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 June 29, 2003
                               -------------

                                       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)

                                                                         June 29,             March 30,
                                                         Notes            2003                  2003
                                                         -----         -----------          -----------
ASSETS

<S>                                                       <C>         <C>                   <C>
Cash and cash equivalents                                              $   493,564          $   394,025
Restricted cash                                            3               133,887              133,807
Investments in bonds                                       2             1,565,362            1,654,852
Investment in local partnerships                           3             5,300,005            5,490,521
Interest receivable                                                         28,434               32,471
                                                                       -----------          -----------

                                                                       $ 7,521,252          $ 7,705,676
                                                                       ===========          ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                                $    33,992          $    27,492
  Payable to manager                                                       641,834              621,142
  Capital contributions payable                            3                69,300               69,300
  Interest payable                                         3                64,587               64,507
                                                                       -----------          -----------

                                                                           809,713              782,441
                                                                       -----------          -----------

Commitments and contingencies                              3

Owners' equity (deficit)

  Manager                                                                 (97,651)              (95,418)
  Beneficial owners (18,654 units of beneficial
   ownership interest outstanding)                                      6,720,813             6,941,833
  Accumulated other comprehensive income, net              2               88,377                76,820
                                                                       -----------          -----------

                                                                         6,711,539            6,923,235
                                                                       -----------          -----------

                                                                       $ 7,521,252          $ 7,705,676
                                                                       ===========          ===========
</TABLE>



                       See Notes to Financial Statements.



                                       3

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF OPERATIONS
                    THREE MONTHS ENDED JUNE 29, 2003 AND 2002
                                   (UNAUDITED)


                                                 Notes     2003         2002
                                                 -----   ---------    ---------

REVENUE

Interest                                                 $  25,734    $  30,781
                                                         ---------    ---------

TOTAL REVENUE                                               25,734       30,781
                                                         ---------    ---------

EXPENSES

Management fee                                              48,036       48,036
Professional fees                                            6,630        6,608
Printing, postage and other                                  3,805        5,688
                                                         ---------    ---------

TOTAL EXPENSES                                              58,471       60,332
                                                         ---------    ---------

Loss from operations                                       (32,737)     (29,551)

Equity in loss of investment in local
  partnerships                                    3       (190,516)    (237,996)
                                                         ---------    ---------

NET LOSS                                                  (223,253)    (267,547)

Other comprehensive income                        2         11,557       21,862
                                                         ---------    ---------
COMPREHENSIVE LOSS                                       $(211,696)   $(245,685)
                                                         =========    =========

NET LOSS ATTRIBUTABLE TO

  Manager                                                $  (2,233)   $  (2,675)
  Beneficial owners                                       (221,020)    (264,872)

                                                         ---------    ---------
                                                         $(223,253)   $(267,547)
                                                         =========    =========

NET LOSS per unit of beneficial ownership
  interest (18,654 units of beneficial
  ownership interest)                                     $ (11.85)   $  (14.20)
                                                         =========    =========


                       See Notes to Financial Statements.


                                       4

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                    THREE MONTHS ENDED JUNE 29, 2003 AND 2002
                                   (UNAUDITED)


                                                                     2003             2002
                                                                   ---------        ---------

CASH FLOWS FROM OPERATING ACTIVITIES

<S>                                                                <C>              <C>
Interest received                                                  $  30,898        $  34,980
Cash paid for
  management fee                                                     (27,344)         (27,366)
  professional fees                                                     (132)         (26,102)
  printing, postage and other expenses                                (3,803)          (5,688)
                                                                   ---------        ---------
Net cash used in operating activities                                   (381)         (24,176)
                                                                   ---------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                                             70,456
Transfer to restricted cash                                              (80)            (593)
Proceeds from maturity/redemption and sale of bonds                  100,000
                                                                   ---------        ---------
Net cash provided by investing activities                             99,920           69,863
                                                                   ---------        ---------

Net increase in cash and cash equivalents                             99,539           45,687
                                                                   ---------        ---------

Cash and cash equivalents at beginning of period                     394,025          207,314
                                                                   ---------        ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                         $ 493,564        $ 253,001
                                                                   =========        =========
SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain on investments in bonds, net                       $  11,557        $  21,862
                                                                   =========        =========
</TABLE>


-------------------------------------------------------------------------------

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



                       See Notes to Financial Statements.


                                       5

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                    THREE MONTHS ENDED JUNE 29, 2003 AND 2002
                                   (UNAUDITED)

                                                                  2003                2002
                                                               ---------           ---------

RECONCILIATION OF NET LOSS TO NET CASH USED IN
  OPERATING ACTIVITIES

<S>                                                            <C>                 <C>
Net loss                                                       $(223,253)          $(267,547)

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

    Equity in loss of investment in local partnerships           190,516             237,996
    Amortization of net premium on investments in bonds            1,047                 936
    Decrease in interest receivable                                4,037               2,670
    Increase (decrease) in accounts payable and
      accrued expenses                                             6,500             (19,494)
    Increase in payable to manager                                20,692              20,670
    Increase in interest payable                                      80
                                                               ---------           ---------

NET CASH USED IN OPERATING ACTIVITIES                          $    (381)          $ (24,176)
                                                               =========           =========
</TABLE>



                       See Notes to Financial Statements.



                                       6

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 29, 2003
                                   (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 June
   29, 2003 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 months ended June 29, 2003 are not necessarily
   indicative of the results that may be expected for the entire year.


2. Investments in Bonds

   As of June 29, 2003, 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                          $  599,325         $   24,288         $     --           $  623,613
   After one year through five years           874,402             63,421               --              937,823
   After five years through ten years            3,258                668               --                3,926
                                            ----------         ----------         ----------         ----------
                                            $1,476,985         $   88,377         $     --           $1,565,362
                                            ==========         ==========         ==========         ==========
</TABLE>



                                       7

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2003
                                   (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 June 29, 2003. Restricted cash in the
   accompanying balance sheet as of June 29, 2003 represents such outstanding
   capital contribution along with accrued interest of $64,587 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, 2003, the Local Partnerships have outstanding mortgage loans payable
   totaling approximately $21,053,000 and accrued interest payable on such loans
   totaling approximately $2,034,000, which are secured by security interests
   and liens common to mortgage loans on the Local Partnerships' real property
   and other assets.

   For the three months ended June 29, 2003, the investment in local
   partnerships activity consists of the following:

        Investment in local partnerships as of
          March 30, 2003                                       $5,490,521

        Equity in loss of investment in local
          partnerships                                           (190,516)*
                                                               ----------

        Investment in local partnerships as of
          June 29, 2003                                        $5,300,005
                                                               ==========

   *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 $24,278 for three months ended
   March 31, 2003 as reflected in the combined statement of operations of the
   Local Partnership reflected herein Note 3.

   The combined unaudited balance sheets of the Local Partnerships as of March
   31, 2003 and December 31, 2002 and the combined unaudited statements of
   operations of the Local Partnerships for the three months ended March 31,
   2003 and 2002 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)
                                  JUNE 29, 2003
                                   (UNAUDITED)


                                                                      March 31,         December 31,
                                                                        2003               2002
                                                                   ------------        ------------

    ASSETS

<S>                                                                <C>                 <C>
Cash and cash equivalents                                          $    313,491        $    333,544
Rents receivable                                                         41,572              42,954
Capital contributions receivable                                         69,300              69,300
Escrow deposits and reserves                                          1,590,669           1,556,569
Land                                                                  1,267,153           1,267,153
Buildings and improvements (net of accumulated
  depreciation of $10,745,077 and $10,437,344)                       26,576,774          26,880,032
Intangible assets (net of accumulated amortization
  of $149,096 and $145,326)                                             246,318             250,088
Other assets                                                            340,635             315,527
                                                                   ------------        ------------

                                                                   $ 30,445,912        $ 30,715,167
                                                                   ============        ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                            $    525,832        $    508,742
  Due to related parties                                                633,757             666,490
  Mortgage loans                                                     21,053,012          21,160,284
  Notes payable                                                         100,000             100,000
  Accrued interest                                                    2,034,064           1,965,794
  Other liabilities                                                     149,953             147,594
                                                                   ------------        ------------

                                                                     24,496,618          24,548,904
                                                                   ------------        ------------

Partners' equity (deficit)

  American Tax Credit Trust, Series I
    Capital contributions, net of distributions
    (includes receivable of $69,300)                                 14,207,109          14,207,109
    Cumulative loss                                                  (8,219,604)         (8,029,088)
                                                                   ------------        ------------

                                                                      5,987,505           6,178,021
                                                                   ------------        ------------

  General partners and other limited partners
    Capital contributions, net of distributions                         338,817             338,817
    Cumulative loss                                                    (377,028)           (350,575)
                                                                   ------------        ------------

                                                                                            (11,758)
                                                                   ------------        ------------

                                                                      5,949,294           6,166,263
                                                                   ------------        ------------

                                                                   $ 30,445,912        $ 30,715,167
                                                                   ============        ============
</TABLE>


                                       9

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2003
                                   (UNAUDITED)


3. Investment in Local Partnerships (continued)

   The combined statements of operations of the Local Partnerships for the three
   months ended March 31, 2003 and 2002 are as follows:

<TABLE>
<CAPTION>

                                                                2003               2002
                                                            -----------         -----------

   REVENUE

<S>                                                         <C>                 <C>
Rental                                                      $ 1,028,167         $   978,985
Interest and other
                                                            -----------         -----------

TOTAL REVENUE                                                 1,047,509           1,009,812
                                                            -----------         -----------

EXPENSES

Administrative                                                  185,493             173,777
Utilities                                                       127,093             132,095
Operating and maintenance                                       250,559             259,135
Taxes and insurance                                             166,191             148,908
Financial                                                       223,639             225,864
Depreciation and amortization                                   311,503             310,439
                                                            -----------         -----------

TOTAL EXPENSES                                                1,264,478           1,250,218
                                                            -----------         -----------

NET LOSS                                                    $  (216,969)        $  (240,406)
                                                            ===========         ===========

NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust, Series I                       $  (190,516)        $  (237,996)
  General partners and other limited
   partners, which includes $24,278 of Trust
   loss in excess of investment for 2003                        (26,453)             (2,410)
                                                            -----------         -----------
                                                            $  (216,969)        $  (240,406)
                                                            ===========         ===========
</TABLE>

   The combined results of operations of the Local Partnerships for the three
   months ended March 31, 2003 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, 2003 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, 2003 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 June 29, 2003, American Tax Credit Trust (the "Registrant") has not
experienced a significant change in financial condition as compared to March 30,
2003. 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 three months ended June 29, 2003,
Registrant received cash from interest revenue and maturity/redemption and sale
of bonds and utilized cash for operating expenses. Cash and cash equivalents and
investments in bonds increased, in the aggregate, by approximately $10,000
during the three months ended June 29, 2003 (which includes a net unrealized
gain on investments in bonds of approximately $12,000 and the amortization of
net premium on investments in bonds of approximately $1,000). 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 three months ended June 29, 2003, the investment in local
partnerships decreased as a result of Registrant's equity in the Local
Partnerships' net loss for the three months ended March 31, 2003 of $190,516.
Payable to manager in the accompanying balance sheet as of June 29, 2003
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. However, 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 certain Local Partnerships currently operating below economic
break even levels.

Registrant's operations for the three months ended June 29, 2003 and 2002
resulted in net losses of $223,253 and $267,547, respectively. The decrease in
net loss is primarily attributable to a decrease in equity in loss of investment
in local partnerships of approximately $47,000, which decrease is attributable
to (i) an increase in the nonrecognition of losses in accordance with the equity
method of accounting and (ii) a decrease in the net operating losses of certain
Local Partnerships. Other comprehensive income for the three months ended June
29, 2003 and 2002 resulted from a net unrealized gain on investments in bonds of
$11,557 and $21,862, respectively.

The Local Partnerships' net loss of approximately $217,000 for the three months
ended March 31, 2003 was attributable to rental and other revenue of
approximately $1,048,000, exceeded by operating and interest expenses (including
interest on non-mandatory debt) of approximately $953,000 and approximately
$312,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $240,000 for the three months ended March 31, 2002 was
attributable to rental and other revenue of approximately $1,010,000, exceeded
by operating and interest expenses (including interest on non-mandatory debt)


                                       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)
         -----------------------------------------------------------------------

of approximately $940,000 and approximately $310,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the three months ended March 31, 2003 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 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.

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 three months ended March 31, 2003, 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
below break even operations after taking into account its mortgage and financing
structure and any required deferral of property management fees.


                                       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)
         -----------------------------------------------------------------------

St. Christopher's Associates, L.P. V ("St. Christopher") incurred an operating
deficit of approximately $16,000 for the three months ended March 31, 2003. St.
Christopher has an operating reserve of approximately $321,000 as of March 31,
2003. In addition, unpaid Registrant capital contributions and accrued interest
thereon total approximately $134,000 as of March 30, 2003. 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 does
          not 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 2012, 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.

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 Chief 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.


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



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





                                       15

<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.

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
   registrant as of, and for, the periods presented in this quarterly report;

4. The registrant'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 registrant and we have:

   (a)  designed such disclosure controls and procedures to ensure that
        material information relating to the registrant, 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 registrant's disclosure controls
        and procedures as of a date within 90 days prior to the filing date of
        this quarterly report (the "Evaluation Date"); 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 registrant's other certifying officer and I have disclosed, based on our
   most recent evaluation, to the registrant's auditors and the audit committee
   of the registrant'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 registrant's ability to
        record, process, summarize and report financial data and have
        identified for the registrant'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 registrant's internal
        controls; and

6. The registrant'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 date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.


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


                                       16

<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.

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
   registrant as of, and for, the periods presented in this quarterly report;

4. The registrant'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 registrant and we have:

   (a) designed such disclosure controls and procedures to ensure that material
       information relating to the registrant, 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 registrant's disclosure controls and
       procedures as of a date within 90 days prior to the filing date of this
       quarterly report (the "Evaluation Date"); 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 registrant's other certifying officer and I have disclosed, based on our
   most recent evaluation, to the registrant's auditors and the audit committee
   of the registrant'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 registrant's ability to record,
       process, summarize and report financial data and have identified for the
       registrant'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 registrant's internal
       controls; and

6. The registrant'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 date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.


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



                                       17