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

                                    FORM 10-Q


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

For the quarterly period ended September 29, 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)

                                                                     September 29,           March 30,
                                                      Notes              2002                  2002
                                                      -----          ------------          -----------
ASSETS

<S>                                                    <C>          <C>                    <C>
Cash and cash equivalents                                            $   254,528           $   207,314
Restricted cash                                          3               132,893               132,183
Investments in bonds                                     2             1,826,452             1,796,958
Investment in local partnerships                         3             6,519,058             7,038,900
Interest receivable                                                       32,748                33,093
                                                                     -----------           -----------

                                                                     $ 8,765,679           $ 9,208,448
                                                                     ===========           ===========
LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                              $    14,996           $    27,992
  Payable to manager                                                     640,524               599,973
  Capital contributions payable                          3                69,300                69,300
  Interest payable                                       3                63,593                62,883
                                                                     -----------           -----------

                                                                         788,413               760,148
                                                                     -----------           -----------

Commitments and contingencies                            3

Owners' equity (deficit)

  Manager                                                                (84,584)              (79,560)
  Beneficial owners (18,654 units of beneficial                        8,014,343             8,511,734
   ownership interest outstanding)
  Accumulated other comprehensive income, net            2                47,507                16,126
                                                                     -----------           -----------

                                                                       7,977,266             8,448,300
                                                                     -----------           -----------

                                                                     $ 8,765,679           $ 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 Months      Six Months      Three Months      Six Months
                                                        Ended            Ended            Ended            Ended
                                                      September        September        September        September
                                        Notes          29, 2002         29, 2002        29, 2001          29, 2001
                                        -----        -----------       ----------      -----------      -----------
REVENUE

<S>                                                   <C>              <C>              <C>              <C>
Interest                                              $  31,436        $  62,217        $  33,581        $  79,715
                                                      ---------        ---------        ---------        ---------

TOTAL REVENUE                                            31,436           62,217           33,581           79,715
                                                      ---------        ---------        ---------        ---------

EXPENSES

Management fee                                           48,035           96,071           48,035           96,071
Professional fees                                         6,498           13,106            5,873           12,633
Printing, postage and other                                 381            6,069            2,908            5,112
                                                      ---------        ---------        ---------        ---------

TOTAL EXPENSES                                           54,914          115,246           56,816          113,816
                                                      ---------        ---------        ---------        ---------

Loss from operations                                    (23,478)         (53,029)         (23,235)         (34,101)

Equity in loss of
  investment in local partnerships        3            (211,390)        (449,386)        (201,905)        (424,401)
                                                      ---------        ---------        ---------        ---------

NET LOSS                                               (234,868)        (502,415)        (225,140)        (458,502)

Other comprehensive income                2               9,519           31,381           71,864           59,387
                                                      ---------        ---------        ---------        ---------

COMPREHENSIVE LOSS                                    $(225,349)       $(471,034)       $(153,276)       $(399,115)
                                                      =========        =========        =========        =========

NET LOSS ATTRIBUTABLE TO

  Manager                                             $  (2,349)       $  (5,024)       $  (2,251)       $  (4,585)
  Beneficial owners                                    (232,519)        (497,391)        (222,889)        (453,917)
                                                      ---------        ---------        ---------        ---------

                                                      $(234,868)       $(502,415)       $(225,140)       $(458,502)
                                                      =========        =========        =========        =========

NET LOSS per unit of beneficial
  ownership interest (18,654 units
  of beneficial ownership interest)                   $  (12.46)       $  (26.66)       $  (11.95)       $  (24.33)
                                                      =========        =========        =========        =========
</TABLE>


                       See Notes to Financial Statements.


                                       4

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                  SIX MONTHS ENDED SEPTEMBER 29, 2002 AND 2001
                                   (UNAUDITED)


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

CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                                       $  65,159     $  66,041
Cash paid for
  management fee                                          (55,520)      (53,943)
  professional fees                                       (26,102)      (25,216)
  printing, postage and other expenses                     (6,069)       (7,095)
                                                        ---------     ---------

Net cash used in operating activities                     (22,532)      (20,213)
                                                        ---------     ---------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                 70,456        66,768
Transfer to restricted cash                                  (710)     (2,6116)
                                                        ---------     ---------

Net cash provided by investing activities                  69,746        64,152
                                                        ---------     ---------

Net increase in cash and cash equivalents                  47,214        43,939

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

CASH AND CASH EQUIVALENTS AT END OF PERIOD              $ 254,528     $ 232,725
                                                        =========     =========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain on investments in bonds, net            $  31,381     $  59,387
                                                        =========     =========

--------------------------------------------------------------------------------
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)
                  SIX MONTHS ENDED SEPTEMBER 29, 2002 AND 2001
                                   (UNAUDITED)

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

RECONCILIATION OF NET LOSS TO NET CASH USED IN
  OPERATING ACTIVITIES

Net loss                                                 $(502,415)   $(458,502)

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

   Equity in loss of investment in local
     partnerships                                          449,386      424,401
   Amortization of net premium on investments
    in bonds                                                 1,887        1,762
   Decrease (increase) in interest receivable                  345      (18,052)
   Decrease in accounts payable and accrued expenses       (12,996)     (14,566)
   Increase in payable to manager                           40,551       42,128
   Increase in interest payable                                710        2,616
                                                         ---------    ---------

NET CASH USED IN OPERATING ACTIVITIES                    $ (22,532)   $ (20,213)
                                                         =========    =========



                       See Notes to Financial Statements.



                                       6

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 29, 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
   September 29, 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 six month periods ended September
   29, 2002 are not necessarily indicative of the results that may be expected
   for the entire year.


2. Investments in Bonds

   As of September 29, 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
   ------------------------                   ---------         ----------           ----------          ----------

<S>                                          <C>                <C>                 <C>                 <C>
Corporate debt securities
  Within one year                            $    99,851        $     2,435         $      --           $   102,286
  After one year through five years            1,364,940             56,223             (23,775)          1,397,388
  After five years through ten years             115,166             11,612                --               126,778
  After ten years                                198,988              1,012                --               200,000

                                             $ 1,778,945        $    71,282         $   (23,775)        $ 1,826,452
                                             ===========        ===========         ===========         ===========
</TABLE>



                                       7

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                               SEPTEMBER 29, 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 September 29, 2002. Restricted cash in the
   accompanying balance sheet as of September 29, 2002 represents such
   outstanding capital contribution along with accrued interest of $63,593 on an
   outstanding capital contribution. The outstanding capital contribution is
   payable upon a certain Local Partnership's satisfaction of specified
   conditions. As of June 30, 2002, the Local Partnerships have outstanding
   mortgage loans payable totaling approximately $21,371,000 and accrued
   interest payable on such loans totaling approximately $1,801,000, which are
   secured by security interests and liens common to mortgage loans on the Local
   Partnerships' real property and other assets.

   For the six months ended September 29, 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                                           (449,386)

        Cash distributions received from Local
          Partnerships                                            (70,456)
                                                               ----------
        Investment in local partnerships as of
          September 29, 2002                                   $6,519,058
                                                               ==========

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



                                       8

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                               SEPTEMBER 29, 2002
                                   (UNAUDITED)

3. Investment in Local Partnerships (continued)

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

<TABLE>
<CAPTION>

                                                                      June 30,              December 31,
                                                                        2002                   2001
                                                                    ------------           ------------

   ASSETS

<S>                                                                 <C>                    <C>
Cash and cash equivalents                                           $    193,423           $    397,277
Rents receivable                                                          62,581                 69,615
Capital contributions receivable                                          69,300                 69,300
Escrow deposits and reserves                                           1,681,654              1,598,559
Land                                                                   1,267,153              1,267,153

Buildings and improvements (net of accumulated
  depreciation of $9,826,673 and $9,214,043)                          27,434,245             28,040,052

Intangible assets (net of accumulated
  amortization of $186,542 and $179,001)                                 257,613                265,154

Other assets                                                             270,290                246,331
                                                                    ------------           ------------

                                                                    $ 31,236,259           $ 31,953,441
                                                                    ============           ============

LIABILITIES AND PARTNERS' EQUITY

Liabilities

  Accounts payable and accrued expenses                             $    447,346           $    469,979
  Due to related parties                                                 577,627                626,723
  Mortgage loans                                                      21,370,998             21,576,677
  Notes payable                                                          100,000                100,000
  Accrued interest                                                     1,800,863              1,702,416
  Other liabilities                                                      150,705                163,823
                                                                    ------------           ------------

                                                                      24,447,539             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                                                    (7,458,051)            (7,008,665)
                                                                    ------------           ------------

                                                                       6,749,058              7,268,900
                                                                    ------------           ------------

  General partners and other limited partners
   Capital contributions, net of distributions                           338,817                339,529

   Cumulative loss                                                      (299,155)              (294,606)
                                                                    ------------           ------------

                                                                          39,662                 44,923
                                                                    ------------           ------------

                                                                       6,788,720              7,313,823
                                                                    ------------           ------------

                                                                    $ 31,236,259           $ 31,953,441
                                                                    ============           ============
</TABLE>


                                       9

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                               SEPTEMBER 29, 2002
                                   (UNAUDITED)

3. Investment in Local Partnerships (continued)

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

<TABLE>
<CAPTION>

                                           Three Months          Six Months           Three Months         Six Months
                                              Ended                Ended                 Ended               Ended
                                             June 30,             June 30,              June 30,            June 30,
                                               2002                 2002                  2001                2001
                                           ------------         -----------          -------------        ----------

REVENUE

<S>                                        <C>                  <C>                  <C>                  <C>
Rental                                     $   998,442          $ 1,977,427          $   962,663          $ 1,939,756
Interest and other                              30,630               61,457               23,239               50,129
                                           -----------          -----------          -----------          -----------

TOTAL REVENUE                                1,029,072            2,038,884              985,902            1,989,885
                                           -----------          -----------          -----------          -----------

EXPENSES

Administrative                                 188,738              362,515              186,392              350,843
Utilities                                      121,515              253,610              103,707              298,370
Operating and maintenance                      239,367              498,502              256,368              463,948
Taxes and insurance                            153,418              302,326              114,192              237,749
Financial                                      229,830              455,694              223,526              444,129
Depreciation and amortization                  309,733              620,172              305,665              623,543
                                           -----------          -----------          -----------          -----------

TOTAL EXPENSES                               1,242,601            2,492,819            1,189,850            2,418,582
                                           -----------          -----------          -----------          -----------

NET LOSS                                   $  (213,529)         $  (453,935)         $  (203,948)         $  (428,697)
                                           ===========          ===========          ===========          ===========

NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust,
   Series I                                $  (211,390)         $  (449,386)         $  (201,905)         $  (424,401)
  General partners and other
   limited partners                             (2,139)              (4,549)              (2,043)              (4,296)
                                           -----------          -----------          -----------          -----------

                                           $  (213,529)         $  (453,935)         $  (203,948)         $  (428,697)
                                           ===========          ===========          ===========          ===========
</TABLE>

   The combined results of operations of the Local Partnerships for the three
   and six month periods ended June 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 September 29, 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 six months ended September 29, 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 $77,000
during the six months ended September 29, 2002 (which includes a net unrealized
gain on investments in bonds of approximately $31,000 and the amortization of
net premium on investments in bonds of approximately $2,000). Notwithstanding
circumstances that may arise in connection with the Properties, Registrant does
not expect to realize significant gains or losses on its investments in bonds,
if any. During the six months ended September 29, 2002, the investment in local
partnerships decreased as a result of Registrant's equity in the Local
Partnerships' net loss for the six months ended June 30, 2002 of $449,386 and
cash distributions received from Local Partnerships of $70,456. Payable to
manager in the accompanying balance sheet as of September 29, 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. As of September 29, 2002, no investment in any Local Partnership has
reached a zero balance.

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 September 29, 2002 and 2001
resulted in net losses of $234,868 and $225,140, respectively. Other
comprehensive income for the three months ended September 29, 2002 and 2001
resulted from a net unrealized gain on investments in bonds of $9,519 and
$71,864, respectively.

The Local Partnerships' net loss of approximately $214,000 for the three months
ended June 30, 2002 was attributable to rental and other revenue of
approximately $1,029,000, exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $933,000 and approximately
$310,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $204,000 for the three months ended June 30, 2001 was
attributable to rental and other revenue of approximately $986,000, exceeded by
operating and interest expense (including interest on non-mandatory debt) of
approximately $884,000 and approximately $306,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the three months ended June 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 six months ended September 29, 2002 and 2001
resulted in net losses of $502,415 and $458,502, respectively. Other
comprehensive income for the six months ended September 29, 2002 and 2001
resulted from a net unrealized gain on investments in bonds of $31,381 and
$59,387, respectively.

The Local Partnerships' net loss of approximately $454,000 for the six months
ended June 30, 2002 was attributable to rental and other revenue of
approximately $2,039,000, exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $1,873,000 and approximately
$620,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $429,000 for the six months ended June 30, 2001 was
attributable to rental and other revenue of approximately $1,990,000, exceeded
by operating and interest expense (including interest on non-mandatory debt) of
approximately $1,795,000 and approximately $624,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the six months ended June 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,
2001, none of the Local Partnerships have suffered an event of recapture of
Low-income Tax Credits.

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


                                       12
<PAGE>

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


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

The Local Partnerships have various financing structures which include (i)
required debt service payments ("Mandatory Debt Service") and (ii) debt service
payments which are payable only from available cash flow subject to the terms
and conditions of the notes, which may be subject to specific laws, regulations
and agreements with appropriate federal and state agencies ("Non-Mandatory Debt
Service or Interest"). In the event rents are not sufficient to cover operating
expenses, Mandatory Debt Service requirements and other charges, certain general
partners of the Local Partnerships (the "Local General Partners") are obligated
to provide advances to cover deficits for a certain period of time up to certain
amounts (the "Deficit Guarantee"). A Local General Partner's funding of such
Deficit Guarantee is dependent on its liquidity or ability to borrow the
required funds. During the six months ended June 30, 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 $29,000 for six months ended June 30, 2002.
St. Christopher has an operating reserve of approximately $323,000 as of June
30, 2002. In addition, unpaid Registrant capital contribution and accrued
interest thereon total approximately $133,000 as of September 29, 2002. There is
no Mandatory Debt Service and payments on the real estate taxes are current. Of
Registrant's total annual Low-income Tax Credits, approximately 14% are
allocated from St. Christopher.

Critical Accounting Policies and Estimates

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

     o    Registrant accounts for its investment in local partnerships in
          accordance with the equity method of accounting since Registrant
          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. 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

                           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



                                       14

<PAGE>

                                   SIGNATURES


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


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

                                        By:   Richman American Credit Corp.,
                                           The Manager


Dated: November 13, 2002                /s/ David Salzman
                                        -------------------------------------
                                        by: David Salzman
                                            President of the Manager


Dated: November 13, 2002                /s/ Neal Ludeke
                                        -------------------------------------
                                        by: Neal Ludeke
                                            Vice President and
                                            Treasurer of the Manager
                                            (Principal Financial and Accounting
                                            Officer of The Trust)



                                       15