**FORM      10-Q**

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

**September      29, 2006**

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

**0-24600**

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

**Series      I**

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

**(203)      869-0900**

----

**AMERICAN      TAX CREDIT TRUST, **

**a      Delaware statutory business trust**

**Series      I **

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**BALANCE      SHEETS**

**(UNAUDITED)**

|                                                                                                        |   |  **Notes** |   | **September                29,****2006** |   | **March                30,****2006** |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|------------------------------------------|--------|--------------------------------------|--------|
|                                                                                                        |   |            |   |                                     |   |                                 |   |
| **ASSETS**                                                                                                  |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
| Cash                and cash equivalents                                                                    |   |            |   |                                     | $      | 1,530,486                            |   | $ | 1,503,841 |   |
| Restricted                cash                                                                              |   |            | 3      |                                     |   | 60,974                               |   |   | 67,441 |   |
| Investments                in bonds                                                                         |   |            | 2      |                                     |   | 249,141                              |   |   | 271,704 |   |
| Investment                in local partnerships                                                             |   |            | 3      |                                     |   | 2,414,154                            |   |   | 2,511,855 |   |
| Interest                receivable                                                                          |   |            |   |                                     |   | 5,049                                |   |   | 5,571 |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     | $      | 4,259,804                            |   | $ | 4,360,412 |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
| **LIABILITIES                AND OWNERS’ EQUITY (DEFICIT)**                                           |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
| Liabilities                                                                                                 |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |   |            |   |                                     | $      | 29,023                               |   | $ | 31,197 |   |
| Payable                to manager and affiliates                                                            |   |            |   |                                     |   | 726,439                              |   |   | 684,722 |   |
| Interest                payable                                                                             |   |            | 3      |                                     |   | 60,974                               |   |   | 67,441 |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     |   | 816,436                              |   |   | 783,360 |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
| Commitments                and contingencies                                                                |   |            | 3,4    |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
| Owners’                equity (deficit)                                                               |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
| Manager                                                                                                     |   |            |   |                                     |   | (129,488                             | )      |   | (128,173 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |   |            |   |                                     |   | 3,568,873                            |   |   | 3,699,077 |   |
| Accumulated                other comprehensive income, net                                                  |   |            | 2      |                                     |   | 3,983                                |   |   | 6,148 |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     |   | 3,443,368                            |   |   | 3,577,052 |   |
|                                                                                                        |   |            |   |                                     |   |                                 |   |   |   |   |
|                                                                                                        |   |            |   |                                     | $      | 4,259,804                            |   | $ | 4,360,412 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

**(UNAUDITED)**

|                                                                                                                                                |   | **Notes** |   | **Three                Months Ended September 29, 2006** |   | **Six                Months Ended September 29, 2006** |   | **Three                Months Ended September 29, 2005** |     | **Six                Months Ended September 29, 2005** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------------------------------------------------------|--------|--------------------------------------------------------|--------|----------------------------------------------------------|----------|--------------------------------------------------------|--------|
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |
| **REVENUE**                                                                                                                                         |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| Interest                                                                                                                                            |   |      |   |                                                     | $      | 23,787                                                 |   | $                                                        | 45,824   |                                                   | $      | 19,650 |   | $ | 36,769 |   |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| TOTAL                REVENUE                                                                                                                        |   |      |   |                                                     |   | 23,787                                                 |   |                                                     | 45,824   |                                                   |   | 19,650 |   |   | 36,769 |   |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| **EXPENSES**                                                                                                                                        |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| Management                fee                                                                                                                       |   |      |   |                                                     |   | 48,035                                                 |   |                                                     | 96,071   |                                                   |   | 48,035 |   |   | 96,071 |   |
| Professional                fees                                                                                                                    |   |      |   |                                                     |   | 8,099                                                  |   |                                                     | 18,607   |                                                   |   | 14,039 |   |   | 22,616 |   |
| Printing,                postage and other                                                                                                          |   |      |   |                                                     |   | 1,747                                                  |   |                                                     | 4,314    |                                                   |   | 3,857 |   |   | 8,338 |   |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                       |   |      |   |                                                     |   | 57,881                                                 |   |                                                     | 118,992  |                                                   |   | 65,931 |   |   | 127,025 |   |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
|                                                                                                                                                |   |      |   |                                                     |   | (34,094                                                | )      |                                                     | (73,168  | )                                                      |   | (46,281 | ) |   | (90,256 | ) |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                   |   |      | 3      |                                                     |   | (29,384                                                | )      |                                                     | (58,351  | )                                                      |   | (43,543 | ) |   | (74,076 | ) |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| **NET                LOSS**                                                                                                                         |   |      |   |                                                     |   | (63,478                                                | )      |                                                     | (131,519 | )                                                      |   | (89,824 | ) |   | (164,332 | ) |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| Other                comprehensive loss                                                                                                             |   |      | 2      |                                                     |   | (44                                                    | )      |                                                     | (2,165   | )                                                      |   | (5,213 | ) |   | (5,859 | ) |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| **COMPREHENSIVE                LOSS**                                                                                                               |   |      |   |                                                     | $      | (63,522                                                | )      | $                                                        | (133,684 | )                                                      | $      | (95,037 | ) | $ | (170,191 | ) |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                         |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| Manager                                                                                                                                             |   |      |   |                                                     | $      | (635                                                   | )      | $                                                        | (1,315   | )                                                      | $      | (898 | ) | $ | (1,643 | ) |
| Beneficial                owners                                                                                                                    |   |      |   |                                                     |   | (62,843                                                | )      |                                                     | (130,204 | )                                                      |   | (88,926 | ) |   | (162,689 | ) |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
|                                                                                                                                                |   |      |   |                                                     | $      | (63,478                                                | )      | $                                                        | (131,519 | )                                                      | $      | (89,824 | ) | $ | (164,332 | ) |
|                                                                                                                                                |   |      |   |                                                     |   |                                                   |   |                                                     |     |                                                   |   |   |   |   |   |   |
| **NET                LOSS**                per unit of beneficial ownership interest (18,654 units of beneficial                ownership interest) |   |      |   |                                                     | $      | (3.37                                                  | )      | $                                                        | (6.98    | )                                                      | $      | (4.77 | ) | $ | (8.72 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

**SIX      MONTHS ENDED SEPTEMBER 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                   |   | **2006** |      | **2005** |   |
|------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                   |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Interest                received                                       |   | $        | 41,277    |     | $      | 37,978 |   |
| Cash                paid for                                           |   |     |      |     |   |   |   |
| management                fee                                          |   |     | (54,354   | )        |   | (4,583 | ) |
| professional                fees                                       |   |     | (20,781   | )        |   | (35,846 | ) |
| printing,                postage and other expenses                    |   |     | (4,314    | )        |   | (5,012 | ) |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash used in operating activities                   |   |     | (38,172   | )        |   | (7,463 | ) |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Cash                distributions from local partnerships              |   |     | 64,350    |     |   |   |   |
| Advances                made to local partnerships                     |   |     | (25,000   | )        |   |   |   |
| Capital                contributions to local partnerships             |   |     |      |     |   | (31,758 | ) |
| Transfer                from restricted cash                           |   |     | 6,467     |     |   | 32,546 |   |
| Proceeds                from maturities/redemptions and sales of bonds |   |     | 19,000    |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Net                cash provided by investing activities               |   |     | 64,817    |     |   | 788 |   |
|                                                                   |   |     |      |     |   |   |   |
| Net                increase (decrease) in cash and cash equivalents    |   |     | 26,645    |     |   | (6,675 | ) |
|                                                                   |   |     |      |     |   |   |   |
| Cash                and cash equivalents at beginning of period        |   |     | 1,503,841 |     |   | 1,430,592 |   |
|                                                                   |   |     |      |     |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**          |   | $        | 1,530,486 |     | $      | 1,423,917 |   |
|                                                                   |   |     |      |     |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**           |   |     |      |     |   |   |   |
|                                                                   |   |     |      |     |   |   |   |
| Unrealized                loss on investments in bonds, net            |   | $        | (2,165    | )        | $      | (5,859 | ) |

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**SIX      MONTHS ENDED SEPTEMBER 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                    |   | **2006** |     | **2005** |   |
|---------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|
|                                                                                                    |   |     |     |     |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH USED IN OPERATING                ACTIVITIES**   |   |     |     |     |   |   |   |
|                                                                                                    |   |     |     |     |   |   |   |
| Net                loss                                                                                 |   | $        | (131,519 | )        | $      | (164,332 | ) |
|                                                                                                    |   |     |     |     |   |   |   |
| Adjustments                to reconcile net loss to net cash used inoperating                activities |   |     |     |     |   |   |   |
|                                                                                                    |   |     |     |     |   |   |   |
| Equity                in loss of investment in local partnerships                                       |   |     | 58,351   |     |   | 74,076 |   |
| Amortization                of net premium on investments in bonds                                      |   |     | 1,398    |     |   | 1,906 |   |
| Decrease                in interest receivable                                                          |   |     | 522      |     |   | 91 |   |
| Decrease                in accounts payable and accrued expenses                                        |   |     | (2,174   | )        |   | (9,904 | ) |
| Increase                in payable to manager and affiliates                                            |   |     | 41,717   |     |   | 91,488 |   |
| Decrease                in interest payable                                                             |   |     | (6,467   | )        |   | (788 | ) |
|                                                                                                    |   |     |     |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                |   | $        | (38,172  | )        | $      | (7,463 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

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

|   Description                and maturity |   |  Amortizedcost |    | Gross                unrealized gains |   | Grossunrealized                losses |   |  Estimatedfair                value |   |
|-----------------------------------------------------|--------|---------------------|---------|---------------------------------------|--------|---------------------------------------|--------|------------------------------------------|--------|
|                                                |   |                |    |                                  |   |                                  |   |                                     |   |
| Corporate                debt securities            |   |                |    |                                  |   |                                  |   |                                     |   |   |   |   |   |
| Within                one year                      |   | $                   | 136,574 |                                  | $      | 483                                   |   | $                                        | --     |   | $ | 137,057 |   |
| After                one year through five years    |   |                | 105,423 |                                  |   | 3,199                                 |   |                                     | --     |   |   | 108,622 |   |
| After                five years through ten years   |   |                | 3,161   |                                  |   | 301                                   |   |                                     | --     |   |   | 3,462 |   |
|                                                |   |                |    |                                  |   |                                  |   |                                     |   |   |   |   |   |
|                                                |   | $                   | 245,158 |                                  | $      | 3,983                                 |   | $                                        | --     |   | $ | 249,141 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

** **

| Investment                in local partnerships as of March 30, 2006     |   | $      | 2,511,855 |   |
|--------------------------------------------------------------------------|--------|--------|-----------|--------|
|                                                                     |   |   |      |   |
| Cash                distributions received from Local Partnerships       |   |   | (64,350   | )      |
|                                                                     |   |   |      |   |
| Advances                made to Local Partnership                        |   |   | 25,000    |   |
|                                                                     |   |   |      |   |
| Equity                in loss of investment in local partnerships        |   |   | (58,351)  | *      |
|                                                                     |   |   |      |   |
| Investment                in local partnerships as of September 29, 2006 |   | $      | 2,414,154 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

|                                                                                                                                     |   | **June                30,** |        | **December                31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-------------|---------------------------------|--------|
|                                                                                                                                     |   | **2006**                    |        | **2005**                        |   |
|                                                                                                                                     |   |                        |        |                            |   |
| **ASSETS**                                                                                                                               |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| Cash                and cash equivalents                                                                                                 |   | $                           | 317,087     |                            | $      | 502,018 |   |
| Rents                receivable                                                                                                          |   |                        | 92,217      |                            |   | 95,807 |   |
| Escrow                deposits and reserves                                                                                              |   |                        | 1,893,462   |                            |   | 2,520,682 |   |
| Land                                                                                                                                     |   |                        | 1,213,303   |                            |   | 1,213,303 |   |
| Buildings                and improvements (net of accumulated depreciation of $12,836,415                and                $12,320,873) |   |                        | 21,024,814  |                            |   | 20,702,149 |   |
| Intangible                assets (net of accumulated amortization of $149,111 and                $142,317)                               |   |                        | 256,655     |                            |   | 263,449 |   |
| Other                assets                                                                                                              |   |                        | 975,074     |                            |   | 969,001 |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   | $                           | 25,772,612  |                            | $      | 26,266,409 |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| Liabilities                                                                                                                              |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                           | 944,749     |                            | $      | 920,566 |   |
| Due                to related parties                                                                                                    |   |                        | 1,265,721   |                            |   | 1,449,401 |   |
| Mortgage                loans                                                                                                            |   |                        | 21,209,843  |                            |   | 21,439,391 |   |
| Notes                payable                                                                                                             |   |                        | 100,000     |                            |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |                        | 2,884,241   |                            |   | 2,734,757 |   |
| Other                liabilities                                                                                                         |   |                        | 430,496     |                            |   | 150,739 |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | 26,835,050  |                            |   | 26,794,854 |   |
| Partners'                equity (deficit)                                                                                                |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |                        |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                        | 13,938,902  |                            |   | 14,003,252 |   |
| Cumulative                loss                                                                                                           |   |                        | (10,130,249 | )                               |   | (10,071,898 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | 3,808,653   |                            |   | 3,931,354 |   |
| General                partners and other limited partners                                                                               |   |                        |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                        | 473,288     |                            |   | 473,938 |   |
| Cumulative                loss                                                                                                           |   |                        | (5,344,379  | )                               |   | (4,933,737 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | (4,871,091  | )                               |   | (4,459,799 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | (1,062,438  | )                               |   | (528,445 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   | $                           | 25,772,612  |                            | $      | 26,266,409 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

|                                                                                                                                                                                     |   | **Three                Months Ended****June                30,****2006** |      | **Six                Months Ended****June                30,****2006** |   | **Three                Months Ended****June                30,****2005** |   | **Six                Months Ended****June                30,****2005** |      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|-----------|------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|------------------------------------------------------------------------|-----------|
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |
| **REVENUE**                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| Rental                                                                                                                                                                                   |   | $                                                                        | 1,040,224 |                                                                   | $      | 2,097,966                                                                |   | $                                                                      | 1,060,563 |   | $ | 2,106,891 |   |
| Interest                and other                                                                                                                                                        |   |                                                                     | 41,618    |                                                                   |   | 80,907                                                                   |   |                                                                   | 37,047    |   |   | 74,269 |   |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                             |   |                                                                     | 1,081,842 |                                                                   |   | 2,178,873                                                                |   |                                                                   | 1,097,610 |   |   | 2,181,160 |   |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| **EXPENSES**                                                                                                                                                                             |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| Administrative                                                                                                                                                                           |   |                                                                     | 236,373   |                                                                   |   | 487,214                                                                  |   |                                                                   | 242,235   |   |   | 476,751 |   |
| Utilities                                                                                                                                                                                |   |                                                                     | 177,373   |                                                                   |   | 404,100                                                                  |   |                                                                   | 160,612   |   |   | 376,665 |   |
| Operating                and maintenance                                                                                                                                                 |   |                                                                     | 284,219   |                                                                   |   | 545,473                                                                  |   |                                                                   | 258,771   |   |   | 516,290 |   |
| Taxes                and insurance                                                                                                                                                       |   |                                                                     | 148,137   |                                                                   |   | 294,053                                                                  |   |                                                                   | 156,384   |   |   | 293,488 |   |
| Financial                                                                                                                                                                                |   |                                                                     | 197,314   |                                                                   |   | 394,691                                                                  |   |                                                                   | 225,222   |   |   | 446,308 |   |
| Depreciation                and amortization                                                                                                                                             |   |                                                                     | 254,321   |                                                                   |   | 522,335                                                                  |   |                                                                   | 296,024   |   |   | 591,371 |   |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                            |   |                                                                     | 1,297,737 |                                                                   |   | 2,647,866                                                                |   |                                                                   | 1,339,248 |   |   | 2,700,873 |   |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| **NET                LOSS**                                                                                                                                                              |   | $                                                                        | (215,895  | )                                                                      | $      | (468,993                                                                 | )      | $                                                                      | (241,638  | ) | $ | (519,713 | ) |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                                                       |   | $                                                                        | (29,384   | )                                                                      | $      | (58,351                                                                  | )      | $                                                                      | (43,543   | ) | $ | (74,076 | ) |
| General                partners and other limited partners, which includes Trust loss in                excess                of investment of $184,348, $405,942, $195,871 and $440,425 |   |                                                                     | (186,511  | )                                                                      |   | (410,642                                                                 | )      |                                                                   | (198,095  | ) |   | (445,637 | ) |
|                                                                                                                                                                                     |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                     |   | $                                                                        | (215,895  | )                                                                      | $      | (468,993                                                                 | )      | $                                                                      | (241,638  | ) | $ | (519,713 | ) |

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

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**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|   | · | Registrant                  does not consolidate the accounts and activities of the Local                  Partnerships, which are considered Variable Interest Entities under                  Financial Accounting Standards Board Interpretation No. 46 - Revised,                  “Consolidation of Variable Interest Entities,” because Registrant is not                  considered the primary beneficiary. Registrant’s balance in investment in                  local partnerships represents the maximum exposure to loss in connection                  with such investments. Registrant’s exposure to loss on the Local                  Partnerships is mitigated by the condition and financial performance                  of                  the underlying Properties as well as the strength of the Local                  General                  Partners. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

| **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** |
|----------------------------------|--------------|

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**SIGNATURES**

|                                 |   | **AMERICAN                TAX CREDIT TRUST,**                          |
|--------------------------------------|--------|------------------------------------------------------------------------|
|                                 |   | a                Delaware statutory business trust                     |
|                                 |   | Series                I                                                |
|                                 |   |                                                                   |
|                                 |   | By:                 Richman                American Credit Corp., |
|                                 |   | The                Manager                                             |
|                                 |   |                                                                   |
| Dated:                March 12, 2008 |   | /s/                  David Salzman                           |
|                                 |   | by:                 David                Salzman                  |
|                                 |   | Chief                Executive Officer                                 |
|                                 |   |                                                                   |
| Dated:                March 12, 2008 |   | /s/                  Neal Ludeke                             |
|                                 |   | by:  Neal                Ludeke                              |
|                                 |   | Chief                Financial Officer                                 |
|                                 |   |                                                                   |
| Dated:                March 12, 2008 |   | /s/                  Richard Paul Richman                    |
|                                 |   | by:                 Richard                Paul Richman           |
|                                 |   | Director                                                               |

----