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, 2004

                                       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               2004                 2004
                                                         -----           -----------           -----------

ASSETS

<S>                                                      <C>             <C>                   <C>
Cash and cash equivalents                                                $   902,086           $   443,726
Restricted cash                                            3                 134,836               134,829
Investments in bonds                                       2               1,108,534             1,536,067
Investment in local partnerships                           3               3,848,606             4,040,247
Interest receivable                                                           24,651                29,358
                                                                         -----------           -----------

                                                                         $ 6,018,713           $ 6,184,227
                                                                         ===========           ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                                  $    13,610           $    30,668
  Payable to manager                                                         661,718               642,257
  Capital contributions payable                            3                  69,300                69,300
  Interest payable                                         3                  65,536                65,529
                                                                         -----------           -----------

                                                                             810,164               807,754
                                                                         -----------           -----------

Commitments and contingencies                              3

Owners' equity (deficit)

  Manager                                                                   (112,152)             (110,739)
  Beneficial owners (18,654 units of beneficial
   ownership interest outstanding)                                         5,285,086             5,425,013
  Accumulated other comprehensive income, net              2                  35,615                62,199
                                                                         -----------           -----------

                                                                           5,208,549             5,376,473

                                                                         $ 6,018,713           $ 6,184,227
                                                                         ===========           ===========
</TABLE>


                       See Notes to Financial Statements.


                                       3
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF OPERATIONS
                    THREE MONTHS ENDED JUNE 29, 2004 AND 2003
                                   (UNAUDITED)


                                                         Notes              2004            2003
                                                         -----              ----            ----

REVENUE

<S>                                                                      <C>              <C>
Interest                                                                 $  22,199        $  25,734
                                                                         ---------        ---------

TOTAL REVENUE                                                               22,199           25,734
                                                                         ---------        ---------

EXPENSES

Management fee                                                              48,036           48,036
Professional fees                                                           10,276            6,630
Printing, postage and other                                                  5,664            3,805
                                                                         ---------        ---------

TOTAL EXPENSES                                                              63,976           58,471
                                                                         ---------        ---------

Loss from operations                                                       (41,777)         (32,737)

Equity in loss of investment in local
  partnerships                                             3               (99,563)        (190,516)
                                                                         ---------        ---------

NET LOSS                                                                  (141,340)        (223,253)

Other comprehensive income (loss), net                     2               (26,584)          11,557
                                                                         ---------        ---------

COMPREHENSIVE LOSS                                                       $(167,924)       $(211,696)
                                                                         =========        =========

NET LOSS ATTRIBUTABLE TO

  Manager                                                                $  (1,413)       $  (2,233)
  Beneficial owners                                                       (139,927)        (221,020)
                                                                         ---------        ---------

                                                                         $(141,340)       $(223,253)
                                                                         =========        =========

NET LOSS per unit of beneficial ownership
  interest (18,654 units of beneficial
  ownership interest)                                                    $   (7.50)       $  (11.85)
                                                                          =========        =========
</TABLE>


                       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, 2004 AND 2003
                                   (UNAUDITED)


                                                                   2004            2003

CASH FLOWS FROM OPERATING ACTIVITIES

<S>                                                             <C>              <C>
Interest received                                               $  27,862        $  30,898
Cash paid for management fee                                      (28,575)         (27,344)
  professional fees                                               (30,355)            (132)
  printing, postage and other expenses                             (2,643)          (3,803)
                                                                ---------        ---------

Net cash used in operating activities                             (33,711)            (381)
                                                                ---------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                         92,078
Transfer to restricted cash                                            (7)             (80)
Proceeds from maturities/redemptions and
  sales of bonds                                                  400,000          100,000
                                                                ---------        ---------

Net cash provided by investing activities                         492,071           99,920
                                                                ---------        ---------

Net increase in cash and cash equivalents                         458,360           99,539

Cash and cash equivalents at beginning of period                  443,726          394,025
                                                                ---------        ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                      $ 902,086        $ 493,564
                                                                =========        =========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain (loss) on investments in bonds, net             $ (26,584)       $  11,557
                                                                =========        =========
</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, 2004 AND 2003
                                   (UNAUDITED)


                                                                       2004            2003
                                                                    ----------      ----------

RECONCILIATION OF NET LOSS TO NET CASH USED IN
  OPERATING ACTIVITIES

<S>                                                                 <C>             <C>
Net loss                                                            $(141,340)      $(223,253)

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

    Equity in loss of investment in local partnerships                 99,563         190,516
    Amortization of net premium on investments in bonds                 1,091           1,047
    Gain on redemption and sale of bonds                                 (142)
    Decrease in interest receivable                                     4,707           4,037
    Increase (decrease) in accounts payable and
      accrued expenses                                                (17,058)          6,500
    Increase in payable to manager                                     19,461          20,692
    Increase in interest payable                                            7              80
                                                                    ---------       ---------
NET CASH USED IN OPERATING ACTIVITIES                               $ (33,711)      $    (381)
                                                                    =========       =========
</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, 2004
                                   (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, 2004 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, 2004 are not necessarily
   indicative of the results that may be expected for the entire year.


2. Investments in Bonds

   As of June 29, 2004, certain information concerning investments in bonds is
   as follows:

<TABLE>
<CAPTION>

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

Corporate debt securities
<S>                                         <C>                <C>                <C>                <C>
  Within one year                           $  600,694         $    4,034         $     --           $  604,728
  After one year through five years            468,997             31,143               --              500,140
  After five years through ten years             3,228                438               --                3,666
                                            ----------         ----------         ----------         ----------

                                            $1,072,919         $   35,615         $     --           $1,108,534
                                            ==========         ==========         ==========         ==========
</TABLE>




                                       7

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2004
                                   (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, 2004. Restricted cash in the
   accompanying balance sheet as of June 29, 2004 represents such outstanding
   capital contribution along with accrued interest of $65,536 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, 2004, the Local Partnerships have outstanding mortgage loans payable
   totaling approximately $20,600,000 and accrued interest payable on such loans
   totaling approximately $2,356,000, 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, 2004, the investment in local
   partnerships activity consists of the following:

        Investment in local partnerships as of
          March 30, 2004                                           $4,040,247

        Cash distributions from Local Partnerships                    (92,078)

        Equity in loss of investment in local partnerships            (99,563)*
                                                                   ----------

        Investment in local partnerships as of June 29, 2004       $3,848,606
                                                                   ==========

   *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 $190,797 for the three months
   ended March 31, 2004 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, 2004 and December 31, 2003 and the combined unaudited statements of
   operations of the Local Partnerships for the three months ended March 31,
   2004 and 2003 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, 2004
                                   (UNAUDITED)

3. Investment in Local Partnerships (continued)

   The combined balance sheets of the Local Partnerships as of March 31, 2004
   and December 31, 2003 are as follows:

<TABLE>
<CAPTION>

                                                              March 31,            December 31,
                                                                2004                   2003
                                                            ------------          ------------

   ASSETS

<S>                                                         <C>                   <C>
Cash and cash equivalents                                   $    433,876          $    359,268
Rents receivable                                                  36,117                33,831
Capital contributions receivable                                  69,300                69,300
Escrow deposits and reserves                                   1,463,021             1,484,588
Land                                                           1,267,153             1,267,153
Buildings and improvements (net of accumulated
  depreciation of $11,942,420 and $11,640,197)                24,568,953            24,870,133
Intangible assets (net of accumulated
  amortization of $163,324 and $159,722)                         232,090               235,692
Other assets                                                     281,302               290,366
                                                            ------------          ------------

                                                            $ 28,351,812          $ 28,610,331
                                                            ============          ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                     $    664,547          $    570,298
  Due to related parties                                         684,994               728,779
  Mortgage loans                                              20,599,551            20,711,183
  Notes payable                                                  118,500               100,000
  Accrued interest                                             2,355,654             2,276,788
  Other liabilities                                              150,999               150,917
                                                            ------------          ------------

                                                              24,574,245            24,537,965
                                                            ------------          ------------

Partners' equity (deficit)

  American Tax Credit Trust, Series I
   Capital contributions, net of distributions
     (includes receivable of $69,300)                         14,135,270            14,136,770
   Cumulative loss                                            (9,327,086)           (9,227,523)
                                                            ------------          ------------

                                                               4,808,184             4,909,247
                                                            ------------          ------------

  General partners and other limited partners
   Capital contributions, net of distributions                   475,180               475,180
   Cumulative loss                                            (1,505,797)           (1,312,061)
                                                            ------------          ------------

                                                                                      (836,881)
                                                            ------------          ------------

                                                               3,777,567             4,072,366
                                                            ------------          ------------

                                                            $ 28,351,812          $ 28,610,331
                                                            ============          ============
</TABLE>


                                       9

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2004
                                   (UNAUDITED)


3. Investment in Local Partnerships (continued)

   The combined statements of operations of the Local Partnerships for the three
   months ended March 31, 2004 and 2003 are as follows:

<TABLE>
<CAPTION>

                                                                 2004                2003
                                                             -----------          -----------

   REVENUE

<S>                                                          <C>                  <C>
Rental                                                       $ 1,026,914          $ 1,028,167

Interest and other
                                                             -----------          -----------

TOTAL REVENUE                                                  1,048,469            1,047,509
                                                             -----------          -----------

EXPENSES

Administrative                                                   182,376              185,493
Utilities                                                        187,511              127,093
Operating and maintenance                                        247,718              250,559
Taxes and insurance                                              188,704              166,191
Financial                                                        229,634              223,639
Depreciation and amortization                                    305,825              311,503
                                                             -----------          -----------

TOTAL EXPENSES                                                 1,341,768            1,264,478
                                                             -----------          -----------

NET LOSS                                                     $  (293,299)         $  (216,969)
                                                             ===========          ===========

NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust, Series I                        $   (99,563)         $  (190,516)
  General partners and other limited
   partners, which includes $190,797 and
   $24,978 of Trust loss in excess of invesrment                (193,736)             (26,453)
                                                             -----------          -----------

                                                             $  (293,299)         $  (216,969)
                                                             ===========          ===========
</TABLE>


   The combined results of operations of the Local Partnerships for the three
   months ended March 31, 2004 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, 2004 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, 2004 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, 2004, American Tax Credit Trust (the "Registrant") has not
experienced a significant change in financial condition as compared to March 30,
2004. 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, 2004, Registrant received cash from interest
revenue, distributions from Local Partnerships and maturities/redemptions and
sales of bonds and utilized cash for operating expenses. Cash and cash
equivalents and investments in bonds increased, in the aggregate, by
approximately $31,000 during the three months ended June 29, 2004 (which
includes a net unrealized loss on investments in bonds of approximately $27,000
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, 2004,
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,
2004 of $99,563 and cash distributions from Local Partnerships of $92,078.
Payable to manager in the accompanying balance sheet as of June 29, 2004
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, 2004 and 2003
resulted in net losses of $141,340 and $223,253, respectively. The decrease in
net loss is primarily attributable to a decrease in equity in loss of investment
in local partnerships of approximately $91,000, 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. Other comprehensive income
(loss) for the three months ended June 29, 2004 and 2003 resulted from a net
unrealized gain (loss) on investments in bonds of $(26,584) and $11,557,
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 $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 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 results of operations of the Local Partnerships for
the three months ended March 31, 2004 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. A Local
Partnership 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, 2003, 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. 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.

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 three months ended March 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 $62,000 for the three months ended March 31, 2004 and
withdrew $80,000 from an operating reserve during such period to fund cumulative
operating deficits. St. Christopher has a remaining operating reserve of
approximately $228,000 as of March 31, 2004. In addition, Registrant is holding
unpaid capital contributions and accrued interest thereon totaling approximately
$135,000 as of June 29, 2004. There is no Mandatory Debt Service and the Local
General Partner represents that payments on the real estate taxes are current.
St. Christopher will have 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 $8,000 for the three months ended March 31, 2004. The Local
General Partner represents that payments on the mortgage and real estate taxes
are current. SB-92 will have 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.

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

As of June 29, 2004, under the direction of the Chief Executive Officer and
Chief Financial Officer, Registrant evaluated the effectiveness of its
disclosure controls and procedures and internal controls over financial
reporting and concluded that (i) Registrant's disclosure controls and procedures
were effective as of June 29, 2004, and (ii) no changes occurred during the
quarter ended June 29, 2004, that materially affected, or are reasonably likely
to materially affect, such internal controls.


                                       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 31.1 Rule 13a-14/15d-14(a) Certification of Chief
                  Executive Officer
                  Exhibit 31.2 Rule 13a-14/15d-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

            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, 2004                     /s/ David Salzman
                                           -----------------------------------
                                           by: David Salzman
                                               Chief Executive Officer



Dated: August 13, 2004                     /s/ Neal Ludeke
                                           -----------------------------------
                                           by: Neal Ludeke
                                               Chief Financial Officer




                                       15