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 December 30, 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 a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer" and "large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer |_| Accelerated Filer |_| Non-Accelerated Filer |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>
                                                                      December 30,        March 30,
                                                         Notes            2005              2005
                                                    --------------   --------------    --------------
<S>                                                 <C>              <C>               <C>
ASSETS

Cash and cash equivalents                                            $    1,368,975    $    1,430,592
Restricted cash                                                  3           66,736            98,676
Investments in bonds                                             2          475,140           487,038
Investment in local partnerships                                 3        3,070,738         3,260,746
Interest receivable                                                          11,028             8,251
                                                                     --------------    --------------

                                                                     $    4,992,617    $    5,285,303
                                                                     ==============    ==============
LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities
    Accounts payable and accrued expenses                            $       24,585    $       29,854
    Payable to manager and affiliates                                       725,453           687,795
    Capital contributions payable                                                              31,758
    Interest payable                                             3           66,736            66,918
                                                                     --------------    --------------

                                                                            816,774           816,325
                                                                     --------------    --------------
Commitments and contingencies                                  3,4

Owners' equity (deficit)
    Manager                                                                (122,210)         (119,369)
    Beneficial owners (18,654 units of beneficial
      ownership interest outstanding)                                     4,289,420         4,570,675
    Accumulated other comprehensive income, net                  2            8,633            17,672
                                                                     --------------    --------------

                                                                          4,175,843         4,468,978
                                                                     --------------    --------------

                                                                     $    4,992,617    $    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    Nine Months     Three Months     Nine Months
                                                                 Ended           Ended           Ended           Ended
                                                             December 30,    December 30,    December 30,    December 30,
                                              Notes              2005            2005            2004            2004
                                          ------------       ------------    ------------    ------------    ------------
<S>                                       <C>                <C>             <C>             <C>             <C>
REVENUE

Interest                                                     $     21,013    $     57,782    $     13,893    $     52,924
                                                             ------------    ------------    ------------    ------------

TOTAL REVENUE                                                      21,013          57,782          13,893          52,924
                                                             ------------    ------------    ------------    ------------
EXPENSES

Management fee                                                     48,036         144,107          48,036         144,107
Professional fees                                                   9,594          32,210           7,966          32,831
Printing, postage and other                                         7,154          15,492           3,772           9,815
                                                             ------------    ------------    ------------    ------------

TOTAL EXPENSES                                                     64,784         191,809          59,774         186,753
                                                             ------------    ------------    ------------    ------------

                                                                  (43,771)       (134,027)        (45,881)       (133,829)

Equity in loss of investment in local
  partnerships                                3                   (75,993)       (150,069)        (66,592)       (325,183)
                                                             ------------    ------------    ------------    ------------

NET LOSS                                                         (119,764)       (284,096)       (112,473)       (459,012)

Other comprehensive loss                      2                    (3,180)         (9,039)         (5,772)        (36,280)
                                                             ------------    ------------    ------------    ------------

COMPREHENSIVE LOSS                                           $   (122,944)   $   (293,135)   $   (118,245)   $   (495,292)
                                                             ============    ============    ============    ============
NET LOSS ATTRIBUTABLE TO

  Manager                                                    $     (1,198)   $     (2,841)   $     (1,125)   $     (4,590)
  Beneficial owners                                              (118,566)       (281,255)       (111,348)       (454,422)
                                                             ------------    ------------    ------------    ------------

                                                             $   (119,764)   $   (284,096)   $   (112,473)   $   (459,012)
                                                             ============    ============    ============    ============
NET LOSS per unit of beneficial
  ownership interest (18,654 units of
  beneficial ownership interest)                             $      (6.36)   $     (15.08)   $      (5.97)   $     (24.36)
                                                             ============    ============    ============    ============
</TABLE>

                       See Notes to Financial Statements.


                                       4
<PAGE>

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

                            STATEMENTS OF CASH FLOWS
                  NINE MONTHS ENDED DECEMBER 30, 2005 AND 2004
                                   (UNAUDITED)

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

Interest received                                         $       57,682    $       75,528

Cash paid for
   management fee                                               (106,449)          (83,172)
   professional fees                                             (38,129)          (41,808)
   printing, postage and other expenses                          (14,842)           (8,615)
                                                          --------------    --------------

Net cash used in operating activities                           (101,738)          (58,067)
                                                          --------------    --------------
CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                        39,939            92,078
Capital contributions to local partnerships                      (31,758)          (37,542)
Transfer from restricted cash                                     31,940            36,732
Proceeds from maturities/redemptions and sales of bonds                          1,000,000
                                                          --------------    --------------

Net cash provided by investing activities                         40,121         1,091,268
                                                          --------------    --------------

Net increase (decrease) in cash and cash equivalents             (61,617)        1,033,201

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

CASH AND CASH EQUIVALENTS AT END OF PERIOD                $    1,368,975    $    1,476,927
                                                          ==============    ==============
SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized loss on investments in bonds, net              $       (9,039)   $      (36,280)
                                                          ==============    ==============
</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)
                  NINE MONTHS ENDED DECEMBER 30, 2005 AND 2004
                                   (UNAUDITED)

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

Net loss                                                                   $   (284,096)   $   (459,012)

Adjustments to reconcile net loss to net cash used in
  operating activities
     Equity in loss of investment in local partnerships                         150,069         325,183
     Amortization of net premium on investments in bonds                          2,859           3,549
     Decrease (increase) in interest receivable                                  (2,777)         18,245
     Decrease in accounts payable and accrued expenses                           (5,269)         (7,777)
     Increase in payable to manager and affiliates                               37,658          60,935
     Increase (decrease) in interest payable                                       (182)            810
                                                                           ------------    ------------

NET CASH USED IN OPERATING ACTIVITIES                                      $   (101,738)   $    (58,067)
                                                                           ============    ============
</TABLE>

                       See Notes to Financial Statements.


                                       6
<PAGE>

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

                          NOTES TO FINANCIAL STATEMENTS
                                DECEMBER 30, 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 December 30, 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 nine months ended December 30, 2005 are not necessarily indicative
      of the results that may be expected for the entire year.

2.    Investments in Bonds

      As of December 30, 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                      $    264,253   $      1,298   $         --   $    265,551
   After one year through five years         199,070          6,960             --        206,030
   After five years through ten years          3,184            375             --          3,559
                                        ------------   ------------   ------------   ------------
                                        $    466,507   $      8,633   $         --   $    475,140
                                        ============   ============   ============   ============
</TABLE>


                                       7
<PAGE>

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

                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                DECEMBER 30, 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, all of which has been paid as of
      December 30, 2005. Restricted cash in the accompanying balance sheet as of
      December 30, 2005 represents accrued interest of $66,736 on a previously
      outstanding capital contribution payable to a Local Partnership. As of
      September 30, 2005, the Local Partnerships have outstanding mortgage loans
      payable totaling approximately $21,696,000 and accrued interest payable on
      such loans totaling approximately $2,591,000, which are secured by
      security interests and liens common to mortgage loans on the Local
      Partnerships' real property and other assets.

      For the nine months ended December 30, 2005, the investment in local
      partnerships activity consists of the following:

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

         Cash distributions received from Local Partnerships           (39,939)

         Equity in loss of investment in local partnerships           (150,069)*
                                                                   -----------

         Investment in local partnerships as of December 30, 2005  $ 3,070,738
                                                                   ===========

      * 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
      $589,475 for the nine months ended September 30, 2005 as reflected in the
      combined statement of operations of the Local Partnership reflected herein
      Note 3.

      The Local General Partners of Edgewood Manor Associates, L.P. ("Edgewood
      Manor") report that, as of February 2006, the first mortgage is three
      months in arrears (representing an arrearage including escrow deposits of
      approximately $18,000) and that payments on the real estate taxes are
      current. The Local General Partners also report that no default has been
      declared. The Partnership's investment balance in Edgewood Manor, after
      cumulative equity losses, became zero during the year ended March 30,
      2005.

      The combined unaudited balance sheets of the Local Partnerships as of
      September 30, 2005 and December 31, 2004 and the combined unaudited
      statements of operations of the Local Partnerships for the three and nine
      month periods ended September 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)
                                DECEMBER 30, 2005
                                   (UNAUDITED)

3.    Investment in Local Partnerships (continued)

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

<TABLE>
<CAPTION>
                                                         September 30,      December 31,
                                                              2005              2004
                                                         --------------    --------------
<S>                                                      <C>               <C>
ASSETS

Cash and cash equivalents                                $      376,831    $      382,636
Rents receivable                                                 81,749            37,289
Capital contributions receivable                                 31,758
Escrow deposits and reserves                                  3,098,785         1,412,395
Land                                                          1,267,153         1,267,153
Buildings and improvements (net of accumulated
  depreciation of $13,677,396 and $12,801,975)               22,965,185        23,787,036
Intangible assets (net of accumulated amortization
  of $179,047 and $190,279)                                     309,606           221,763

Other assets                                                    385,064           330,890
                                                         --------------    --------------

                                                         $   28,484,373    $   27,470,920
                                                         ==============    ==============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                  $      780,481    $      830,933
  Due to related parties                                      1,014,184           628,139
  Mortgage loans                                             21,696,224        20,251,559
  Notes payable                                                 100,000           100,000
  Accrued interest                                            2,590,574         2,566,812
  Other liabilities                                             152,724           147,948
                                                         --------------    --------------

                                                             26,334,187        24,525,391
                                                         --------------    --------------
Partners' equity (deficit)

  American Tax Credit Trust, Series I
    Capital contributions, net of distributions
      (includes receivable of $0 and $31,758)                14,004,002        14,043,191
    Cumulative loss                                          (9,754,015)       (9,603,946)
                                                         --------------    --------------

                                                              4,249,987         4,439,245
                                                         --------------    --------------
  General partners and other limited partners
    Capital contributions, net of distributions                 465,218           474,338
    Cumulative loss                                          (2,565,019)       (1,968,054)
                                                         --------------    --------------

                                                             (2,099,801)       (1,493,716)
                                                         --------------    --------------

                                                              2,150,186         2,945,529
                                                         --------------    --------------

                                                         $   28,484,373    $   27,470,920
                                                         ==============    ==============
</TABLE>


                                       9
<PAGE>

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

                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                DECEMBER 30, 2005
                                   (UNAUDITED)

3.   Investment in Local Partnerships (continued)

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

<TABLE>
<CAPTION>
                                               Three Months       Nine Months      Three Months       Nine Months
                                                   Ended             Ended             Ended             Ended
                                               September 30,     September 30,     September 30,     September 30,
                                                   2005              2005              2004              2004
                                              --------------    --------------    --------------    --------------
<S>                                           <C>               <C>               <C>               <C>
REVENUE

Rental                                        $    1,065,056    $    3,171,947    $    1,042,149    $    3,089,240
Interest and other                                    72,954           147,223            58,437           122,166
                                              --------------    --------------    --------------    --------------

TOTAL REVENUE                                      1,138,010         3,319,170         1,100,586         3,211,406
                                              --------------    --------------    --------------    --------------
EXPENSES

Administrative                                       276,280           753,031           226,066           690,664
Utilities                                            210,174           586,839           204,862           593,295
Operating and maintenance                            224,804           741,094           235,491           762,429
Taxes and insurance                                  132,462           425,950           160,994           432,394
Financial                                            226,609           672,917           213,842           664,441
Depreciation and amortization                        295,002           886,373           305,884           917,637
                                              --------------    --------------    --------------    --------------

TOTAL EXPENSES                                     1,365,331         4,066,204         1,347,139         4,060,860
                                              --------------    --------------    --------------    --------------

NET LOSS                                      $     (227,321)   $     (747,034)   $     (246,553)   $     (849,454)
                                              ==============    ==============    ==============    ==============
NET LOSS ATTRIBUTABLE TO

   American Tax Credit Trust, Series I        $      (75,993)   $     (150,069)   $      (66,592)   $     (325,183)
   General partners and other limited
     partners, which includes Trust loss in
     excess of investment of $149,050,
     $589,475, $177,489 and $515,758                (151,328)         (596,965)         (179,961)         (524,271)
                                              --------------    --------------    --------------    --------------

                                              $     (227,321)   $     (747,034)   $     (246,553)   $     (849,454)
                                              ==============    ==============    ==============    ==============
</TABLE>

      The combined results of operations of the Local Partnerships for the nine
      months ended September 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 December 30, 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 nine months ended December 30, 2005, Registrant received cash from interest
revenue and distributions from Local Partnerships 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 $74,000 during the nine months ended December 30, 2005 (which
includes a net unrealized loss on investments in bonds of approximately $9,000
and the amortization of net premium on investments in bonds of approximately
$3,000). 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 nine months ended December 30,
2005, the investment in local partnerships decreased as a result of Registrant's
equity in the Local Partnerships' net loss for the nine months ended September
30, 2005 of $150,069 and distributions from Local Partnerships of $39,939.
Payable to manager in the accompanying balance sheet as of December 30, 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 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 December 30, 2005 and 2004
resulted in net losses of $119,764 and $112,473, respectively. Other
comprehensive loss for the three months ended December 30, 2005 and 2004
resulted from a net unrealized loss on investments in bonds of $3,180 and
$5,772, respectively.

The Local Partnerships' net loss of approximately $227,000 for the three months
ended September 30, 2005 was attributable to rental and other revenue of
approximately $1,138,000, exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $1,070,000 and approximately
$295,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $247,000 for the three months ended September 30, 2004 was
attributable to rental and other revenue of approximately $1,100,000, exceeded
by operating and interest expense (including interest on non-mandatory debt) of
approximately $1,041,000 and approximately $306,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the three months ended September 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 nine months ended December 30, 2005 and 2004
resulted in net losses of $284,096 and $459,012, respectively. The decrease in
net loss is primarily attributable to a decrease in equity in loss of investment
in local partnerships of approximately $175,000, 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 nine months ended December 30, 2005
and 2004 resulted from a net unrealized loss on investments in bonds of $9,039
and $36,280, respectively.

The Local Partnerships' net loss of approximately $747,000 for the nine months
ended September 30, 2005 was attributable to rental and other revenue of
approximately $3,319,000, exceeded by operating and interest expense (including
interest on non-mandatory debt) of approximately $3,180,000 and approximately
$886,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $849,000 for the nine months ended September 30, 2004 was
attributable to rental and other revenue of approximately $3,211,000, exceeded
by operating and interest expense (including interest on non-mandatory debt) of
approximately $3,142,000 and approximately $918,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the nine months ended September 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 reported an event of recapture of
Low-income Tax Credits.

The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States. Certain
of the Local Partnerships receive rental subsidy payments, including payments
under Section 8 of Title II of the Housing and Community Development Act of 1974
("Section 8"). The subsidy agreements expire at various times during the
Compliance Periods of the Local Partnerships. Since October 1997, the United
States Department of Housing and Urban Development ("HUD") has issued a series
of directives related to project based Section 8 contracts that define owners'
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8 contracts,
provide policies and procedures on setting renewal rents and handling renewal
rent adjustments and provide the requirements and procedures for opting-out of a
Section 8 project based contract. Registrant cannot reasonably predict
legislative initiatives and governmental budget negotiations, the outcome of
which could result in a reduction in funds available for the various federal and
state administered housing programs including the Section 8 program. Such
changes could adversely affect the future net operating income before debt
service and debt structure of any or all Local Partnerships currently receiving
such subsidy or similar subsidies. Three Local Partnerships' Section 8 contracts
are currently subject to renewal under applicable HUD guidelines. 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 nine months ended September 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 $121,000 for the nine months ended September 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 September 30, 2005. In addition, Registrant is
holding unpaid accrued interest due to St, Christopher of approximately $67,000
as of December 30, 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.

Edgewood Manor Associates, L.P. ("Edgewood Manor") reported an operating deficit
of approximately $66,000 for the nine months ended September 30, 2005. The Local
General Partners report that, as of February 2006, the first mortgage is three
months in arrears (representing an arrearage including escrow deposits of
approximately $18,000) and that payments on the real estate taxes are current.
The Local General Partners also report that no default has been declared.
Registrant's investment balance in Edgewood Manor, after cumulative equity
losses, became zero during the year ended March 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 $21,000 for the nine
months ended September 30, 2005, which includes property management fees of
approximately $11,000. The Local General Partners represent that payments on the
mortgages are current; the Property does not incur real estate taxes. 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 December 30, 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 December 30, 2005. No changes occurred
during the quarter ended December 30, 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;  see Item 2 of Part I regarding the mortgage default of a certain
        Local Partnership.

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: February 13, 2006                /s/ David Salzman
                                        ----------------------------------------
                                        by: David Salzman
                                            Chief Executive Officer


Dated: February 13, 2006                /s/ Neal Ludeke
                                        ----------------------------------------
                                        by: Neal Ludeke
                                            Chief Financial Officer


                                       16