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, 2005

                                       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.
340 Pemberwick Road
Greenwich, Connecticut                                            06831
----------------------------------------                      --------------
(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
    -----     ------

Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act).

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


<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>

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

<TABLE>
<CAPTION>
                                                                                June 29,      March 30,
                                                                      Notes       2005          2005
                                                                      -----   -----------    -----------
<S>                                                                   <C>     <C>            <C>
ASSETS

Cash and cash equivalents                                                     $ 1,437,708    $ 1,430,592
Restricted cash                                                         3          73,372         98,676
Investments in bonds                                                    2         485,439        487,038
Investment in local partnerships                                        3       3,230,213      3,260,746
Interest receivable                                                                11,022          8,251
                                                                              -----------    -----------
                                                                              $ 5,237,754    $ 5,285,303
                                                                              ===========    ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

   Accounts payable and accrued expenses                                      $    37,026    $    29,854
   Payable to manager                                                             733,532        687,795
   Capital contributions payable                                        3           6,038         31,758
   Interest payable                                                     3          67,334         66,918
                                                                              -----------    -----------
                                                                                  843,930        816,325
                                                                              -----------    -----------
Commitments and contingencies                                           3

Owners' equity (deficit)

   Manager                                                                       (120,114)      (119,369)
   Beneficial owners (18,654 units of beneficial ownership interest
     outstanding)                                                               4,496,912      4,570,675
   Accumulated other comprehensive income, net                          2          17,026         17,672
                                                                              -----------    -----------
                                                                                4,393,824      4,468,978
                                                                              -----------    -----------
                                                                              $ 5,237,754    $ 5,285,303
                                                                              ===========    ===========
</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, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                        Notes        2005             2004
                                                                        -----     ---------        ---------
<S>                                                                     <C>       <C>              <C>
REVENUE

Interest                                                                          $  17,119        $  22,199
                                                                                  ---------        ---------

TOTAL REVENUE                                                                        17,119           22,199
                                                                                  ---------        ---------


EXPENSES

Management fee                                                                       48,036           48,036
Professional fees                                                                     8,577           10,276
Printing, postage and other                                                           4,481            5,664
                                                                                  ---------        ---------
TOTAL EXPENSES                                                                       61,094           63,976
                                                                                  ---------        ---------

                                                                                    (43,975)         (41,777)

Equity in loss of investment in local partnerships                        3         (30,533)         (99,563)
                                                                                  ---------        ---------

NET LOSS                                                                            (74,508)        (141,340)

Other comprehensive loss, net                                             2            (646)         (26,584)
                                                                                  ---------        ---------

COMPREHENSIVE LOSS                                                                $ (75,154)       $(167,924)
                                                                                  =========        =========

NET LOSS ATTRIBUTABLE TO

  Manager                                                                         $    (745)       $  (1,413)
  Beneficial owners                                                                 (73,763)        (139,927)
                                                                                  ---------        ---------

                                                                                  $ (74,508)       $(141,340)
                                                                                  =========        =========
NET LOSS per unit of beneficial ownership interest (18,654 units of
  beneficial ownership interest)                                                  $   (3.95)       $   (7.50)
                                                                                  =========        =========
</TABLE>





                       See Notes to Financial Statements.

                                       4
<PAGE>
                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                    THREE MONTHS ENDED JUNE 29, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                 2005                2004
                                                              -----------        -----------
<S>                                                           <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                                             $    15,717        $    27,862
Cash paid for
   management fee                                                  (2,299)           (28,575)
   professional fees                                               (1,405)           (30,355)
   printing, postage and other expenses                            (4,481)            (2,643)
                                                              -----------        -----------
Net cash provided by (used in) operating activities                 7,532            (33,711)
                                                              -----------        -----------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                                            92,078
Contributions to local partnerships                               (25,720)
Transfer from (to) restricted cash                                 25,304                 (7)
Proceeds from maturities/redemptions and sales of bonds                              400,000
                                                              -----------        -----------

Net cash provided by (used in) investing activities                  (416)           492,071
                                                              -----------        -----------

Net increase in cash and cash equivalents                           7,116            458,360

Cash and cash equivalents at beginning of period                1,430,592            443,726
                                                              -----------        -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                    $ 1,437,708        $   902,086
                                                              ===========        ===========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized loss on investments in bonds, net                  $      (646)       $   (26,584)
                                                              ===========        ===========
</TABLE>


--------------------------------------------------------------------------------
             See reconciliation of net loss to net cash provided by
                   (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)
                    THREE MONTHS ENDED JUNE 29, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                          2005             2004
                                                                                        ---------        ---------
<S>                                                                                     <C>              <C>
RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

Net loss                                                                                $ (74,508)       $(141,340)

Adjustments to reconcile net loss to net cash provided by (used in)
   operating activities

     Equity in loss of investment in local partnerships                                    30,533           99,563
     Amortization of net premium on investments in bonds                                      953            1,091
     Gain on redemptions and sales of bonds                                                                   (142)
     Decrease (increase) in interest receivable                                            (2,771)           4,707
     Increase (decrease) in accounts payable and accrued expenses                           7,172          (17,058)

     Increase in payable to manager                                                        45,737           19,461
     Increase in interest payable                                                             416                7
                                                                                        ---------        ---------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                     $   7,532        $ (33,711)
                                                                                        =========        =========

</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, 2005
                                   (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, 2005 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, 2005 are not necessarily  indicative of the results that may
     be expected for the entire year.

     Certain  prior period Local  Partnership  amounts  reflected in Note 3 have
     been reclassified to conform to the current period presentation.

2.   Investments in Bonds

     As of June 29, 2005, 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                          $219,124       $  3,009       $     --       $222,133
   After one year through five years         246,090         13,546             --        259,636
   After five years through ten years          3,199            471             --          3,670
                                            --------       --------       --------       --------
                                            $468,413       $ 17,026       $     --       $485,439
                                            ========       ========       ========       ========
</TABLE>


                                       7
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2005
                                   (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  $14,735,826
     and  $6,038 is  outstanding  as of June 29,  2005.  Restricted  cash in the
     accompanying  balance sheet as of June 29, 2005 represents such outstanding
     capital   contribution  along  with  accrued  interest  of  $67,334  on  an
     outstanding capital  contribution.  The outstanding capital contribution is
     payable  upon a  certain  Local  Partnership's  satisfaction  of  specified
     conditions.  As of March 31, 2005, the Local  Partnerships have outstanding
     mortgage  loans  payable  totaling  approximately  $21,520,000  and accrued
     interest payable on such loans totaling approximately $2,637,000, 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,  2005,  the  investment  in  local
     partnerships activity consists of the following:

       Investment in local partnerships as of March 30, 2005      $ 3,260,746

       Equity in loss of investment in local partnerships             (30,533)*
                                                                  -----------
       Investment in local partnerships as of June 29, 2005       $ 3,230,213
                                                                  ===========

     *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 $244,554 for the
     three months ended March 31, 2005 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, 2005 and  December 31, 2004 and the combined  unaudited  statements  of
     operations of the Local  Partnerships  for the three months ended March 31,
     2005 and 2004 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)
                                  JUNE 29, 2005
                                   (UNAUDITED)

3.   Investment in Local Partnerships (continued)

     The combined balance sheets of the Local  Partnerships as of March 31, 2005
       and December 31, 2004 are as follows:

<TABLE>
<CAPTION>
                                                                                    March 31,         December 31,
                                                                                     2005                 2004
                                                                                 ------------        ------------
<S>                                                                              <C>                 <C>
ASSETS

Cash and cash equivalents                                                        $    380,828        $    382,636
Rents receivable                                                                       30,674              37,289
Capital contributions receivable                                                       31,758              31,758
Escrow deposits and reserves                                                        2,821,469           1,412,395
Land                                                                                1,267,153           1,267,153
Buildings and improvements (net of accumulated depreciation of
  $13,093,836 and $12,801,975)                                                     23,526,934          23,787,036
Intangible assets (net of accumulated amortization of $171,582
  and $190,279)                                                                       237,426             221,763
Other assets                                                                          385,094             330,890
                                                                                 ------------        ------------
                                                                                 $ 28,681,336        $ 27,470,920
                                                                                 ============        ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                                          $    763,902        $    830,933
  Due to related parties                                                              834,761             628,139
  Mortgage loans                                                                   21,520,011          20,251,559
  Notes payable                                                                       100,000             100,000
  Accrued interest                                                                  2,637,368           2,566,812
  Other liabilities                                                                   157,840             147,948
                                                                                 ------------        ------------
                                                                                   26,013,882          24,525,391
                                                                                 ------------        ------------
Partners' equity (deficit)

  American Tax Credit Trust, Series I
    Capital contributions, net of distributions (includes receivable of
       $31,758)                                                                    14,043,191          14,043,191
    Cumulative loss                                                                (9,634,479)         (9,603,946)
                                                                                 ------------        ------------
                                                                                    4,408,712           4,439,245
                                                                                 ------------        ------------
  General partners and other limited partners
    Capital contributions, net of distributions                                       474,338             474,338
    Cumulative loss                                                                (2,215,596)         (1,968,054)
                                                                                 ------------        ------------

                                                                                   (1,741,258)         (1,493,716)
                                                                                 ------------        ------------

                                                                                    2,667,454           2,945,529
                                                                                 ------------        ------------

                                                                                 $ 28,681,336        $ 27,470,920
                                                                                 ============        ============
</TABLE>

                                       9
<PAGE>

                                            AMERICAN TAX CREDIT TRUST,
                                        a Delaware statutory business trust
                                                     Series I
                                    NOTES TO FINANCIAL STATEMENTS - (Continued)
                                                   JUNE 29, 2005
                                                    (UNAUDITED)

3.   Investment in Local Partnerships (continued)

     The combined  statements of operations  of the Local  Partnerships  for the
     three months ended March 31, 2005 and 2004 are as follows:

<TABLE>
<CAPTION>
                                                                           2005               2004
                                                                       -----------        -----------
<S>                                                                    <C>                <C>

REVENUE

Rental                                                                 $ 1,046,328        $ 1,026,914
Interest and other                                                          37,222             21,555
                                                                       -----------        -----------

TOTAL REVENUE                                                            1,083,550          1,048,469
                                                                       -----------        -----------

EXPENSES

Administrative                                                             234,516            258,588
Utilities                                                                  216,053            187,511
Operating and maintenance                                                  257,519            247,718
Taxes and insurance                                                        137,104            112,492
Financial                                                                  221,086            229,634
Depreciation and amortization                                              295,347            305,825
                                                                       -----------        -----------

TOTAL EXPENSES                                                           1,361,625          1,341,768
                                                                       -----------        -----------

NET LOSS                                                               $  (278,075)       $  (293,299)
                                                                       ===========        ===========


NET LOSS ATTRIBUTABLE TO

   American Tax Credit Trust, Series I                                 $   (30,533)       $   (99,563)
   General partners and other limited partners, which includes
     $244,554 and $190,797 of Trust loss in excess of investment          (247,542)          (193,736)
                                                                       -----------        -----------
                                                                       $  (278,075)       $  (293,299)
                                                                       -----------        -----------
</TABLE>

     The combined results of operations of the Local  Partnerships for the three
     months ended March 31, 2005 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, 2005  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,  2005 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,  2005,  American  Tax  Credit  Trust (the  "Registrant")  has not
experienced a significant change in financial condition as compared to March 30,
2005.  Principal  changes in assets are comprised of periodic  transactions  and
adjustments  and 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, 2005,  Registrant  received  cash from  interest
revenue  and  utilized   cash  for   operating   expenses  and  making   capital
contributions to a Local Partnership.  Cash and cash equivalents and investments
in bonds increased,  in the aggregate,  by approximately $6,000 during the three
months ended June 29, 2005 (which  includes a net unrealized loss on investments
in  bonds  of  approximately  $1,000  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,  2005,  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, 2005 of $30,533.  Payable to manager in the
accompanying  balance sheet as of June 29, 2005 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  book  value  of
Registrant's  investment  in each  Local  Partnership  (the  "Local  Partnership
Carrying  Value")  may be reduced  if 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,  2005 and 2004
resulted in net losses of $74,508 and  $141,340,  respectively.  The decrease in
net loss is primarily attributable to a decrease in equity in loss of investment
in local  partnerships  of  approximately  $69,000,  which decrease is primarily
attributable to an increase in the  nonrecognition  of losses in accordance with
the equity  method of  accounting,  partially  offset by an  increase in the net
operating losses of certain Local Partnerships in which Registrant  continues to
have an investment balance.  Other comprehensive loss for the three months ended
June 29, 2005 and 2004 resulted from a net  unrealized  loss on  investments  in
bonds of $646 and $26,584, respectively.



                                       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)

The Local Partnerships' net loss of approximately  $278,000 for the three months
ended  March  31,  2005  was   attributable  to  rental  and  other  revenue  of
approximately $1,084,000, exceeded by operating and interest expenses (including
interest on non-mandatory  debt) of approximately  $1,067,000 and  approximately
$295,000 of depreciation and amortization  expense.  The Local Partnerships' net
loss of  approximately  $293,000  for the three  months ended March 31, 2004 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   $1,035,000  and  approximately   $306,000  of  depreciation  and
amortization  expense.  The results of operations of the Local  Partnerships for
the three  months  ended March 31, 2005 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,
2004,  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.  Four Local Partnerships' Section 8 contracts
are currently  subject to renewal under applicable HUD guidelines.  In addition,
one Local Partnership entered into a restructuring  agreement in 2005, resulting
in both a higher rent subsidy  (resulting in a potentially higher NOI) and lower
mandatory debt service.

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").  During the year ended  December 31, 2004,  revenue from
operations  of the Local  Partnerships  has generally  been  sufficient to cover
operating  expenses and Mandatory Debt Service.  Most 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,
certain Local  Partnerships'  operating  information  indicates below break even
operations after taking into account their 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") reported an operating
deficit of  approximately  $54,000 for the three months ended March 31, 2005 and
withdrew $20,000 from an operating reserve during such period to fund cumulative
operating  deficits.  St.  Christopher  has a  remaining  operating  reserve  of
approximately $214,000 as of March 31, 2005. In addition,  Registrant is holding
unpaid capital contributions and accrued interest thereon totaling approximately
$73,000 as of June 29, 2005.  There is no  Mandatory  Debt Service and the Local
General  Partner  represents that payments on the real estate taxes are current.
St. Christopher generated  approximately $198.5 per Unit to the limited partners
upon the expiration of its Low-income Tax Credit allocation in 2004.

SB-92  Limited   Partnership   ("SB-92")   reported  an  operating   deficit  of
approximately  $27,000  for the three  months  ended March 31,  2005.  The Local
General  Partner  represents that payments on the mortgage and real estate taxes
are current.  In February 2005, SB-92 underwent a  mark-to-market  restructuring
under  applicable  HUD guidelines  resulting in an annual  decrease in mandatory
debt service of approximately  $75,000  effective April 1, 2005. SB-92 generated
approximately  $78.8 per Unit to the limited partners upon the expiration of its
Low-income Tax Credit allocation in 2004.

Critical Accounting Policies and Estimates

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

      o     Registrant accounts for its investment in local partnerships in
            accordance with the equity method of accounting since Registrant
            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. A loss in value of an investment in a Local
            Partnership other than a temporary decline would be recorded as an
            impairment loss. Impairment is measured by comparing the investment
            carrying amount to the sum of the total amount of the remaining tax
            credits to be allocated to Registrant and the estimated residual
            value of the investment.

      o     Registrant does not consolidate the accounts and activities of the
            Local Partnerships, which are considered Variable Interest Entities
            under Financial Accounting Standards Board Interpretation No. 46 -
            Revised ("FIN 46R"), "Consolidation of Variable Interest Entities,"
            because Registrant is not considered the primary beneficiary.

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 pay for its  operating  expenses
and/or assist an under performing  Property,  it otherwise  intends to hold such
investments  to their  respective  maturities.  Therefore,  Registrant  does not
anticipate any material adverse impact in connection with such investments.



                                       13
<PAGE>
                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I

Item 4.  Controls and Procedures

As of June 29,  2005,  under the  direction of the Chief  Executive  Officer and
Chief  Financial  Officer,   Registrant   evaluated  the  effectiveness  of  its
disclosure  controls and procedures and concluded that such disclosure  controls
and procedures  were effective as of June 29, 2005. No changes  occurred  during
the quarter  ended June 29, 2005 that  materially  affected,  or are  reasonably
likely to  materially  affect,  Registrant's  internal  control  over  financial
reporting.



                                       14
<PAGE>
                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

         Registrant is not aware of any material legal proceedings.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

         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

         Exhibit 31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive
         Officer
         Exhibit 31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial
         Officer
         Exhibit 32.1 Section 1350 Certification of Chief Executive Officer
         Exhibit 32.2 Section 1350 Certification of Chief Financial Officer




                                       15
<PAGE>

                                   SIGNATURES

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

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

                                            By:  Richman American Credit Corp.,
                                                 The Manager

Dated: August 15, 2005                      /s/  David Salzman
                                            ------------------------------------
                                            by:  David Salzman
                                                 Chief Executive Officer

Dated: August 15, 2005                      /s/  Neal Ludeke
                                            ------------------------------------
                                            by:  Neal Ludeke
                                                 Chief Financial Officer



                                       16