----

----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-Q**

**June      29, 2008**

**0-24600**

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

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

**(203)      869-0900**

----

----

**AMERICAN      TAX CREDIT TRUST, **

**a      Delaware statutory business trust**

**Series      I **

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**BALANCE      SHEETS**

**(UNAUDITED)**

|                                                                                                        |   |  **Notes** |   | **June 29,****2008** |   | **March 30,****2008** |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|---------------------------|--------|----------------------------|--------|
|                                                                                                        |   |            |   |                      |   |                       |   |
| **ASSETS**                                                                                                  |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
| Cash                and cash equivalents                                                                    |   |            |   |                      | $      | 1,698,981                  |   | $ | 1,580,225 |   |
| Restricted                cash                                                                              |   |            | 2      |                      |   | 8,965                      |   |   | 9,235 |   |
| Investments                in bonds                                                                         |   |            |   |                      |   |                       |   |   | 60,021 |   |
| Investment                in local partnerships                                                             |   |            | 2      |                      |   | 2,057,576                  |   |   | 2,053,919 |   |
| Interest                receivable                                                                          |   |            |   |                      |   |                       |   |   | 1,691 |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      | $      | 3,765,522                  |   | $ | 3,705,091 |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
| **LIABILITIES                AND OWNERS’ EQUITY (DEFICIT)**                                           |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
| Liabilities                                                                                                 |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |   |            |   |                      | $      | 55,042                     |   | $ | 46,011 |   |
| Payable                to manager and affiliates                                                            |   |            |   |                      |   | 870,412                    |   |   | 823,817 |   |
| Interest                payable                                                                             |   |            | 2      |                      |   | 8,965                      |   |   | 9,235 |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      |   | 934,419                    |   |   | 879,063 |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
| Commitments                and contingencies                                                                |   |            | 2,3    |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
| Owners’                equity (deficit)                                                               |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
| Manager                                                                                                     |   |            |   |                      |   | (135,571                   | )      |   | (135,631 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |   |            |   |                      |   | 2,966,674                  |   |   | 2,960,756 |   |
| Accumulated                other comprehensive income, net                                                  |   |            |   |                      |   |                       |   |   | 903 |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      |   | 2,831,103                  |   |   | 2,826,028 |   |
|                                                                                                        |   |            |   |                      |   |                       |   |   |   |   |
|                                                                                                        |   |            |   |                      | $      | 3,765,522                  |   | $ | 3,705,091 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                                                                                                         |   | **Notes** |   | **2008** |   | **2007** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|----------|--------|
|                                                                                                                                                         |   |      |   |     |   |     |   |
| **REVENUE**                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| Interest                                                                                                                                                     |   |      |   |     | $      | 6,716    |   | $ | 23,121 |   |
| Other                income from local partnerships                                                                                                          |   |      |   |     |   | 750      |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                 |   |      |   |     |   | 7,466    |   |   | 23,121 |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| **EXPENSES**                                                                                                                                                 |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| Management                fee                                                                                                                                |   |      |   |     |   | 48,036   |   |   | 48,036 |   |
| Professional                fees                                                                                                                             |   |      |   |     |   | 11,231   |   |   | 8,375 |   |
| Printing,                postage and other                                                                                                                   |   |      |   |     |   | 1,318    |   |   | 1,481 |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                |   |      |   |     |   | 60,585   |   |   | 57,892 |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   | (53,119  | )      |   | (34,771 | ) |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| Equity                in income (loss) of investment in local partnerships                                                                                   |   |      | 2      |     |   | 59,097   |   |   | (62,250 | ) |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                         |   |      |   |     |   | 5,978    |   |   | (97,021 | ) |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| Other                comprehensive loss, net                                                                                                                 |   |      |   |     |   | (903     | )      |   | (803 | ) |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                               |   |      |   |     | $      | 5,075    |   | $ | (97,824 | ) |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| Manager                                                                                                                                                      |   |      |   |     | $      | 60       |   | $ | (970 | ) |
| Beneficial                owners                                                                                                                             |   |      |   |     |   | 5,918    |   |   | (96,051 | ) |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     | $      | 5,978    |   | $ | (97,021 | ) |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                         |   |      |   |     |   |     |   |   |   |   |
| **NET                INCOME (LOSS)**                per unit of beneficial ownership interest (18,654 units of beneficial                ownership interest) |   |      |   |     | $      | .32      |   | $ | (5.15 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

**THREE      MONTHS ENDED JUNE 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                   |   | **2008** |      | **2007** |   |
|------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                   |   |     |      |     |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Interest                received                                       |   | $        | 7,979     |     | $      | 16,566 |   |
| Cash                paid for                                           |   |     |      |     |   |   |   |
| management                fee                                          |   |     | (1,441    | )        |   | (52,162 | ) |
| professional                fees                                       |   |     | (2,678    | )        |   | (444 | ) |
| printing,                postage and other expenses                    |   |     | (840      | )        |   | (1,481 | ) |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash provided by (used in) operating activities     |   |     | 3,020     |     |   | (37,521 | ) |
|                                                                   |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Cash                distributions from local partnerships              |   |     | 56,190    |     |   | 63,855 |   |
| Voluntary                advances to local partnerships                |   |     |      |     |   | (45,000 | ) |
| Transfer                from restricted cash                           |   |     | 270       |     |   | 7,564 |   |
| Proceeds                from maturities/redemptions and sales of bonds |   |     | 59,276    |     |   | 7,000 |   |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash provided by investing activities               |   |     | 115,736   |     |   | 33,419 |   |
|                                                                   |   |     |      |     |   |   |   |
| Net                increase (decrease) in cash and cash equivalents    |   |     | 118,736   |     |   | (4,102 | ) |
|                                                                   |   |     |      |     |   |   |   |
| Cash                and cash equivalents at beginning of period        |   |     | 1,580,225 |     |   | 1,642,515 |   |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**          |   | $        | 1,698,981 |     | $      | 1,638,413 |   |
|                                                                   |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**           |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Unrealized                loss on investments in bonds, net            |   | $        | (903      | )        | $      | (803 | ) |

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**THREE      MONTHS ENDED JUNE 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                                                                                           |   | **2008** |    | **2007** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|
|                                                                                                                                           |   |     |    |     |   |
| **RECONCILIATION                OF NET INCOME (LOSS) TO NET CASH PROVIDED BY (USED IN) OPERATING                ACTIVITIES**                   |   |     |    |     |   |   |   |
|                                                                                                                                           |   |     |    |     |   |   |   |
| Net                income (loss)                                                                                                               |   | $        | 5,978   |     | $      | (97,021 | ) |
|                                                                                                                                           |   |     |    |     |   |   |   |
| Adjustments                to reconcile net income (loss) to net cash provided by (used in)                operating                activities |   |     |    |     |   |   |   |
|                                                                                                                                           |   |     |    |     |   |   |   |
| Equity                in loss (income) of investment in local partnerships                                                                     |   |     | (59,097 | )        |   | 62,250 |   |
| Other                income from local partnerships                                                                                            |   |     | (750    | )        |   |   |   |
| Gain                on sale of bonds                                                                                                           |   |     | (158    | )        |   |   |   |
| Amortization                of net premium on investments in bonds                                                                             |   |     |    |     |   | 411 |   |
| Decrease                in interest receivable                                                                                                 |   |     | 1,691   |     |   | 598 |   |
| Increase                in accounts payable and accrued expenses                                                                               |   |     | 9,031   |     |   | 7,931 |   |
| Increase                (decrease) in payable to manager and affiliates                                                                        |   |     | 46,595  |     |   | (4,126 | ) |
| Decrease                in interest payable                                                                                                    |   |     | (270    | )        |   | (7,564 | ) |
|                                                                                                                                           |   |     |    |     |   |   |   |
| **NET                CASH****PROVIDED BY (USED IN) OPERATING ACTIVITIES**                                                                      |   | $        | 3,020   |     | $      | (37,521 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**JUNE      29, 2008**

**(UNAUDITED)**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**JUNE      29, 2008**

**(UNAUDITED)**

| **2.** | **Investment                in Local Partnerships** |
|--------|-----------------------------------------------------|

** **

| Investment                in local partnerships as of March 30, 2008                                         |   | $      | 2,053,919 |    |
|--------------------------------------------------------------------------------------------------------------|--------|--------|-----------|---------|
|                                                                                                         |   |   |      |    |
| Cash                distributions received from Local Partnerships                                           |   |   | (56,190   | )       |
|                                                                                                         |   |   |      |    |
| Cash                distributions received from Local Partnerships classified as other                income |   |   | 750       |    |
|                                                                                                         |   |   |      |    |
| Equity                in income of investment in local partnerships                                          |   |   | 59,097    | *  |
|                                                                                                         |   |   |      |    |
| Investment                in local partnerships as of June 29, 2008                                          |   | $      | 2,057,576 |    |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**JUNE      29, 2008**

**(UNAUDITED)**

| **2.** | **Investment                in Local Partnerships                (continued)** |
|--------|--------------------------------------------------------------------------------|

|                                                                                                                                     |   | **March                31,** |        | **December                31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|---------------------------------|--------|
|                                                                                                                                     |   | **2008**                     |        | **2007**                        |   |
|                                                                                                                                     |   |                         |        |                            |   |
| **ASSETS**                                                                                                                               |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| Cash                and cash equivalents                                                                                                 |   | $                            | 277,318     |                            | $      | 324,274 |   |
| Rents                receivable                                                                                                          |   |                         | 59,758      |                            |   | 73,674 |   |
| Escrow                deposits and reserves                                                                                              |   |                         | 1,983,314   |                            |   | 1,988,832 |   |
| Land                                                                                                                                     |   |                         | 1,213,303   |                            |   | 1,213,303 |   |
| Buildings                and improvements (net of accumulated depreciation of $15,400,203                and                $15,119,286) |   |                         | 19,323,181  |                            |   | 19,601,674 |   |
| Intangible                assets (net of accumulated amortization of $171,112 and                $165,245)                               |   |                         | 260,868     |                            |   | 266,735 |   |
| Other                assets                                                                                                              |   |                         | 554,572     |                            |   | 541,385 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   | $                            | 23,672,314  |                            | $      | 24,009,877 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| Liabilities                                                                                                                              |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                            | 1,420,134   |                            | $      | 1,326,147 |   |
| Due                to related parties                                                                                                    |   |                         | 1,542,920   |                            |   | 2,284,389 |   |
| Mortgage                loans                                                                                                            |   |                         | 20,878,649  |                            |   | 20,995,728 |   |
| Notes                payable                                                                                                             |   |                         | 100,000     |                            |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |                         | 3,480,779   |                            |   | 3,397,891 |   |
| Other                liabilities                                                                                                         |   |                         | 1,117,803   |                            |   | 403,097 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | 28,540,285  |                            |   | 28,507,252 |   |
| Partners'                equity (deficit)                                                                                                |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |                         |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                         | 13,909,607  |                            |   | 13,965,047 |   |
| Cumulative                loss                                                                                                           |   |                         | (10,184,084 | )                               |   | (10,243,181 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | 3,725,523   |                            |   | 3,721,866 |   |
| General                partners and other limited partners                                                                               |   |                         |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                         | 472,833     |                            |   | 473,393 |   |
| Cumulative                loss                                                                                                           |   |                         | (9,066,327  | )                               |   | (8,692,634 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | (8,593,494  | )                               |   | (8,219,241 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | (4,867,971  | )                               |   | (4,497,375 | ) |
|                                                                                                                                     |   |                         |             |                            |   |   |   |
|                                                                                                                                     |   | $                            | 23,672,314  |                            | $      | 24,009,877 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**JUNE      29, 2008**

**(UNAUDITED)**

| **2.** | **Investment                in Local Partnerships                (continued)** |
|--------|--------------------------------------------------------------------------------|

|                                                                                                                                                  |   | **2008** |      | **2007** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                                  |   |     |      |     |   |
| **REVENUE**                                                                                                                                           |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| Rental                                                                                                                                                |   | $        | 1,088,888 |     | $      | 1,016,822 |   |
| Interest                and other                                                                                                                     |   |     | 43,686    |     |   | 36,960 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| TOTAL                REVENUE                                                                                                                          |   |     | 1,132,574 |     |   | 1,053,782 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| **EXPENSES**                                                                                                                                          |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| Administrative                                                                                                                                        |   |     | 249,687   |     |   | 272,833 |   |
| Utilities                                                                                                                                             |   |     | 294,305   |     |   | 223,731 |   |
| Operating                and maintenance                                                                                                              |   |     | 291,675   |     |   | 321,767 |   |
| Taxes                and insurance                                                                                                                    |   |     | 136,431   |     |   | 149,731 |   |
| Financial                                                                                                                                             |   |     | 188,288   |     |   | 200,357 |   |
| Depreciation                and amortization                                                                                                          |   |     | 286,784   |     |   | 284,137 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| TOTAL                EXPENSES                                                                                                                         |   |     | 1,447,170 |     |   | 1,452,556 |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| **NET                LOSS**                                                                                                                           |   | $        | (314,596  | )        | $      | (398,774 | ) |
|                                                                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                  |   |     |      |     |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                    |   | $        | 59,097    |     | $      | (62,250 | ) |
| General                partners and other limited partners, which includes $370,535                and $332,529 of Trust loss in excess of investment |   |     | (373,693  | )        |   | (336,524 | ) |
|                                                                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                  |   | $        | (314,596  | )        | $      | (398,774 | ) |

| **3.** | **Additional                Information** |
|--------|-------------------------------------------|

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|   | · | Registrant                does not consolidate the accounts and activities of the Local                Partnerships, which are considered Variable Interest Entities under                Financial Accounting Standards Board (“FASB”) 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. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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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      (continued) **

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

| **Item              1.** | **Legal                Proceedings** |
|--------------------------|--------------------------------------|

| **Item              1A.** | **Risk                Factors** |
|---------------------------|---------------------------------|

| **Item              2.** | **Unregistered                Sales of Equity Securities and Use of                Proceeds** |
|--------------------------|-----------------------------------------------------------------------------------------------|

| **Item              3.** | **Defaults                Upon Senior Securities** |
|--------------------------|----------------------------------------------------|

| **Item              4.** | **Submission                of Matters to a Vote of Security                Holders** |
|--------------------------|---------------------------------------------------------------------------------------|

| **Item              5.** | **Other                Information** |
|--------------------------|--------------------------------------|

| **Item              6.** | **Exhibits** |
|--------------------------|--------------|

----

**SIGNATURES**

|                                    |   | **AMERICAN                  TAX CREDIT TRUST,**      |
|-----------------------------------------|--------|------------------------------------------------------|
|                                    |   | a                  Delaware statutory business trust |
|                                    |   | Series                  I                            |
|                                    |   |                                                 |
|                                    |   | By:                                                  | Richman                  American Credit Corp., |
|                                    |   |                                                 | The                  Manager |
|                                    |   |                                                 |
|                                    |   |                                                 |
| Dated:                  August 13, 2008 |   | /s/David                  Salzman                    |
|                                    |   | by:                                                  | David                  Salzman |
|                                    |   |                                                 | Chief                  Executive Officer |
|                                    |   |                                                 |
|                                    |   |                                                 |
| Dated:                  August 13, 2008 |   | /s/Neal                  Ludeke                      |
|                                    |   | by:                                                  | Neal                  Ludeke |
|                                    |   |                                                 | Chief                  Financial Officer |
|                                    |   |                                                 |
|                                    |   |                                                 |
| Dated:                  August 13, 2008 |   | /s/Richard                  Paul Richman             |
|                                    |   | by:                                                  | Richard                  Paul Richman |
|                                    |   |                                                 | Director |

----