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

                                    FORM 10-Q

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

For the quarterly period ended SEPTEMBER 29, 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|

Indicate by check mark whether the  Registrant is a shell company (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>
                                                                                SEPTEMBER 29,    MARCH 30,
                                                                     NOTES         2005            2005
                                                                    -----------  -----------    -----------
<S>                                                                     <C>          <C>            <C>
ASSETS

Cash and cash equivalents                                                       $ 1,423,917    $ 1,430,592
Restricted cash                                                         3            66,130         98,676
Investments in bonds                                                    2           479,273        487,038
Investment in local partnerships                                        3         3,186,670      3,260,746
Interest receivable                                                                   8,160          8,251
                                                                                -----------    -----------

                                                                                $ 5,164,150    $ 5,285,303
                                                                                ===========    ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

   Accounts payable and accrued expenses                                        $    19,950    $    29,854
   Payable to manager and affiliates                                                779,283        687,795
   Capital contributions payable                                                                    31,758
   Interest payable                                                     3            66,130         66,918
                                                                                -----------    -----------

                                                                                    865,363        816,325
                                                                                -----------    -----------

Commitments and contingencies                                          3,4

Owners' equity (deficit)

   Manager                                                                         (121,012)      (119,369)
   Beneficial owners (18,654 units of beneficial ownership interest
     outstanding)                                                                 4,407,986      4,570,675
   Accumulated other comprehensive income, net                          2            11,813         17,672
                                                                                -----------    -----------

                                                                                  4,298,787      4,468,978
                                                                                -----------    -----------
                                                                                $ 5,164,150    $ 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
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                     THREE MONTHS      SIX MONTHS        THREE MONTHS         SIX MONTHS
                                                        ENDED             ENDED              ENDED               ENDED
                                      NOTES          SEPTEMBER 29,    SEPTEMBER 29,      SEPTEMBER 29,      SEPTEMBER 29,
                                                        2005              2005               2004                2004
                                  --------------  ---------------    ---------------    ---------------    ---------------
<S>                                    <C>             <C>                <C>                <C>                <C>
REVENUE

Interest                                          $        19,650    $        36,769    $        16,832    $        39,031
                                                  ---------------    ---------------    ---------------    ---------------

TOTAL REVENUE                                              19,650             36,769             16,832             39,031
                                                  ---------------    ---------------    ---------------    ---------------

EXPENSES

Management fee                                             48,035             96,071             48,035             96,071
Professional fees                                          14,039             22,616             14,589             24,865
Printing, postage and other                                 3,857              8,338                379              6,043
                                                  ---------------    ---------------    ---------------    ---------------

TOTAL EXPENSES                                             65,931            127,025             63,003            126,979
                                                  ---------------    ---------------    ---------------    ---------------

                                                          (46,281)           (90,256)           (46,171)           (87,948)

Equity in loss of investment in local
  partnerships                          3                 (43,543)           (74,076)          (159,028)          (258,591)
                                                  ---------------    ---------------    ---------------    ---------------

NET LOSS                                                  (89,824)          (164,332)          (205,199)          (346,539)

Other comprehensive loss                2                  (5,213)            (5,859)            (3,924)           (30,508)
                                                  ---------------    ---------------    ---------------    ---------------

COMPREHENSIVE LOSS                                $       (95,037)   $      (170,191)   $      (209,123)   $      (377,047)
                                                  ===============    ===============    ===============    ===============

NET LOSS ATTRIBUTABLE TO

  Manager                                         $          (898)   $        (1,643)   $        (2,052)   $        (3,465)
  Beneficial owners                                       (88,926)          (162,689)          (203,147)          (343,074)
                                                  ---------------    ---------------    ---------------    ---------------

                                                  $       (89,824)   $      (164,332)   $      (205,199)   $      (346,539)
                                                  ===============    ===============    ===============    ===============
NET LOSS per unit of beneficial
  ownership interest (18,654 units of
  beneficial ownership interest)                  $         (4.77)   $         (8.72)   $        (10.89)   $        (18.39)
                                                  ===============    ===============    ===============    ===============
</TABLE>

                       See Notes to Financial Statements.


                                       4
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       A DELAWARE STATUTORY BUSINESS TRUST
                                    SERIES I
                            STATEMENTS OF CASH FLOWS
                  SIX MONTHS ENDED SEPTEMBER 29, 2005 AND 2004
                                   (UNAUDITED)

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

Interest received                                         $    37,978    $    55,984
Cash paid for
   management fee                                              (4,583)       (56,639)
   professional fees                                          (35,846)       (37,981)
   printing, postage and other expenses                        (5,012)        (2,638)
                                                          -----------    -----------

Net cash used in operating activities                          (7,463)       (41,274)
                                                          -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                                    92,078
Capital contributions to local partnerships                   (31,758)       (30,042)
Transfer from restricted cash                                  32,546         29,817
Proceeds from maturities/redemptions and sales of bonds                      800,000
                                                          -----------    -----------

Net cash provided by investing activities                         788        891,853
                                                          -----------    -----------

Net increase (decrease) in cash and cash equivalents           (6,675)       850,579

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

CASH AND CASH EQUIVALENTS AT END OF PERIOD                $ 1,423,917    $ 1,294,305
                                                          ===========    ===========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized loss on investments in bonds, net              $    (5,859)   $   (30,508)
                                                          ===========    ===========
</TABLE>

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


                       See Notes to Financial Statements.


                                       5
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       A DELAWARE STATUTORY BUSINESS TRUST
                                    SERIES I
                     STATEMENTS OF CASH FLOWS - (CONTINUED)
                  SIX MONTHS ENDED SEPTEMBER 29, 2005 AND 2004
                                   (UNAUDITED)

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

Net loss                                                              $      (164,332)   $      (346,539)

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

     Equity in loss of investment in local partnerships                        74,076            258,591
     Amortization of net premium on investments in bonds                        1,906              2,055
     Decrease in interest receivable                                               91             14,673
     Decrease in accounts payable and accrued expenses                         (9,904)            (9,711)
     Increase in payable to manager and affiliates                             91,488             39,432
     Increase (decrease) in interest payable                                     (788)               225
                                                                      ---------------    ---------------
NET CASH USED IN OPERATING ACTIVITIES                                 $        (7,463)   $       (41,274)
                                                                      ===============    ===============
</TABLE>


                       See Notes to Financial Statements.


                                       6
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       A DELAWARE STATUTORY BUSINESS TRUST
                                    SERIES I
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 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 September  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 six months ended
     September 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 September 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                       $    219,082   $      1,435   $         --   $    220,517
     After one year through five years          245,187          9,991             --        255,178
     After five years through ten years           3,191            387             --          3,578
                                           ------------   ------------   ------------   ------------
                                           $    467,460   $     11,813   $         --   $    479,273
                                           ============   ============   ============   ============
</TABLE>


                                       7
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       A DELAWARE STATUTORY BUSINESS TRUST
                                    SERIES I
                   NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
                               SEPTEMBER 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 all has been paid as of September
     29, 2005. Restricted cash in the accompanying balance sheet as of September
     29, 2005 represents accrued interest of $66,130 on a previously outstanding
     capital contribution  payable to a Local Partnership.  As of June 30, 2005,
     the Local  Partnerships  have  outstanding  mortgage loans payable totaling
     approximately  $21,407,000  and  accrued  interest  payable  on such  loans
     totaling approximately $2,584,000,  which are secured by security interests
     and liens common to mortgage loans on the Local Partnerships' real property
     and other assets.

     For the six months  ended  September  29,  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                (74,076)*
                                                               ---------------

     Investment in local partnerships as of September 29, 2005 $     3,186,670
                                                               ===============


     *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 $440,425 for the
     six months ended June 30, 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 June
     30, 2005 and  December 31, 2004 and the combined  unaudited  statements  of
     operations  of the Local  Partnerships  for the three and six month periods
     ended June 30, 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)
                               SEPTEMBER 29, 2005
                                   (UNAUDITED)

3.   INVESTMENT IN LOCAL PARTNERSHIPS (CONTINUED)

     The combined  balance sheets of the Local  Partnerships as of June 30, 2005
     and December 31, 2004 are as follows:

     <TABLE>
     <CAPTION>
                                                                                      JUNE 30,          DECEMBER 31,
                                                                                        2005               2004
                                                                                  ---------------    ---------------
     <S>                                                                          <C>                <C>
     ASSETS

     Cash and cash equivalents                                                    $       372,615    $       382,636
     Rents receivable                                                                      65,286             37,289
     Capital contributions receivable                                                       6,038             31,758
     Escrow deposits and reserves                                                       2,719,400          1,412,395
     Land                                                                               1,267,153          1,267,153
     Buildings and improvements (net of accumulated depreciation of $13,386,045
       and $12,801,975)                                                                23,245,453         23,787,036

     Intangible assets (net of accumulated amortization of $175,397
       and $190,279)                                                                      234,631            221,763
     Other assets                                                                         353,012            330,890
                                                                                  ---------------    ---------------

                                                                                  $    28,263,588    $    27,470,920
                                                                                  ===============    ===============

     LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

     Liabilities

       Accounts payable and accrued expenses                                      $       672,013    $       830,933
       Due to related parties                                                             922,696            628,139
       Mortgage loans                                                                  21,407,452         20,251,559
       Notes payable                                                                      100,000            100,000
       Accrued interest                                                                 2,583,727          2,566,812
       Other liabilities                                                                  151,884            147,948
                                                                                  ---------------    ---------------

                                                                                       25,837,772         24,525,391
                                                                                  ---------------    ---------------
     Partners' equity (deficit)

       American Tax Credit Trust, Series I
         Capital contributions, net of distributions (includes receivable of
            $6,038 and $31,758)                                                        14,043,191         14,043,191
         Cumulative loss                                                               (9,678,022)        (9,603,946)
                                                                                  ---------------    ---------------

                                                                                        4,365,169          4,439,245
                                                                                  ---------------    ---------------
       General partners and other limited partners
         Capital contributions, net of distributions                                      474,338            474,338
         Cumulative loss                                                               (2,413,691)        (1,968,054)
                                                                                  ---------------    ---------------

                                                                                                          (1,493,716)
                                                                                  ---------------    ---------------

                                                                                        2,425,816          2,945,529
                                                                                  ---------------    ---------------

                                                                                  $    28,263,588    $    27,470,920
                                                                                  ===============    ===============
     </TABLE>


                                            9
     <PAGE>

                                AMERICAN TAX CREDIT TRUST,
                       A DELAWARE STATUTORY BUSINESS TRUST
                                    SERIES I
                   NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
                               SEPTEMBER 29, 2005
                                   (UNAUDITED)

3.   INVESTMENT IN LOCAL PARTNERSHIPS (CONTINUED)

     The combined  statements of operations  of the Local  Partnerships  for the
     three and six month periods ended June 30, 2005 and 2004 are as follows:

     <TABLE>
     <CAPTION>
                                                     THREE MONTHS        SIX MONTHS        THREE MONTHS         SIX MONTHS
                                                         ENDED              ENDED             ENDED                ENDED
                                                        JUNE 30,           JUNE 30,          JUNE 30,             JUNE 30,
                                                         2005               2005              2004                 2004
                                                    ---------------    ---------------    ---------------    ---------------
     <S>                                           <C>                <C>                <C>                <C>
     REVENUE
     Rental                                        $     1,060,563    $     2,106,891    $     1,020,177    $     2,047,091
     Interest and other                                     37,047             74,269             42,174             63,729
                                                   ---------------    ---------------    ---------------    ---------------

     TOTAL REVENUE                                       1,097,610          2,181,160          1,062,351          2,110,820
                                                   ---------------    ---------------    ---------------    ---------------

     EXPENSES

     Administrative                                        242,235            476,751            252,426            464,598
     Utilities                                             160,612            376,665            200,922            388,433
     Operating and maintenance                             258,771            516,290            279,220            526,938
     Taxes and insurance                                   156,384            293,488            112,492            271,400
     Financial                                             225,222            446,308            220,965            450,599
     Depreciation and amortization                         296,024            591,371            305,928            611,753
                                                   ---------------    ---------------    ---------------    ---------------

     TOTAL EXPENSES                                      1,339,248          2,700,873          1,371,953          2,713,721
                                                   ---------------    ---------------    ---------------    ---------------

     NET LOSS                                      $      (241,638)   $      (519,713)   $      (309,602)   $      (602,901)
                                                   ===============    ===============    ===============    ===============

     NET LOSS ATTRIBUTABLE TO

        American Tax Credit Trust, Series I        $       (43,543)   $       (74,076)   $      (159,028)   $      (258,591)
        General partners and other limited
          partners, which includes Trust loss in
          excess of investment of $195,871,
          $440,425, $147,472 and $338,269                 (198,095)          (445,637)          (150,574)          (344,310)
                                                   ---------------    ---------------    ---------------    ---------------

                                                   $      (241,638)   $      (519,713)   $      (309,602)   $      (602,901)
                                                   ===============    ===============    ===============    ===============
     </TABLE>

      The combined  results of operations of the Local  Partnerships for the six
      months ended June 30, 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 September 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 six months ended September 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 decreased,  in the aggregate,  by approximately  $14,000 during the six
months  ended  September  29,  2005  (which  includes a net  unrealized  loss on
investments in bonds of approximately $6,000 and the amortization of net premium
on investments in bonds of approximately $2,000).  Notwithstanding circumstances
that may arise in connection with the Properties,  Registrant does not expect to
realize  significant gains or losses on its investments in bonds, if any. During
the six months ended  September 29, 2005, the  investment in local  partnerships
decreased as a result of Registrant's equity in the Local Partnerships' net loss
for the six months  ended June 30,  2005 of  $74,076.  Payable to manager in the
accompanying  balance  sheet  as  of  September  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  September 29, 2005 and 2004
resulted in net losses of $89,824 and  $205,199,  respectively.  The decrease in
net loss is primarily attributable to a decrease in equity in loss of investment
in local  partnerships of  approximately  $115,000,  which decrease is primarily
attributable to an increase in the  nonrecognition  of losses in accordance with
the equity  method of accounting  and a decrease 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 September 29, 2005
and 2004 resulted from a net  unrealized  loss on investments in bonds of $5,213
and $3,924, respectively.

The Local Partnerships' net loss of approximately  $242,000 for the three months
ended  June  30,  2005  was   attributable   to  rental  and  other  revenue  of
approximately $1,097,000,  exceeded by operating and interest expense (including
interest on non-mandatory  debt) of approximately  $1,043,000 and  approximately
$296,000 of depreciation and amortization  expense.  The Local Partnerships' net
loss of  approximately  $310,000  for the three  months  ended June 30, 2004 was
attributable to rental and other revenue of approximately  $1,062,000,  exceeded
by operating and interest expense (including  interest on non-mandatory debt) of
approximately   $1,066,000  and  approximately   $306,000  of  depreciation  and
amortization  expense.  The results of operations of the Local  Partnerships for
the three  months  ended June 30,  2005 are not  necessarily  indicative  of the
results that may be expected in future periods.

                                       11
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       A DELAWARE STATUTORY BUSINESS TRUST
                                    SERIES I

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (CONTINUED)

Registrant's  operations  for the six months ended  September  29, 2005 and 2004
resulted in net losses of $164,332 and $346,539,  respectively.  The decrease in
net loss is primarily attributable to a decrease in equity in loss of investment
in local  partnerships of  approximately  $185,000,  which decrease is primarily
attributable to an increase in the  nonrecognition  of losses in accordance with
the equity  method of accounting  and a decrease in the net operating  losses of
certain Local  Partnerships in which Registrant  continues to have an investment
balance.  Other  comprehensive  loss for the six months ended September 29, 2005
and 2004 resulted from a net  unrealized  loss on investments in bonds of $5,859
and $30,508, respectively.

The Local  Partnerships'  net loss of approximately  $520,000 for the six months
ended  June  30,  2005  was   attributable   to  rental  and  other  revenue  of
approximately $2,181,000,  exceeded by operating and interest expense (including
interest on non-mandatory  debt) of approximately  $2,110,000 and  approximately
$591,000 of depreciation and amortization  expense.  The Local Partnerships' net
loss of  approximately  $603,000  for the six  months  ended  June 30,  2004 was
attributable to rental and other revenue of approximately  $2,111,000,  exceeded
by operating and interest expense (including  interest on non-mandatory debt) of
approximately   $2,102,000  and  approximately   $612,000  of  depreciation  and
amortization  expense.  The results of operations of the Local  Partnerships for
the six months ended June 30, 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.


                                       12
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       A DELAWARE STATUTORY BUSINESS TRUST
                                    SERIES I

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (CONTINUED)

The Local  Partnerships  have various  financing  structures  which  include (i)
required debt service payments  ("Mandatory Debt Service") and (ii) debt service
payments  which are payable only from  available  cash flow subject to the terms
and conditions of the notes, which may be subject to specific laws,  regulations
and agreements with appropriate federal and state agencies  ("Non-Mandatory Debt
Service or Interest").  During the six months ended June 30, 2005,  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.

St. Christopher's  Associates,  L.P. V ("St. Christopher") reported an operating
deficit of  approximately  $94,000  for the six months  ended June 30,  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 June 30, 2005. In addition,  Registrant is holding
unpaid accrued interest due to St,  Christopher of  approximately  $66,000 as of
September 29, 2005 on a previously outstanding capital contribution. 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  $63,000 for the six months ended June 30, 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.

Edgewood Manor Associates, L.P. ("Edgewood Manor") reported an operating deficit
of approximately  $21,000 for the six months ended June 30, 2005. Edgewood Manor
generated  approximately  $19.10 per Unit per year to the limited  partners upon
the expiration of its Low-income Tax Credit allocation in 2004.

The terms of the  partnership  agreement of ACP Housing  Associates,  L.P. ("ACP
Housing")  require the Local General  Partners to cause the management  agent to
defer property  management  fees in order to avoid a default under the mortgage.
ACP Housing incurred an operating  deficit of approximately  $17,000 for the six
months  ended  June  30,  2005,  which  includes  property  management  fees  of
approximately  $6,000.  ACP Housing will have generated  approximately  $7.0 per
Unit per year to the limited  partners upon the expiration of its Low-income Tax
Credit allocation in 2006.


                                       13
<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)

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.

ITEM 4.  CONTROLS AND PROCEDURES

As of September 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 September 29, 2005.  No changes  occurred
during the quarter ended  September 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: November 14, 2005               /s/  David Salzman
                                       -----------------------------------------
                                       by:  David Salzman
                                            Chief Executive Officer

Dated: November 14, 2005               /s/  Neal Ludeke
                                       -----------------------------------------
                                       by:  Neal Ludeke
                                            Chief Financial Officer


                                       16