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

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

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

----

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

----

|                                                                                    |   | Notes  |   |   | December 30,2008 |      |      | March 30,2008 |   |
|-----------------------------------------------------------------------------------------|--------|--------|--------|--------|-----------------------|-----------|-----------|--------------------|--------|
|                                                                                    |   |   |   |   |                  |      |      |               |   |
| ASSETS                                                                                  |   |   |   |   |                  |      |      |               |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |
| Cash      and cash equivalents                                                          |   |   |   |   | $                     | 1,646,355 |      |               | $      | 1,580,225 |   |
| Restricted      cash                                                                    |   |   | 2      |   |                  |      | 3,007     |               |   |   | 9,235 |   |
| Investments      in bonds                                                               |   |   |   |   |                  |      |      |               |   |   | 60,021 |   |
| Investment      in local partnerships                                                   |   |   | 2      |   |                  |      | 2,118,633 |               |   |   | 2,053,919 |   |
| Interest      receivable                                                                |   |   |   |   |                  |      |      |               |   |   | 1,691 |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  | $         | 3,767,995 |               |   | $ | 3,705,091 |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
| LIABILITIES      AND OWNERS’ EQUITY (DEFICIT)                                     |   |   |   |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
| Liabilities                                                                             |   |   |   |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
| Accounts      payable and accrued expenses                                              |   |   |   |   |                  | $         | 23,540    |               |   | $ | 46,011 |   |
| Payable      to manager and affiliates                                                  |   |   |   |   |                  |      | 961,439   |               |   |   | 823,817 |   |
| Interest      payable                                                                   |   |   | 2      |   |                  |      | 3,007     |               |   |   | 9,235 |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  |      | 987,986   |               |   |   | 879,063 |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
| Commitments      and contingencies                                                      |   |   | 2,3    |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
| Owners’      equity (deficit)                                                     |   |   |   |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
| Manager                                                                                 |   |   |   |   |                  |      | (136,082  | )                  |   |   | (135,631 | ) |
| Beneficial      owners (18,654 units of beneficial ownership interest      outstanding) |   |   |   |   |                  |      | 2,916,091 |               |   |   | 2,960,756 |   |
| Accumulated      other comprehensive income, net                                        |   |   |   |   |                  |      |      |               |   |   | 903 |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  |      | 2,780,009 |               |   |   | 2,826,028 |   |
|                                                                                    |   |   |   |   |                  |      |      |               |   |   |   |   |
|                                                                                    |   |   |   |   |                  | $         | 3,767,995 |               |   | $ | 3,705,091 |   |

----

|                                                                                                         |   |   Notes |   |   | Three MonthsEndedDecember 30,2008 |   |    | Nine MonthsEndedDecember 30,2008 |   |   | Three MonthsEndedDecember 30,2007 |   |   | Nine MonthsEndedDecember 30,2007 |    |
|--------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------|---------------------------------------------|--------|---------|--------------------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------------|---------|
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |
| REVENUE                                                                                                      |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |
| Interest                                                                                                     |   |              |   |   | $                                           | 2,515  |    |                                       | $      | 15,449 |                                        |   | $      | 16,460                                     |    |   | $ | 59,301 |   |
| Other      income from local partnerships                                                                    |   |              | 2      |   |                                        |   |    |                                       |   |   | 750                                         |   |   |                                       |    |   |   |   |   |   |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| TOTAL      REVENUE                                                                                           |   |              |   |   |                                        |   | 2,515   |                                       |   |   | 16,199                                      |   |   |                                       | 16,460  |   |   |   | 59,301 |   |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| EXPENSES                                                                                                     |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| Management      fee                                                                                          |   |              |   |   |                                        |   | 48,036  |                                       |   |   | 144,107                                     |   |   |                                       | 48,036  |   |   |   | 144,107 |   |
| Professional      fees                                                                                       |   |              |   |   |                                        |   | 13,218  |                                       |   |   | 33,424                                      |   |   |                                       | 10,266  |   |   |   | 27,416 |   |
| Printing,      postage and other                                                                             |   |              |   |   |                                        |   | 785     |                                       |   |   | 3,938                                       |   |   |                                       | 4,341   |   |   |   | 6,603 |   |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| TOTAL      EXPENSES                                                                                          |   |              |   |   |                                        |   | 62,039  |                                       |   |   | 181,469                                     |   |   |                                       | 62,643  |   |   |   | 178,126 |   |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
|                                                                                                         |   |              |   |   |                                        |   | (59,524 | )                                          |   |   | (165,270                                    | )      |   |                                       | (46,183 | ) |   |   | (118,825 | ) |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| Equity      in income (loss) of investment in local partnerships                                             |   |              | 2      |   |                                        |   | 13,104  |                                       |   |   | 120,154                                     |   |   |                                       | 13,062  |   |   |   | (36,893 | ) |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| NET      LOSS                                                                                                |   |              |   |   |                                        |   | (46,420 | )                                          |   |   | (45,116                                     | )      |   |                                       | (33,121 | ) |   |   | (155,718 | ) |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| Other      comprehensive loss                                                                                |   |              |   |   |                                        |   |    |                                       |   |   | (903                                        | )      |   |                                       | (556    | ) |   |   | (1,636 | ) |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| COMPREHENSIVE      LOSS                                                                                      |   |              |   |   |                                        | $      | (46,420 | )                                          |   | $      | (46,019                                     | )      |   | $                                          | (33,677 | ) |   | $ | (157,354 | ) |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| NET      LOSS ATTRIBUTABLE TO                                                                                |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| Manager                                                                                                      |   |              |   |   |                                        | $      | (464    | )                                          |   | $      | (451                                        | )      |   | $                                          | (331    | ) |   | $ | (1,557 | ) |
| Beneficial      owners                                                                                       |   |              |   |   |                                        |   | (45,956 | )                                          |   |   | (44,665                                     | )      |   |                                       | (32,790 | ) |   |   | (154,161 | ) |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
|                                                                                                         |   |              |   |   |                                        | $      | (46,420 | )                                          |   | $      | (45,116                                     | )      |   | $                                          | (33,121 | ) |   | $ | (155,718 | ) |
|                                                                                                         |   |              |   |   |                                        |   |    |                                       |   |   |                                        |   |   |                                       |    |   |   |   |   |   |
| NET LOSS per unit of      beneficial ownership interest (18,654 units of beneficial ownership      interest) |   |              |   |   |                                        | $      | (2.46   | )                                          |   | $      | (2.39                                       | )      |   | $                                          | (1.75   | ) |   | $ | (8.26 | ) |

----

|                                                         |   | 2008   |      |   | 2007   |   |
|--------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                         |   |   |      |   |   |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES                    |   |   |      |   |   |   |
|                                                         |   |   |      |   |   |   |
| Interest      received                                       |   | $      | 10,754    |   |   | $      | 11,267 |   |
| Cash      paid for                                           |   |   |      |   |   |   |   |   |
| management      fee                                          |   |   | (6,485    | )      |   |   | (159,349 | ) |
| professional      fees                                       |   |   | (45,822   | )      |   |   | (37,960 | ) |
| printing,      postage and other expenses                    |   |   | (14,011   | )      |   |   | (3,553 | ) |
|                                                         |   |   |      |   |   |   |   |   |
| Net      cash used in operating activities                   |   |   | (55,564   | )      |   |   | (189,595 | ) |
|                                                         |   |   |      |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES                    |   |   |      |   |   |   |   |   |
|                                                         |   |   |      |   |   |   |   |   |
| Distributions      received from local partnerships          |   |   | 56,190    |   |   |   | 63,855 |   |
| Voluntary      advances made to local partnerships           |   |   |      |   |   |   | (45,000 | ) |
| Transfer      from restricted cash                           |   |   | 6,228     |   |   |   | 50,165 |   |
| Proceeds      from maturities/redemptions and sales of bonds |   |   | 59,276    |   |   |   | 17,000 |   |
|                                                         |   |   |      |   |   |   |   |   |
| Net      cash provided by investing activities               |   |   | 121,694   |   |   |   | 86,020 |   |
|                                                         |   |   |      |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents    |   |   | 66,130    |   |   |   | (103,575 | ) |
|                                                         |   |   |      |   |   |   |   |   |
| Cash      and cash equivalents at beginning of period        |   |   | 1,580,225 |   |   |   | 1,642,515 |   |
|                                                         |   |   |      |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS AT END OF PERIOD              |   | $      | 1,646,355 |   |   | $      | 1,538,940 |   |
|                                                         |   |   |      |   |   |   |   |   |
| SIGNIFICANT      NON-CASH INVESTING ACTIVITIES               |   |   |      |   |   |   |   |   |
|                                                         |   |   |      |   |   |   |   |   |
| Unrealized      loss on investments in bonds, net            |   | $      | (903      | )      |   | $      | (1,636 | ) |

----

|                                                                               |   | 2008   |     |   | 2007   |   |
|------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                               |   |   |     |   |   |   |
| RECONCILIATION      OF NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES           |   |   |     |   |   |   |
|                                                                               |   |   |     |   |   |   |
| Net      loss                                                                      |   | $      | (45,116  | )      |   | $      | (155,718 | ) |
|                                                                               |   |   |     |   |   |   |   |   |
| Adjustments      to reconcile net loss to net cash used in operating    activities |   |   |     |   |   |   |   |   |
|                                                                               |   |   |     |   |   |   |   |   |
|   Equity      in loss (income) of investment in local partnerships       |   |   | (120,154 | )      |   |   | 36,893 |   |
|   Other      income from local partnerships                              |   |   | (750     | )      |   |   |   |   |
|   Gain      on sale of bonds                                             |   |   | (158     | )      |   |   |   |   |
|   Amortization      of net premium on investments in bonds               |   |   |     |   |   |   | 1,233 |   |
|   Decrease      in interest receivable                                   |   |   | 1,691    |   |   |   | 898 |   |
|   Decrease      in accounts payable and accrued expenses                 |   |   | (22,471  | )      |   |   | (7,494 | ) |
|   Increase      (decrease) in payable to manager and affiliates          |   |   | 137,622  |   |   |   | (15,242 | ) |
|   Decrease      in interest payable                                      |   |   | (6,228   | )      |   |   | (50,165 | ) |
|                                                                               |   |   |     |   |   |   |   |   |
| NET      CASH USED IN OPERATING ACTIVITIES                                         |   | $      | (55,564  | )      |   | $      | (189,595 | ) |

----

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

----

| 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                                |   |   | 120,154   |   |
|                                                                                     |   |   |      |   |
| Investment      in local partnerships as of December 30, 2008                            |   | $      | 2,118,633 |   |

| *  | 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      $212,487 for the nine months ended September 30, 2008 as reflected in the      combined statement of operations of the Local Partnerships reflected      herein Note 2.  Such amount is net of the adjustment described      below in connection with Creative Choice Homes VII, Ltd. (“Creative      Choice”). |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|                                                                                                  |   | September 30, |        |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------|-------------------|--------|
|                                                                                                  |   | 2008               |        |   | 2007              |   |
|                                                                                                  |   |               |        |   |              |   |
| ASSETS                                                                                                |   |               |        |   |              |   |
|                                                                                                  |   |               |        |   |              |   |
| Cash      and cash equivalents                                                                        |   | $                  | 346,244     |   |              | $      | 324,274 |   |
| Rents      receivable                                                                                 |   |               | 77,722      |   |              |   | 73,674 |   |
| Escrow      deposits and reserves                                                                     |   |               | 2,202,991   |   |              |   | 1,988,832 |   |
| Land                                                                                                  |   |               | 1,213,303   |   |              |   | 1,213,303 |   |
| Buildings      and improvements (net of accumulated depreciation of $15,346,821 and      $15,119,286) |   |               | 19,398,331  |   |              |   | 19,601,674 |   |
| Intangible      assets (net of accumulated amortization of $182,845 and      $165,245)                |   |               | 249,135     |   |              |   | 266,735 |   |
| Other      assets                                                                                     |   |               | 563,337     |   |              |   | 541,385 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   | $                  | 24,051,063  |   |              | $      | 24,009,877 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY (DEFICIT)                                                       |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| Liabilities                                                                                           |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| Accounts payable and accrued      expenses                                                            |   | $                  | 1,392,809   |   |              | $      | 1,326,147 |   |
| Due to related      parties                                                                           |   |               | 2,459,289   |   |              |   | 2,284,389 |   |
| Mortgage loans                                                                                        |   |               | 20,650,408  |   |              |   | 20,995,728 |   |
| Notes payable                                                                                         |   |               | 100,000     |   |              |   | 100,000 |   |
| Accrued interest                                                                                      |   |               | 3,691,365   |   |              |   | 3,397,891 |   |
| Otherliabilities                                                                                      |   |               | 403,855     |   |              |   | 403,097 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | 28,697,726  |   |              |   | 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                                                                                  |   |               | (10,123,027 | )      |              |   | (10,243,181 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | 3,786,580   |   |              |   | 3,721,866 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| General partners and other      limited partners                                                      |   |               |        |   |              |   |   |   |
| Capital      contributions, net of distributions                                                      |   |               | 472,833     |   |              |   | 473,393 |   |
| Cumulative      loss                                                                                  |   |               | (8,906,076  | )      |              |   | (8,692,634 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | (8,433,243  | )      |              |   | (8,219,241 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | (4,646,663  | )      |              |   | (4,497,375 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   | $                  | 24,051,063  |   |              | $      | 24,009,877 |   |

----

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

|                                                                                                                                             |   | Three MonthsEndedSeptember 30,2008 |      |   | Nine MonthsEndedSeptember 30,2008 |   |      | Three MonthsEndedSeptember 30,2007 |   |   | Nine MonthsEndedSeptember 30,2007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|-----------|--------|---------------------------------------------|--------|-----------|----------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |
| REVENUE                                                                                                                                          |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |
| Rental                                                                                                                                           |   | $                                            | 1,112,097 |   |                                        | $      | 3,291,763 |                                         |   | $      | 1,092,776                                   |   |   | $ | 3,250,091 |   |
| Interest      and other                                                                                                                          |   |                                         | 25,344    |   |                                        |   | 817,405   |                                         |   |   | 41,667                                      |   |   |   | 111,181 |   |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
| TOTAL      REVENUE                                                                                                                               |   |                                         | 1,137,441 |   |                                        |   | 4,109,168 |                                         |   |   | 1,134,443                                   |   |   |   | 3,361,272 |   |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
| EXPENSES                                                                                                                                         |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
| Administrative                                                                                                                                   |   |                                         | 234,831   |   |                                        |   | 760,154   |                                         |   |   | 277,687                                     |   |   |   | 887,097 |   |
| Utilities                                                                                                                                        |   |                                         | 212,172   |   |                                        |   | 731,916   |                                         |   |   | 183,695                                     |   |   |   | 594,580 |   |
| Operating      and maintenance                                                                                                                   |   |                                         | 284,204   |   |                                        |   | 855,286   |                                         |   |   | 249,185                                     |   |   |   | 835,384 |   |
| Taxes      and insurance                                                                                                                         |   |                                         | 148,779   |   |                                        |   | 456,584   |                                         |   |   | 153,202                                     |   |   |   | 423,296 |   |
| Financial                                                                                                                                        |   |                                         | 175,631   |   |                                        |   | 543,231   |                                         |   |   | 293,169                                     |   |   |   | 661,387 |   |
| Depreciation      and amortization                                                                                                               |   |                                         | 279,701   |   |                                        |   | 853,285   |                                         |   |   | 345,123                                     |   |   |   | 843,546 |   |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
| TOTAL      EXPENSES                                                                                                                              |   |                                         | 1,335,318 |   |                                        |   | 4,202,456 |                                         |   |   | 1,502,061                                   |   |   |   | 4,245,290 |   |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
| NET      LOSS                                                                                                                                    |   | $                                            | (197,877  | )      |                                        | $      | (93,288   | )                                            |   | $      | (367,618                                    | )      |   | $ | (884,018 | ) |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
| NET      INCOME (LOSS) ATTRIBUTABLE TO                                                                                                           |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
| American      Tax Credit Trust, Series I                                                                                                         |   | $                                            | 13,104    |   |                                        | $      | 120,154   |                                         |   | $      | 13,062                                      |   |   | $ | (36,893 | ) |
| General      partners and other limited partners (includes Trust loss in excess of      investment of $208,999, $212,487, $376,993 and $838,269) |   |                                         | (210,981  | )      |                                        |   | (213,442  | )                                            |   |   | (380,680                                    | )      |   |   | (847,125 | ) |
|                                                                                                                                             |   |                                         |      |   |                                        |   |      |                                         |   |   |                                        |   |   |   |   |   |
|                                                                                                                                             |   | $                                            | (197,877  | )      |                                        | $      | (93,288   | )                                            |   | $      | (367,618                                    | )      |   | $ | (884,018 | ) |

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

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|   | · | 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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| Item      1. | Legal      Proceedings |
|--------------|------------------------|

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

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

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

|   | None;      see Item 2 of Part I regarding the mortgage default of a certain Local      Partnership. |
|--------|-----------------------------------------------------------------------------------------------------|

| Item      4. | Submission of Matters      to a Vote of SecurityHolders |
|--------------|---------------------------------------------------------|

|   | None |
|--------|------|

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

|   | None |
|--------|------|

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

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|                          |   | AMERICAN      TAX CREDIT TRUST,          |
|-------------------------------|--------|------------------------------------------|
|                          |   | a      Delaware statutory business trust |
|                          |   | Series      I                            |
|                          |   |                                     |   |
|                          |   | By:                                      | Richman      American Credit Corp., |
|                          |   |                                     | The      Manager |
|                          |   |                                     |   |
| Dated:      February 13, 2009 |   | /s/David      Salzman                    |
|                          |   | by:                                      | David      Salzman |
|                          |   |                                     | Chief      Executive Officer |
|                          |   |                                     |   |
| Dated:      February 13, 2009 |   | /s/James      Hussey                     |
|                          |   | by:                                      | James      Hussey |
|                          |   |                                     | Chief      Financial Officer |
|                          |   |                                     |   |
| Dated:      February 13, 2009 |   | /s/Richard      Paul Richman             |
|                          |   | by:                                      | Richard      Paul Richman |
|                          |   |                                     | Director |

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