UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                              ---------------------

                                    FORM 10-Q


(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 ---  EXCHANGE ACT OF 1934

For the quarterly period ended December 30, 2002
                               -----------------

                                       OR

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

For the transition period from ____________ to ____________

                         Commission file number: 0-24600

         American Tax Credit Trust, a Delaware statutory business trust
         --------------------------------------------------------------
                                    Series I
             (Exact name of Registrant as specified in its charter)

         Delaware                                                06-6385350
 ----------------------------                                ------------------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)


Richman American Credit Corp.
599 West Putnam Avenue, 3rd Floor
Greenwich, Connecticut                                                 06830
---------------------------------------                             -----------
(Address of principal executive offices)                             (Zip Code)


Registrant's telephone number, including area code:  (203) 869-0900
                                                     --------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to filing requirements
for the past 90 days.

Yes   X    No     .
    -----     ----

<PAGE>

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

                         Part I - FINANCIAL INFORMATION


Item 1.  Financial Statements


Table of Contents                                                           Page
-----------------                                                           ----

Balance Sheets................................................................3

Statements of Operations......................................................4

Statements of Cash Flows......................................................5

Notes to Financial Statements.................................................7




                                       2

<PAGE>

<TABLE>
<CAPTION>

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


                                                                  December 30,          March 30,
                                                   Notes             2002                 2002
                                                   -----          -----------          ---------

ASSETS

<S>                                                 <C>          <C>                  <C>
Cash and cash equivalents                                        $   253,817           $   207,314
Restricted cash                                      3               133,399               132,183
Investments in bonds                                 2             1,842,999             1,796,958
Investment in local partnerships                     3             6,279,742             7,038,900
Interest receivable                                                   30,146                33,093
                                                                 -----------           -----------

                                                                 $ 8,540,103           $ 9,208,448
                                                                 ===========           ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                          $    20,993           $    27,992
  Payable to manager                                                 661,195               599,973
  Capital contributions payable                      3                69,300                69,300
  Interest payable                                   3                64,099                62,883
                                                                 -----------           -----------

                                                                     815,587               760,148
                                                                 -----------           -----------

Commitments and contingencies                        3

Owners' equity (deficit)

  Manager                                                            (87,287)              (79,560)
  Beneficial owners (18,654 units of beneficial
   ownership interest outstanding)                                 7,746,803             8,511,734
  Accumulated other comprehensive income, net        2                65,000                16,126
                                                                 -----------           -----------

                                                                   7,724,516             8,448,300
                                                                 -----------           -----------

                                                                 $ 8,540,103           $ 9,208,448
                                                                 ===========           ===========
</TABLE>


                       See Notes to Financial Statements.


                                       3

<PAGE>

<TABLE>
<CAPTION>

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

                                                    Three             Nine             Three             Nine
                                                    Months           Months           Months             Months
                                                    Ended             Ended            Ended             Ended
                                                   December          December         December          December
                                      Notes        30, 2002          30, 2002         30, 2001          30, 2001
                                      -----       ---------         ---------        ---------          --------

REVENUE

<S>                                               <C>               <C>               <C>               <C>
Interest                                          $  30,435         $  92,652         $  33,407         $ 113,122
                                                  ---------         ---------         ---------         ---------

TOTAL REVENUE                                        30,435            92,652            33,407           113,122
                                                  ---------         ---------         ---------         ---------

EXPENSES

Management fee                                       48,036           144,107            48,036           144,107
Professional fees                                     8,822            21,928            12,732            25,365
Printing, postage and other                           4,504            10,573             4,108             9,220
                                                  ---------         ---------         ---------         ---------

TOTAL EXPENSES                                       61,362           176,608            64,876           178,692
                                                  ---------         ---------         ---------         ---------

Loss from operations                                (30,927)          (83,956)          (31,469)          (65,570)

Equity in loss of
  investment in local
  partnerships                          3          (239,316)         (688,702)         (186,750)         (611,151)
                                                  ---------         ---------         ---------         ---------

NET LOSS                                           (270,243)         (772,658)         (218,219)         (676,721)

Other comprehensive income              2            17,493            48,874               686            60,073
                                                  ---------         ---------         ---------         ---------

COMPREHENSIVE LOSS                                $(252,750)        $(723,784)        $(217,533)        $(616,648)
                                                  ==========        ==========        ==========        ==========

NET LOSS ATTRIBUTABLE TO

  Manager                                         $  (2,703)        $  (7,727)        $  (2,182)        $  (6,767)
  Beneficial owners                                (267,540)         (764,931)         (216,037)         (669,954)
                                                  ---------         ---------         ---------         ---------

                                                  $(270,243)        $(772,658)        $(218,219)        $(676,721)
                                                  ==========        ==========        ==========        ==========

NET LOSS per unit of
  beneficial ownership
  interest (18,654 units of
  beneficial ownership interest)                  $  (14.35)        $  (41.01)        $  (11.58)        $  (35.91)
                                                  ==========        ==========        ==========        ==========
</TABLE>


                       See Notes to Financial Statements.


                                       4

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                  NINE MONTHS ENDED DECEMBER 30, 2002 AND 2001
                                   (UNAUDITED)


                                                            2002         2001
                                                         ----------   ---------

CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                                        $  99,648    $ 103,092
Cash paid for management fee                               (82,885)    (146,318)
  professional fees                                        (28,426)     (31,090)
  printing, postage and other expenses                     (11,074)     (11,204)
                                                         ---------    ---------

Net cash used in operating activities                      (22,737)     (85,520)
                                                         ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                  70,456       66,768
Transfer to restricted cash                                 (1,216)      (3,415)
                                                         ---------    ---------

Net cash provided by investing activities                   69,240       63,353
                                                         ---------    ---------

Net increase (decrease) in cash and cash equivalents        46,503      (22,167)

Cash and cash equivalents at beginning of period           207,314      188,786
                                                         ---------    ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD               $ 253,817    $ 166,619
                                                         =========    =========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain on investments in bonds, net             $  48,874    $  60,073
                                                         =========    =========

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


                       See Notes to Financial Statements.


                                       5
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                  NINE MONTHS ENDED DECEMBER 30, 2002 AND 2001
                                   (UNAUDITED)


                                                            2002         2001
                                                          ---------   ---------

RECONCILIATION OF NET LOSS TO NET CASH USED IN
  OPERATING ACTIVITIES

Net loss                                                 $(772,658)   $(676,721)

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

   Equity in loss of investment in local
   partnerships                                            688,702      611,151
   Amortization of net premium on investments in
   bonds                                                     2,833        2,643
   Decrease (increase) in interest receivable                2,947      (16,088)
   Decrease in accounts payable and accrued expenses        (6,999)      (7,709)
   Increase (decrease) in payable to manager                61,222       (2,211)
   Increase in interest payable                              1,216        3,415
                                                         ---------    ---------

NET CASH USED IN OPERATING ACTIVITIES                    $ (22,737)   $ (85,520)
                                                         =========    =========


                       See Notes to Financial Statements.



                                       6

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                                DECEMBER 30, 2002
                                   (UNAUDITED)


1. Basis of Presentation

   The accompanying unaudited financial statements have been prepared in
   accordance with accounting principles generally accepted in the United States
   of America for interim financial information. They do not include all
   information and footnotes required by accounting principles generally
   accepted in the United States of America for complete financial statements.
   The results of operations are impacted significantly by the combined results
   of operations of the Local Partnerships, which are provided by the Local
   Partnerships on an unaudited basis during interim periods. Accordingly, the
   accompanying financial statements are dependent on such unaudited
   information. In the opinion of the Manager, the financial statements include
   all adjustments necessary to present fairly the financial position as of
   December 30, 2002 and the results of operations and cash flows for the
   interim periods presented. All adjustments are of a normal recurring nature.
   The results of operations for the three and nine month periods ended December
   30, 2002 are not necessarily indicative of the results that may be expected
   for the entire year.


2. Investments in Bonds

   As of December 30, 2002, certain information concerning investments in bonds
   is as follows:

<TABLE>
<CAPTION>

                                                           Gross                 Gross
                                      Amortized          unrealized             unrealized          Estimated
   Description and maturity              cost               gains                losses             fair value
   ------------------------          ----------          ----------           ------------         -----------

Corporate debt securities
<S>                                  <C>                 <C>                  <C>                  <C>
  Within one year                    $    99,926         $     1,392          $      --            $   101,318
  After one year through five
  years                                1,364,313              61,084              (13,791)           1,411,606
  After five years through ten
  years                                  114,754              15,321                 --                130,075
  After ten years                        199,006                 994                 --                200,000
                                     -----------         -----------          -----------          -----------
                                     $ 1,777,999         $    78,791          $   (13,791)         $ 1,842,999
                                     ===========         ===========          ===========          ===========
</TABLE>



                                       7

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                DECEMBER 30, 2002
                                   (UNAUDITED)


3. Investment in Local Partnerships

   The Trust owns a 98.9%-99% limited partnership interest in ten Local
   Partnerships and has committed to make capital contribution payments in the
   aggregate amount of $14,741,864, of which the Trust has paid $14,672,564 and
   $69,300 is outstanding as of December 30, 2002. Restricted cash in the
   accompanying balance sheet as of December 30, 2002 represents such
   outstanding capital contribution along with accrued interest of $64,099 on an
   outstanding capital contribution. The outstanding capital contribution is
   payable upon a certain Local Partnership's satisfaction of specified
   conditions. As of September 30, 2002, the Local Partnerships have outstanding
   mortgage loans payable totaling approximately $21,266,000 and accrued
   interest payable on such loans totaling approximately $1,869,000, which are
   secured by security interests and liens common to mortgage loans on the Local
   Partnerships' real property and other assets.

   For the nine months ended December 30, 2002, the investment in local
   partnerships activity consists of the following:

        Investment in local partnerships as of
          March 30, 2002                                       $7,038,900

        Equity in loss of investment in local
          partnerships                                           (688,702)*

        Cash distributions received from Local
          Partnerships                                            (70,456)
                                                               ----------

        Investment in local partnerships as of
          December 30, 2002                                    $6,279,742
                                                               ==========

   *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 $4,683 for the nine months
   ended September 30, 2002 as reflected in the combined statement of operations
   of the Local Partnerships reflected herein Note 3.

   The combined unaudited balance sheets of the Local Partnerships as of
   September 30, 2002 and December 31, 2001 and the combined unaudited
   statements of operations of the Local Partnerships for the three and nine
   month periods ended September 30, 2002 and 2001 are reflected on pages 9 and
   10, respectively.



                                       8

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                DECEMBER 30, 2002
                                   (UNAUDITED)

3. Investment in Local Partnerships (continued)

   The combined balance sheets of the Local Partnerships as of September 30,
     2002 and December 31, 2001 are as follows:

                                                                   September 30,           December 31,
                                                                       2002                   2001
                                                                   ------------            -----------

   ASSETS

<S>                                                               <C>                     <C>
Cash and cash equivalents                                         $    242,901            $    397,277
Rents receivable                                                        66,134                  69,615
Capital contributions receivable                                        69,300                  69,300
Escrow deposits and reserves                                         1,655,574               1,598,559
Land                                                                 1,267,153               1,267,153
Buildings and improvements (net of accumulated
  depreciation of $10,133,035 and $9,214,043)                       27,138,042              28,040,052
Intangible assets (net of accumulated
  amortization of $190,335 and $179,001)                               253,820                 265,154
Other assets                                                           333,712                 246,331
                                                                  ------------            ------------

                                                                  $ 31,026,636            $ 31,953,441
                                                                  =============           =============

LIABILITIES AND PARTNERS' EQUITY

Liabilities

  Accounts payable and accrued expenses                           $    478,198            $    469,979
  Due to related parties                                               601,145                 626,723
  Mortgage loans                                                    21,266,280              21,576,677
  Notes payable                                                        100,000                 100,000
  Accrued interest                                                   1,868,783               1,702,416
  Other liabilities                                                    169,980                 163,823
                                                                  ------------            ------------

                                                                    24,484,386              24,639,618
                                                                  ------------            ------------

Partners' equity

  American Tax Credit Trust, Series I
   Capital contributions, net of distributions
     (includes receivable of $69,300)                               14,207,109              14,277,565

   Cumulative loss                                                  (7,697,367)             (7,008,665)
                                                                  ------------            ------------

                                                                     6,509,742               7,268,900
                                                                  ------------            ------------

  General partners and other limited partners
   Capital contributions, net of distributions                         338,817                 339,529
   Cumulative loss                                                    (306,309)               (294,606)
                                                                  ------------            ------------

                                                                        32,508                  44,923
                                                                  ------------            ------------

                                                                     6,542,250               7,313,823
                                                                  ------------            ------------

                                                                  $ 31,026,636            $ 31,953,441
                                                                  =============           =============
</TABLE>


                                       9
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                DECEMBER 30, 2002
                                   (UNAUDITED)

3. Investment in Local Partnerships (continued)

   The combined statements of operations of the Local Partnerships for the three
   and nine month periods ended September 30, 2002 and 2001 are as follows:

<TABLE>
<CAPTION>

                                             Three Months         Nine Months          Three Months          Nine Months
                                                 Ended               Ended                Ended                Ended
                                             September 30,        September 30,        September 30,        September 30,
                                                2002                  2002                 2001                 2001
                                             ------------         ------------         ------------         -------------

   REVENUE

<S>                                          <C>                  <C>                  <C>                  <C>
Rental                                       $   975,659          $ 2,953,086          $   983,380          $ 2,923,136
Interest and other                                25,711               87,168               38,373               88,502

TOTAL REVENUE                                  1,001,370            3,040,254            1,021,753            3,011,638

EXPENSES

Administrative                                   181,794              544,309              160,548              511,391
Utilities                                        138,555              392,165              142,378              440,748
Operating and maintenance                        243,261              741,763              251,256              715,204
Taxes and insurance                              148,453              450,779              125,465              363,214
Financial                                        225,623              681,317              218,893              663,022
Depreciation and amortization                    310,154              930,326              311,854              935,397
                                             -----------          -----------          -----------          -----------

TOTAL EXPENSES                                 1,247,840            3,740,659            1,210,394            3,628,976
                                             -----------          -----------          -----------          -----------

NET LOSS                                     $  (246,470)         $  (700,405)         $  (188,641)         $  (617,338)
                                             ===========          ===========          ===========          ===========

NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust,
   Series I                                  $  (239,316)         $  (688,702)         $(186,750)           $  (611,151)
  General partners and other
   limited partners, which
   includes $4,683 of Trust
   loss in excess of
   investment for the three
   and nine month periods
   ended September 30, 2002                       (7,154)             (11,703)              (1,891)              (6,187)
                                             -----------          -----------          -----------          -----------

                                             $  (246,470)         $  (700,405)         $  (188,641)         $  (617,338)
                                             ===========          ===========          ===========          ===========
</TABLE>

   The combined results of operations of the Local Partnerships for the three
   and nine month periods ended September 30, 2002 are not necessarily
   indicative of the results that may be expected for an entire operating
   period.

4. Additional Information

   Additional information, including the audited March 30, 2002 Financial
   Statements and the Organization, Purpose and Summary of Significant
   Accounting Policies, is included in the Trust's Annual Report on Form 10-K
   for the fiscal year ended March 30, 2002 on file with the Securities and
   Exchange Commission.


                                       10
<PAGE>

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

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

Material Changes in Financial Condition

As of December 30, 2002, American Tax Credit Trust (the "Registrant") has not
experienced a significant change in financial condition as compared to March 30,
2002. Principal changes in assets are comprised of periodic transactions and
adjustments and anticipated equity in loss from operations of the local
partnerships (the "Local Partnerships") which own low-income multifamily
residential complexes (the "Properties") that qualify for the low-income tax
credit in accordance with Section 42 of the Internal Revenue Code (the
"Low-income Tax Credit"). During the nine months ended December 30, 2002,
Registrant received cash from interest revenue and distributions from Local
Partnerships and utilized cash for operating expenses. Cash and cash equivalents
and investments in bonds increased, in the aggregate, by approximately $93,000
during the nine months ended December 30, 2002 (which includes a net unrealized
gain on investments in bonds of approximately $49,000 and the amortization of
net premium on investments in bonds of approximately $3,000). Notwithstanding
circumstances that may arise in connection with the Properties, Registrant does
not expect to realize significant gains or losses on its investments in bonds,
if any. During the nine months ended December 30, 2002, the investment in local
partnerships decreased as a result of Registrant's equity in the Local
Partnerships' net loss for the nine months ended September 30, 2002 of $688,702
and cash distributions received from Local Partnerships of $70,456. Payable to
manager in the accompanying balance sheet as of December 30, 2002 represents
deferred management fees.

Results of Operations

Registrant's operating results are dependent upon the operating results of the
Local Partnerships and are significantly impacted by the Local Partnerships'
policies. In addition, the operating results herein are not necessarily the same
for tax reporting. Registrant accounts for its investment in local partnerships
in accordance with the equity method of accounting. Accordingly, the investment
is carried at cost which includes capital contributions payable, and is adjusted
for Registrant's share of each Local Partnership's results of operations and by
cash distributions received. Equity in loss of each investment in Local
Partnership allocated to Registrant is recognized to the extent of Registrant's
investment balance in each Local Partnership. Equity in loss in excess of
Registrant's investment balance in a Local Partnership is allocated to other
partners' capital in any such Local Partnership. As a result, the reported
equity in loss of investment in local partnerships is expected to decrease as
Registrant's investment balances in the respective Local Partnerships become
zero. The combined statements of operations of the Local Partnerships reflected
in Note 3 to Registrant's financial statements include the operating results of
all Local Partnerships, irrespective of Registrant's investment balances.

Cumulative losses and cash distributions in excess of investment in local
partnerships may result from a variety of circumstances, including a Local
Partnership's accounting policies, subsidy structure, debt structure and
operating deficits, among other things. In addition, the carrying value of
Registrant's investment in local partnerships may be reduced if the book value
(the "Local Partnership Carrying Value") is considered to exceed the estimated
value derived by management. Accordingly, cumulative losses and cash
distributions in excess of the investment or an adjustment to a Local
Partnership's Carrying Value are not necessarily indicative of adverse operating
results of a Local Partnership. See discussion below under Local Partnership
Matters regarding a certain Local Partnership currently operating below economic
break even levels.

Registrant's operations for the three months ended December 30, 2002 and 2001
resulted in net losses of $270,243 and $218,219, respectively. The increase in
net loss is primarily due to an increase in equity in loss of investment in
local partnerships of approximately $53,000, resulting primarily from an
increase in the net operating losses of certain Local Partnerships. Other
comprehensive income for the three months ended December 30, 2002 and 2001
resulted from a net unrealized gain on investments in bonds of $17,493 and $686,
respectively.

The Local Partnerships' net loss of approximately $246,000 for the three months
ended September 30, 2002 was attributable to rental and other revenue of
approximately $1,001,000, exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $937,000 and approximately
$310,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $189,000 for the three months ended September 30, 2001 was
attributable to rental and other revenue of approximately $1,022,000, exceeded
by operating and interest expense (including interest on non-mandatory debt) of
approximately $899,000 and approximately $312,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the three months ended September 30, 2002 are not necessarily indicative of the
results that may be expected in future periods.

                                       11
<PAGE>

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


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

Registrant's operations for the nine months ended December 30, 2002 and 2001
resulted in net losses of $772,658 and $676,721, respectively. The increase in
net loss is primarily due to (i) an increase in equity in loss of investment in
local partnerships of approximately $78,000, resulting primarily from an
increase in the net operating losses of certain Local Partnerships and (ii) a
decrease in interest revenue of approximately $20,000. Other comprehensive
income for the nine months ended December 30, 2002 and 2001 resulted from a net
unrealized gain on investments in bonds of $48,874 and $60,073, respectively.

The Local Partnerships' net loss of approximately $700,000 for the nine months
ended September 30, 2002 was attributable to rental and other revenue of
approximately $3,040,000,exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $2,810,000 and approximately
$930,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $617,000 for the nine months ended September 30, 2001 was
attributable to rental and other revenue of approximately $3,012,000, exceeded
by operating and interest expense (including interest on non-mandatory debt) of
approximately $2,694,000 and approximately $935,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the nine months ended September 30, 2002 are not necessarily indicative of the
results that may be expected in future periods.

Local Partnership Matters

Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low-income Tax Credits, which are generally available for a ten year period from
the year the Property is placed in service. The required holding period of each
Property, in order to avoid Low-income Tax Credit recapture, is fifteen years
from the year in which the Low-income Tax Credits commence on the last building
of the Property (the "Compliance Period"). In addition, certain of the Local
Partnerships have entered into agreements with the relevant state tax credit
agencies whereby the Local Partnerships must maintain the low-income nature of
the Properties for a period which exceeds the Compliance Period, regardless of
any sale of the Properties by the Local Partnerships after the Compliance
Period. The Properties must satisfy various requirements including rent
restrictions and tenant income limitations (the "Low-income Tax Credit
Requirements") in order to maintain eligibility for the recognition of the
Low-income Tax Credit at all times during the Compliance Period. Once a Local
Partnership has become eligible for the Low-income Tax Credit, it may lose such
eligibility and suffer an event of recapture if its Property fails to remain in
compliance with the Low-income Tax Credit Requirements. Through December 31,
2002, none of the Local Partnerships have reported an event of recapture of
Low-income Tax Credits.

The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States. Certain
of the Local Partnerships receive rental subsidy payments, including payments
under Section 8 of Title II of the Housing and Community Development Act of 1974
("Section 8"). The subsidy agreements expire at various times during the
Compliance Periods of the Local Partnerships. Since October 1997, the United
States Department of Housing and Urban Development ("HUD") has issued a series
of directives related to project based Section 8 contracts that define owners'
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8 contracts,
provide policies and procedures on setting renewal rents and handling renewal
rent adjustments and provide the requirements and procedures for opting-out of a
Section 8 project based contract. Registrant cannot reasonably predict
legislative initiatives and governmental budget negotiations, the outcome of
which could result in a reduction in funds available for the various federal and
state administered housing programs including the Section 8 program. Such
changes could adversely affect the future net operating income before debt
service and debt structure of any or all Local Partnerships currently receiving
such subsidy or similar subsidies. Three Local Partnerships' Section 8 contracts
are currently subject to renewal under applicable HUD guidelines.


                                       12
<PAGE>

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


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

The Local Partnerships have various financing structures which include (i)
required debt service payments ("Mandatory Debt Service") and (ii) debt service
payments which are payable only from available cash flow subject to the terms
and conditions of the notes, which may be subject to specific laws, regulations
and agreements with appropriate federal and state agencies ("Non-Mandatory Debt
Service or Interest"). In the event rents are not sufficient to cover operating
expenses, Mandatory Debt Service requirements and other charges, certain general
partners of the Local Partnerships (the "Local General Partners") are obligated
to provide advances to cover deficits for a certain period of time up to certain
amounts (the "Deficit Guarantee"). A Local General Partner's funding of such
Deficit Guarantee is dependent on its liquidity or ability to borrow the
required funds. During the nine months ended September 30, 2002, revenue from
operations of the Local Partnerships has generally been sufficient to cover
operating expenses and Mandatory Debt Service. Substantially all of the Local
Partnerships are effectively operating at or above break even levels, although
certain Local Partnerships' operating information reflects operating deficits
that do not represent cash deficits due to their mortgage and financing
structure and the required deferral of property management fees. However, as
discussed below, a certain Local Partnership's operating information indicates
an operating deficit after taking into account its mortgage and financing
structure and any required deferral of property management fees.

The terms of the partnership agreement of St. Christopher's Associates, L.P. V
("St. Christopher") require the Local General Partner to advance funds to cover
operating deficits through the Compliance Period. St. Christopher incurred an
operating deficit of approximately $52,000 for the nine months ended September
30, 2002. St. Christopher withdrew $20,000 from its operating reserve during the
nine months ended September 30, 2002, which reserve has a remaining balance of
approximately $310,000 as of September 30, 2002. In addition, unpaid Registrant
capital contribution and accrued interest thereon total approximately $133,000
as of December 30, 2002. There is no Mandatory Debt Service and payments on the
real estate taxes are current. St. Christopher is scheduled to generate
approximately $19.8 per Unit per year to the limited partners upon the
expiration of its Low-income Tax Credit allocation in 2004.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America, which requires Registrant to
make certain estimates and assumptions. The following section is a summary of
certain aspects of those accounting policies that may require subjective or
complex judgments and are most important to the portrayal of Registrant's
financial condition and results of operations. Registrant believes that there is
a low probability that the use of different estimates or assumptions in making
these judgments would result in materially different amounts being reported in
the financial statements.

     o    Registrant accounts for its investment in local partnerships in
          accordance with the equity method of accounting since Registrant
          cannot control the operations of a Local Partnership.

     o    If the book value of Registrant's investment in a Local Partnership
          exceeds the estimated value derived by management, Registrant reduces
          its investment in any such Local Partnership and includes such
          reduction in equity in loss of investment in local partnerships.


Item 3.  Quantitative and Qualitative Disclosure about Market Risk

Registrant has invested a significant portion of its working capital reserves in
corporate bonds. The market value of such investments is subject to fluctuation
based upon changes in interest rates relative to each investment's maturity date
and the associated bond rating. Since Registrant's investments in bonds have
various maturity dates through 2016, the value of such investments may be
adversely impacted in an environment of rising interest rates in the event
Registrant decides to liquidate any such investment prior to its maturity.
Although Registrant may utilize reserves to assist an under performing Property,
it otherwise intends to hold such investments to their respective maturities.
Therefore, Registrant does not anticipate any material adverse impact in
connection with such investments.


                                       13
<PAGE>


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


Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

   Changes in Internal Controls

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



                                       14

<PAGE>

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

                           PART II - OTHER INFORMATION


Item 1.     Legal Proceedings

            Registrant is not aware of any material legal proceedings.

Item 2.     Changes in Securities

            None

Item 3.     Defaults Upon Senior Securities

            None

Item 4.     Submission of Matters to a Vote of Security Holders

            None

Item 5.     Other Information

            None

Item 6.     Exhibits and Reports on Form 8-K

            a. Exhibits

                    Exhibit 99.1 Certification of Chief Executive Officer
                    Exhibit 99.2 Certification of Chief Financial Officer

            b. Reports on Form 8-K

                    None



                                       15
<PAGE>

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


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

                                      By: Richman American Credit Corp.,
                                          The Manager


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


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



                                       16

<PAGE>

                                 CERTIFICATIONS


I, David Salzman, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of American Tax Credit
     Trust, a Delaware statutory business trust Series I (the "Company");

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the Company as of, and for, the periods presented in this
     quarterly report;

4.   The Company's other certifying officer and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the Company and we have:

     (a)  designed such disclosure controls and procedures to ensure that
          material information relating to the Company, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     (b)  evaluated the effectiveness of the Company's disclosure controls and
          procedures as of a date (the "Evaluation Date") within 90 days prior
          to the filing date of this quarterly report; and

     (c)  presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The Company's other certifying officer and I have disclosed, based on our
     most recent evaluation, to the Company's auditors and the audit committee
     of the Company's board of directors (or persons performing the equivalent
     function):

     (a)  all significant deficiencies in the design or operation of internal
          controls which could adversely affect the Company's ability to record,
          process, summarize and report financial data and have identified for
          the Company's auditors any material weaknesses in internal controls;
          and

     (b)  any fraud, whether or not material, that involves management or other
          employees who have a significant role in the Company's internal
          controls; and

6.   The Company's other certifying officer and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the Evaluation Date, including any corrective
     actions with regard to significant deficiencies and material weaknesses.


Date:   February 13, 2003                       /s/  David Salzman
                                                --------------------------------
                                                by: David Salzman
                                                Chief Executive Officer of
                                                Richman American Credit Corp.,
                                                Manager of the Company


                                       17
<PAGE>


I, Neal Ludeke, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of American Tax Credit
     Trust, a Delaware statutory business trust Series I (the "Company");

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the Company as of, and for, the periods presented in this
     quarterly report;

4.   The Company's other certifying officer and I am responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the Company and we have:

     (a)  designed such disclosure controls and procedures to ensure that
          material information relating to the Company, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     (b)  evaluated the effectiveness of the Company's disclosure controls and
          procedures as of a date (the "Evaluation Date") within 90 days prior
          to the filing date of this quarterly report; and

     (c)  presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The Company's other certifying officer and I have disclosed, based on our
     most recent evaluation, to the Company's auditors and the audit committee
     of the Company's board of directors (or persons performing the equivalent
     function):

     (a)  all significant deficiencies in the design or operation of internal
          controls which could adversely affect the Company's ability to record,
          process, summarize and report financial data and have identified for
          the Company's auditors any material weaknesses in internal controls;
          and

     (b)  any fraud, whether or not material, that involves management or other
          employees who have a significant role in the Company's internal
          controls; and

6.   The Company's other certifying officer and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the Evaluation Date, including any corrective
     actions with regard to significant deficiencies and material weaknesses.


Date:   February 13, 2003                   /s/  Neal Ludeke
                                            ---------------------------------
                                            by: Neal Ludeke
                                            Chief Financial Officer of Richman
                                            American Credit Corp., Manager
                                            of the Company



                                       18