>
Cash and cash equivalents                                 $    199,852      $    333,544
Rents receivable                                                40,643            42,954
Capital contributions receivable                                69,300            69,300
Escrow deposits and reserves                                 1,629,782         1,556,569
Land                                                         1,267,153         1,267,153
Buildings and improvements (net of accumulated
  depreciation of $11,052,928 and $10,437,344)              26,405,192        26,880,032
Intangible assets (net of accumulated
  amortization of $152,864 and $145,326)                       242,550           250,088
Other assets                                                   346,386           315,527
                                                          ------------      ------------

                                                          $ 30,200,858      $ 30,715,167
                                                          ============      ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                   $    622,040      $    508,742
  Due to related parties                                       629,757           666,490
  Mortgage loans                                            20,932,434        21,160,284
  Notes payable                                                100,000           100,000
  Accrued interest                                           2,098,796         1,965,794
  Other liabilities                                            146,869           147,594
                                                          ------------      ------------

                                                            24,529,896        24,548,904
                                                          ------------      ------------

Partners' equity (deficit)

  American Tax Credit Trust, Series I
   Capital contributions, net of distributions
     (includes receivable of $69,300)                       14,136,770        14,207,109
   Cumulative loss                                          (8,397,930)       (8,029,088)
                                                          ------------      ------------

                                                             5,738,840         6,178,021
                                                          ------------      ------------

  General partners and other limited partners
   Capital contributions, net of distributions                 338,106           338,817
   Cumulative loss                                            (405,984)         (350,575)
                                                          ------------      ------------

                                                               (67,878)          (11,758)
                                                          ------------      ------------

                                                             5,670,962         6,166,263
                                                          ------------      ------------

                                                          $ 30,200,858      $ 30,715,167
                                                          ============      ============
</TABLE>


                                       9

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                               SEPTEMBER 29, 2003
                                   (UNAUDITED)

3. Investment in Local Partnerships (continued)

   The combined statements of operations of the Local Partnerships for the three
   and six month periods ended June 30, 2003 and 2002 are as follows:

<TABLE>
<CAPTION>

                                                Three Months       Six Months       Three Months       Six Months
                                                   Ended             Ended             Ended             Ended
                                                  June 30,          June 30,          June 30,          June 30,
                                                    2003              2003              2002              2002
                                                ------------      -----------       -----------       -----------

<S>                                             <C>               <C>               <C>               <C>
REVENUE

Rental                                          $ 1,010,619       $ 2,038,786       $   998,442       $ 1,977,427
Interest and other                                   54,523            73,865            30,630            61,457
                                                -----------       -----------       -----------       -----------

TOTAL REVENUE                                     1,065,142         2,112,651         1,029,072         2,038,884
                                                -----------       -----------       -----------       -----------

EXPENSES

Administrative                                      186,485           371,978           188,738           362,515
Utilities                                           142,844           269,937           121,515           253,610
Operating and maintenance                           258,852           509,411           239,367           498,502
Taxes and insurance                                 157,894           324,085           153,418           302,326
Financial                                           214,630           438,269           229,830           455,694
Depreciation and amortization                       311,719           623,222           309,733           620,172

TOTAL EXPENSES                                    1,272,424         2,536,902         1,242,601         2,492,819
                                                -----------       -----------       -----------       -----------

NET LOSS                                        $  (207,282)      $  (424,251)      $  (213,529)      $  (453,935)
                                                ===========       ===========       ===========       ===========

NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust, Series I           $  (178,326)      $  (368,842)      $  (211,390)      $  (449,386)
  General partners and other
   limited partners, which includes
   Trust loss in excess of investment
   of $26,879 and $51,157 in fiscal 2003            (28,956)          (55,409)           (2,139)           (4,549)
                                                -----------       -----------       -----------       -----------
                                                $  (207,282)      $  (424,251)      $  (213,529)      $  (453,935)
                                                ===========       ===========       ===========       ===========
</TABLE>

   The combined results of operations of the Local Partnerships for the three
   and six month periods ended June 30, 2003 are not necessarily indicative of
   the results that may be expected for an entire operating period.


4. Additional Information

   Additional information, including the audited March 30, 2003 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, 2003 on file with the Securities and
   Exchange Commission.

                                       10

<PAGE>

                           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, 2003, American Tax Credit Trust (the "Registrant") has not
experienced a significant change in financial condition as compared to March 30,
2003. Principal changes in assets are comprised of periodic transactions and
adjustments and anticipated equity in 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, 2003,
Registrant received cash from interest revenue, distributions from Local
Partnerships and maturity/redemption and sale of bonds and utilized cash for
operating expenses. Cash and cash equivalents and investments in bonds
increased, in the aggregate, by approximately $47,000 during the six months
ended September 29, 2003 (which includes a net unrealized gain on investments in
bonds of approximately $6,000 and the amortization of net premium on investments
in bonds of approximately $2,000). Notwithstanding circumstances that may arise
in connection with the Properties, Registrant does not expect to realize
significant gains or losses on its investments in bonds, if any. During the six
months ended September 29, 2003, the investment in local partnerships decreased
as a result of Registrant's equity in the Local Partnerships' net loss for the
six months ended June 30, 2003 of $368,842 and cash distributions received from
Local Partnerships of $70,340. Payable to manager in the accompanying balance
sheet as of September 29, 2003 represents deferred management fees.

Results of Operations
---------------------

Registrant's operating results are dependent upon the operating results of the
Local Partnerships and are significantly 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 which includes capital contributions payable, and is adjusted
for Registrant's share of each Local Partnership's results of operations and by
cash distributions received. 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. As a result, the reported
equity in loss of investment in local partnerships is expected to decrease as
Registrant's investment balances in the respective Local Partnerships become
zero. However, the combined statements of operations of the Local Partnerships
reflected in Note 3 to Registrant's financial statements include the operating
results of all Local Partnerships, irrespective of Registrant's investment
balances.

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 carrying value of
Registrant's investment in local partnerships may be reduced if the book value
(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. See discussion below under Local Partnership
Matters regarding certain Local Partnerships currently operating below economic
break even levels.

Registrant's operations for the three months ended September 29, 2003 and 2002
resulted in net losses of $208,888 and $234,868, respectively. Other
comprehensive income (loss) for the three months ended September 29, 2003 and
2002 resulted from a net unrealized gain (loss) on investments in bonds of
$(5,407) and $9,519, respectively.

The Local Partnerships' net loss of approximately $207,000 for the three months
ended June 30, 2003 was attributable to rental and other revenue of
approximately $1,065,000, exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $960,000 and approximately
$312,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $214,000 for the three months ended June 30, 2002 was
attributable to rental and other revenue of approximately $1,029,000, exceeded
by operating and interest expense (including interest on non-mandatory debt) of
approximately $933,000 and approximately $310,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the three months ended June 30, 2003 are not necessarily indicative of the
results that may be expected in future periods.

                                       11

<PAGE>

                           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's operations for the six months ended September 29, 2003 and 2002
resulted in net losses of $432,141 and $502,415, respectively. The decrease in
net loss is primarily attributable to a decrease in equity in loss of investment
in local partnerships of approximately $81,000, which decrease is primarily
attributable to an increase in the nonrecognition of losses in accordance with
the equity method of accounting. Other comprehensive income for the six months
ended September 29, 2003 and 2002 resulted from a net unrealized gain on
investments in bonds of $6,150 and $31,381, respectively.

The Local Partnerships' net loss of approximately $424,000 for the six months
ended June 30, 2003 was attributable to rental and other revenue of
approximately $2,113,000, exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $1,914,000 and approximately
$623,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $454,000 for the six months ended June 30, 2002 was
attributable to rental and other revenue of approximately $2,039,000, exceeded
by operating and interest expense (including interest on non-mandatory debt) of
approximately $1,873,000 and approximately $620,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the six months ended June 30, 2003 are not necessarily indicative of the results
that may be expected in future periods.

Local Partnership Matters
-------------------------

Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's 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 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"). In addition, certain of the Local
Partnerships have 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, regardless of
any sale of the Properties by the Local Partnerships after 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. Through December 31,
2002, none of the Local Partnerships have suffered an event of recapture of
Low-income Tax Credits.

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 during the
Compliance Periods of the Local Partnerships. 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 and debt structure of any or all Local Partnerships currently receiving
such subsidy or similar subsidies. Three Local Partnerships' Section 8 contracts
are currently subject to renewal under applicable HUD guidelines.


                                       12

<PAGE>

                           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)
        -------------------------

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"). In the event rents are not sufficient to cover operating
expenses, Mandatory Debt Service requirements and other charges, certain general
partners of the Local Partnerships (the "Local General Partners") are obligated
to provide advances to cover deficits for a certain period of time up to certain
amounts (the "Deficit Guarantee"). A Local General Partner's funding of such
Deficit Guarantee is dependent on its liquidity or ability to borrow the
required funds. During the six months ended June 30, 2003, revenue from
operations of the Local Partnerships has generally been sufficient to cover
operating expenses and Mandatory Debt Service. Substantially all of the Local
Partnerships are effectively operating at or above break even levels, although
certain Local Partnerships' operating information reflects operating deficits
that do not represent cash deficits due to their mortgage and financing
structure and the required deferral of property management fees. However, as
discussed below, a certain Local Partnership's operating information indicates
below break even operations after taking into account its mortgage and financing
structure and any required deferral of property management fees.

St. Christopher's Associates, L.P. V ("St. Christopher") incurred an operating
deficit of approximately $23,000 for the six months ended June 30, 2003. St.
Christopher has an operating reserve of approximately $301,000 as of June 30,
2003. In addition, unpaid Registrant capital contributions and accrued interest
thereon total approximately $134,000 as of September 29, 2003. There is no
Mandatory Debt Service and payments on the real estate taxes are current. Of
Registrant's total annual Low-income Tax Credits, approximately 14% are
allocated from St. Christopher.

Critical Accounting Policies and Estimates
------------------------------------------

The financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America, 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 financial statements.

     o    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.

     o    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.


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

Registrant has invested a significant portion of its working capital reserves in
corporate bonds. The market value of such investments is subject to fluctuation
based upon changes in interest rates relative to each investment's maturity date
and the associated bond rating. Since Registrant's investments in bonds have
various maturity dates through 2012, the value of such investments may be
adversely impacted in an environment of rising interest rates in the event
Registrant decides to liquidate any such investment prior to its maturity.
Although Registrant may utilize reserves to assist an under performing Property,
it otherwise intends to hold such investments to their respective maturities.
Therefore, Registrant does not anticipate any material adverse impact in
connection with such investments.


                                       13

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I


Item 4.  Controls and Procedures
         -----------------------

   Evaluation of Disclosure Controls and Procedures

a. Within the 90 days prior to the date of this report, Registrant's Chief
   Executive Officer and Chief Financial Officer carried out an evaluation of
   the effectiveness of Registrant's "disclosure controls and procedures" as
   defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and
   15(d)-14(c). Based on that evaluation, Registrant's Chief Executive Officer
   and Chief Financial Officer have concluded that as of the date of the
   evaluation, Registrant's disclosure controls and procedures were adequate and
   effective in timely alerting them to material information relating to
   Registrant required to be included in Registrant's periodic SEC filings.

   Changes in Internal Controls

b. There were no significant changes in Registrant's internal controls or in
   other factors that could significantly affect Registrant's internal controls
   subsequent to the date of that evaluation.





                                       14

<PAGE>

                           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 2.     Changes in Securities
            ---------------------

            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 and Reports on Form 8-K
            --------------------------------

            a.  Exhibits

                Exhibit 31.1  Rule 13a-14/15d-14(a) Certification of Chief
                              Executive Officer
                Exhibit 31.2  Rule 13a-14/15d-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

            b.  Reports on Form 8-K

                None



                                       15
<PAGE>

                                   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 trust
                                           Series I

                                           By: Richman American Credit Corp.,
                                               The Manager


Dated: November 13, 2003                   /s/ David Salzman
                                           --------------------------------
                                           by: David Salzman
                                               Chief Executive Officer


Dated: November 13, 2003                   /s/ Neal Ludeke
                                           --------------------------------
                                           by: Neal Ludeke
                                               Chief Financial Officer



                                       16