**FORM      10-K**

**March      30, 2006**

**0-17619**

**American      Tax Credit Properties L.P.**

| **Delaware**                                                 |   | **13-3458875**                                      |
|--------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction of organization) |   | (I.R.S.                Employer Identification No.) |

| **Richman                Tax Credit Properties L.P.****340                Pemberwick Road****Greenwich,                Connecticut** |   **06831**     |
|--------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
| (Address                of principal executive offices)                                                                              | (Zip                Code) |

| Registrant's                telephone number, including area code: | **(203)                869-0900** |
|--------------------------------------------------------------------|-----------------------------------|

| Securities                registered pursuant to Section 12(b) of the Act: |   |
|----------------------------------------------------------------------------|--------|

| **None**                             |   | **None**                                                                  |
|--------------------------------------|--------|---------------------------------------------------------------------------|
| (Title                of each Class) |   | (Name                of each exchange on which                registered) |

| Securities                registered pursuant to Section 12(g) of the Act: |   |
|----------------------------------------------------------------------------|--------|
| **Units                of Limited Partnership Interest**                   |
| (Title                of Class)                                            |

----

**PART      I**

**Item          1.**

**Business**

----

| **Item                1.** | **Business                (continued)** |
|----------------------------|-----------------------------------------|

**Item      1A. **
**Risk      Factors**

***Properties      owned by the Local Partnerships are subject to certain risks relating to the      real estate industry in general that are outside of the control of the Local      Partnerships or Registrant and that may have an adverse affect on Registrant’s      investment in such Local Partnerships.***

----

**Item      1A. **
**Risk      Factors (continued)**

***The      modification or elimination of government rental subsidies on which the Local      Partnerships rely would require the Local Partnerships to use existing funds      or      obtain additional funds to continue to operate the respective Properties.      Because Registrant’s investments in the Local Partnerships are highly leveraged,      it would be highly difficult to obtain such additional      funds.***

***There      is no guarantee that it will be possible to sell the Properties or, if possible,      that Registrant would receive any proceeds from any such      sale.***

***The      Local Partnerships may be required to continue to maintain the low-income nature      of the Properties beyond the Compliance Period under agreements with state      tax      credit agencies.***

***Limited      partners may not be able to use all of the anticipated or carried forward      Low-income Tax Credits.***

***There      is no existing market for the Units.***

----

**Item      1A. **
**Risk      Factors (continued)**

***Under      certain circumstances, limited partners of Registrant may incur out-of-pocket      tax costs.***

***Limited      partners of Registrant may not receive a return of any portion of their original      capital investment in Registrant.***

**Item      1B. **
**Unresolved      Staff Comments**

**Item      2.**
** **
**Properties**

----

**Item      2.**
** **
**Properties      (continued)**

|                                                                                                                                                             |   |   |                     |   |   |         |   |   | Mortgage                loans |   |   |        |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------|--------|--------|--------------|--------|--------|-------------------------------|--------|--------|-------------|--------|
| Name                of Local Partnership                                                                                                                         |   |   | Number                   |   |   |         |   |   | payable                as of  |   |   | Subsidy     |   |
| Name                of apartment complex                                                                                                                         |   |   | of                rental |   |   | Capital      |   |   | December                31,   |   |   | (see        |   |
| Apartment                complex location                                                                                          |   |   | units                    |   |   | contribution |   |   | 2005                          |   |   | footnotes)  |   |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| 4611                South Drexel Limited Partnership (7), (8)South                Drexel ApartmentsChicago,                Illinois                              |   |   | 44                       |   | $      | 1,274,384    |   | $      | 1,230,387                     |   |   | (1c         | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| B                & V, Ltd. (3)Homestead                ApartmentsHomestead,                Florida                                                           |   |   | 158                      |   |   | 2,050,795    |   |   | --                (3          | )      |   |        |   |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| B                & V Phase I, Ltd. (3)Gardens                of Homestead Homestead,                Florida                                                  |   |   | 97                       |   |   | 140,000      |   |   | --                (3          | )      |   |        |   |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Blue                Hill Housing Limited Partnership (4)Blue                Hill HousingGrove                Hall, Massachusetts                                 |   |   | 144                      |   |   | 4,506,082    |   |   | --                (4          | )      |   |        |   |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Cityside                Apartments, L.P. Cityside                Apartments Trenton,                New Jersey                                                   |   |   | 126                      |   |   | 6,098,988    |   |   | 6,974,387                     |   |   | (1a&d   | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Cobbet                Hill Associates Limited Partnership (8)Cobbet                Hill Apartments Lynn,                Massachusetts                            |   |   | 117                      |   |   | 5,303,771    |   |   | 13,327,597                    |   |   | (1a,b&d | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Dunbar                Limited PartnershipSpring                Grove Apartments Chicago,                Illinois                                                 |   |   | 100                      |   |   | 1,518,229    |   |   | 4,914,020                     |   |   | (1a,d&e | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Dunbar                Limited Partnership No. 2Park                View Apartments Chicago,                Illinois                                              |   |   | 102                      |   |   | 1,701,849    |   |   | 5,244,762                     |   |   | (1a,d&e | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Erie                Associates Limited Partnership (3)Erie                ApartmentsSpringfield,                Massachusetts                                    |   |   | 18                       |   |   | 755,737      |   |   | --                (3          | )      |   |        |   |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Federal                Apartments Limited Partnership Federal                ApartmentsFort                Lauderdale, Florida                                   |   |   | 164                      |   |   | 2,832,224    |   |   | 5,839,068                     |   |   | (1a,d&f | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Golden                Gates Associates Golden                GatesBrooklyn,                New York                                                              |   |   | 85                       |   |   | 879,478      |   |   | 4,416,424                     |   |   | (1b         | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |
| Grove                Park Housing, A California LimitedPartnership                (6)Grove                Park ApartmentsGarden                Grove, California |   |   | 104                      |   |   | 1,634,396    |   |   | 6,587,625                     |   |   | (1c         | )      |
|                                                                                                                                                             |   |   |                     |   |   |         |   |   |                          |   |   |        |   |

----

| **Item                2.** | **Properties                (continued)**** ** |
|----------------------------|-----------------------------------------------------|

|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   | Mortgage                loans |   |   |        |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------|--------|--------|---------------------------|--------|--------|-------------------------------|--------|--------|-------------|--------|
| Name                of Local Partnership                                                                                                                               |   |   | Number                   |   |   |                      |   |   | payable                as of  |   |   | Subsidy     |   |
| Name                of apartment complex                                                                                                                               |   |   | of                rental |   |   | Capital                   |   |   | December                31,   |   |   | (see        |   |
| Apartment                complex location                                                                                                |   |   | units                    |   |   | contribution              |   |   | 2005                          |   |   | Footnotes)  |   |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
| Gulf                Shores Apartments Ltd. Morgan                Trace ApartmentsGulf                Shores, Alabama                                                   |   |   | 50                       |   | $      | 352,693                   |   | $      | 1,455,365                     |   |   | (1b         | )      |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
| Hilltop                North Associates, A Virginia LimitedPartnership                (5), (8)Hilltop                North ApartmentsRichmond,                Virginia |   |   | 160                      |   |   | 1,470,734                 |   |   | --                (5          | )      |   |        |   |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
| Madison-Bellefield                Associates Bellefield                DwellingsPittsburgh,                Pennsylvania                                                |   |   | 158                      |   |   | 1,047,744                 |   |   | 2,704,644                     |   |   | (1a&d   | )      |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
| Pine                Hill Estates Limited Partnership Pine                Hill EstatesShreveport,                Louisiana                                              |   |   | 110                      |   |   | 613,499                   |   |   | 2,248,445                     |   |   | (1a&d   | )      |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
| Santa                Juanita Limited Dividend Partnership L.P.Santa                Juanita ApartmentsBayamon,                Puerto Rico                               |   |   | 45                       |   |   | 313,887                (2 | )      |   | 1,381,792                     |   |   | (1a,b&d | )      |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
| Vista                del Mar Limited Dividend Partnership L.P.Vista                del Mar ApartmentsFajardo,                Puerto Rico                               |   |   | 152                      |   |   | 3,097,059                 |   |   | 4,909,288                     |   |   | (1a,b&d | )      |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
| Winnsboro                Homes Limited Partnership Winnsboro                HomesWinnsboro,                Louisiana                                                   |   |   | 50                       |   |   | 289,730                   |   |   | 1,200,866                     |   |   | (1a,d&g | )      |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |
|                                                                                                                                                                   |   |   |                     |   | $      | 35,881,279                |   | $      | 62,434,670                    |   |   |        |   |
|                                                                                                                                                                   |   |   |                     |   |   |                      |   |   |                          |   |   |        |   |

| (1) |   | Description                  of subsidies: |
|-----|--------|--------------------------------------------|

|   | (a) | Section                  8 of Title II of the Housing and Community Development Act of 1974                  allows                  qualified low-income tenants to pay thirty percent of their monthly                  income                  as rent with the balance paid by the federal                  government. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (b) | The                  Local Partnership's debt structure includes                  a principal or interest payment subsidy. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (c) | TheCity                  Housing Authority allows qualified low-income tenants to receive                  rental                  certificates. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (d) | The                  Local Partnership’s Section 8 contracts are currently subject to renewal                  under applicable HUD guidelines. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Local Partnership entered into a restructuring agreement of its Section                8                contracts and debt structure under applicable HUD guidelines in                2001. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (f) | The Local Partnership entered                into a                restructuring agreement of its Section 8 contract and debt structure                under                applicable HUD guidelines in 2005. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
|   | (g) | The Local Partnership entered                into a                restructuring agreement of its Section 8 contract and debt structure                under                applicable HUD guidelines in 2006. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|
| (2) |   | Reflects                amount attributable to Registrant                only. |
|-----|--------|--------------------------------------------------------------------------------|

----

| **Item                2.** | **Properties                (continued)**** ** |
|----------------------------|-----------------------------------------------------|

| (3)    |   | The                      Property is no longer held by Registrant. The                      Local Partnership has no underlying assets and liabilities                      and is not                      included in the combined balance sheets of the Local Partnerships                      as of                      December 31, 2005 and 2004 in Note 5 to the financial                      statements.                                                                                                                                                                                                                                                                                    |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (4)    |   | The Property is no longer held by Registrant                      as a result                      of the sale of the Property in August 2004. The Local Partnership                      has no                      underlying assets and liabilities and is not included in the                      combined                      balance sheet of the Local Partnerships as of December 31,                      2005 in Note 5                      to the financial statements.                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (5)    |   | The underlying Property was sold during                      the year ended                      March 30, 2006 and the Local Partnership was subsequently dissolved.                      The                      combined statement of operations of the Local Partnerships                      included in                      Note 5 to the accompanying financial statements includes results                      of                      operations through the date of sale (see Part II, Item 7 -                      Management’s                      Discussion and Analysis of Financial Condition and Results                      of Operations,                      herein). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (6)    |   | Registrant withdrew as a limited partner                      subsequent to                      March 30, 2006 (see Part II, Item 7 - Management’s Discussion and Analysis                      of Financial Condition and Results of Operations,                      herein).                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (7)    |   | The underlying Property was sold subsequent                      to March 30,                      2006 (see Part II, Item 7 - Management’s Discussion and Analysis of                      Financial Condition and Results of Operations, herein).                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (8)    |   | Capital contribution includes advances                      made by                      Registrant to the Local                      Partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| **Item                3.** | **Legal                Proceedings** |
|----------------------------|--------------------------------------|

| **Item                4.** | **Submission                of Matters to a Vote of Security                Holders** |
|----------------------------|---------------------------------------------------------------------------------------|

----

**PART      II**

| **Item                5.** | **Market                for Registrant's Common Equity, Related Stockholder Matters****and                Issuer Purchases of Equity                Securities** |
|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Item      6.**
**Selected      Financial Data**

|                                                                                                |   | Years                Ended March 30,  |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------------------|
|                                                                                                |   |                                       | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |   | 2002 |   |
|                                                                                                |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                and other revenue                                                           |   | $                                          | 131,925 |   | $ | 37,092 |   | $ | 89,603 |   | $ | 100,999 |   | $ | 165,149 |   |
|                                                                                                |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in loss of investmentin                local partnerships                     |   | $                                          | (299,753 | ) | $ | (527,452 | ) | $ | (600,150 | ) | $ | (143,793 | ) | $ | (102,800 | ) |
|                                                                                                |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain                on sale of limited partner interests/local                partnershipproperties |   | $                                          | 89,682 |   | $ | 916,094 |   | $ | -- |   | $ | -- |   | $ | -- |   |
|                                                                                                |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                             |   | $                                          | (634,019 | ) | $ | (73,305 | ) | $ | (1,092,174 | ) | $ | (560,050 | ) | $ | (387,357 | ) |
|                                                                                                |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss per unit of limited partnership interest                                    |   | $                                          | (15.20 | ) | $ | (1.76 | ) | $ | (26.19 | ) | $ | (13.43 | ) | $ | (9.29 | ) |
|                                                                                                |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   | As                of March 30,             |
|                                                                                                |   |                                       | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |   | 2002 |   |
|                                                                                                |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                assets                                                                         |   | $                                          | 724,880 |   | $ | 1,443,486 |   | $ | 1,472,362 |   | $ | 2,546,633 |   | $ | 3,058,191 |   |

| **Item                7.** | **Management's                Discussion and Analysis of Financial Condition and Results of                Operations** |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------|

----

**Item      7.**
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued)**

----

**Item      7.**
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued)**

----

**Item      7.**
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued)**

|                                        |   |   | Total  |   |   | <                  1 year |   |   | 1                  - 3 years |   |   | 3                  - 5 years |   |   | >                  5 years |   |
|---------------------------------------------|--------|--------|--------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|--------|-------------------------------|--------|
|                                        |   |   |   |   |   |                         |   |   |                         |   |   |                         |   |   |                          |   |
| Other                  Liabilities:         |   |   |   |   |   |                         |   |   |                         |   |   |                         |   |   |                          |   |
| Payable                  to General Partner |   |   |   |   |   |                         |   |   |                         |   |   |                         |   |   |                          |   |
| and                  Affiliates (1)         |   | $      | 79,095 |   | $      | 79,095                       |   | $      | --                           |   | $      | --                           |   | $      | --                            |   |

| (1) | Such                amounts are current liabilities. |
|-----|------------------------------------------------------|

----

**Item      7.**
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued)**

|   | · | 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. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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. Registrant                makes such assessment at least annually in the fourth quarter of                its                fiscal year or whenever there are indications that a permanent impairment                may have occurred.                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. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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,                “Consolidation of Variable Interest Entities, ” because Registrant is not                considered the primary beneficiary. Registrant’s balance in investment in                local partnerships represents the maximum exposure to loss in connection                with such investments. Registrant’s exposure to loss on the Local                Partnerships is mitigated by the condition and financial performance                of                the underlying Properties as well as the strength of the Local General                Partners. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item      7A.**
**Quantitative      and Qualitative Disclosure about Market Risk**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

| **Item                8.** | **Financial                Statements and Supplementary                Data** |
|----------------------------|-------------------------------------------------------------------------------|

**Table      of Contents**

**Page**

| Report                  of Independent Registered Public Accounting Firm | 16     |
|--------------------------------------------------------------------------|--------|
|                                                                     |   |
| Balance                  Sheets                                          | 17     |
|                                                                     |   |
| Statements                  of Operations                                | 18     |
|                                                                     |   |
| Statements                  of Changes in Partners' Equity (Deficit)     | 19     |
|                                                                     |   |
| Statements                  of Cash Flows                                | 20     |
|                                                                     |   |
| Notes                  to Financial Statements                           | 22     |

----

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**BALANCE      SHEETS**

**MARCH      30, 2006 AND 2005**

|                                                                                                      |   |   | **Notes** |   |   | **2006** |   |   | **2005**  |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------|--------|
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| **ASSETS**                                                                                                |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| Cash                and cash equivalents                                                                  |   |   | 3,9       |   | $      | 256,337  |   | $      | 724,308   |   |
| Marketable                equity security                                                                 |   |   | 4,9       |   |   |     |   |   | 147,286   |   |
| Prepaid                expenses                                                                           |   |   |      |   |   |     |   |   | 3,960     |   |
| Investments                in bonds                                                                       |   |   | 4,5,8,9   |   |   | 123,644  |   |   | 123,135   |   |
| Investment                in local partnerships                                                           |   |   | 5,8       |   |   | 344,245  |   |   | 444,113   |   |
| Interest                receivable                                                                        |   |   | 9         |   |   | 654      |   |   | 684       |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   | $      | 724,880  |   | $      | 1,443,486 |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                       |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| Liabilities                                                                                               |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| Accounts                payable and accrued expenses                                                      |   |   |      |   | $      | 96,115   |   | $      | 60,263    |   |
| Payable                to general partner and affiliates                                                  |   |   | 6,8       |   |   | 79,095   |   |   | 79,010    |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   | 175,210  |   |   | 139,273   |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| Commitments                and contingencies                                                              |   |   | 5,8       |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| Partners’                equity (deficit)                                                           |   |   | 2,4       |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
| General                partner                                                                            |   |   |      |   |   | (360,200 | )      |   | (353,860  | )      |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |   |      |   |   | 910,192  |   |   | 1,537,871 |   |
| Accumulated                other comprehensive income (loss), net                                         |   |   |      |   |   | (322     | )      |   | 120,202   |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   |   | 549,670  |   |   | 1,304,213 |   |
|                                                                                                      |   |   |      |   |   |     |   |   |      |   |
|                                                                                                      |   |   |      |   | $      | 724,880  |   | $      | 1,443,486 |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**STATEMENTS      OF OPERATIONS**

**YEARS      ENDED MARCH 30, 2006, 2005 **
**AND      **
**2004**

|                                                                                                                                             |   | **Notes** |   | **2006** |   | **2005** |   | **2004** |     |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|----------|--------|----------|----------|
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **REVENUE**                                                                                                                                      |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Interest                                                                                                                                         |   |      |   |     | $      | 116,925  |   | $        | 29,592   |   | $ | 67,103 |   |
| Other                income from local partnerships                                                                                              |   |      |   |     |   | 15,000   |   |     | 7,500    |   |   | 22,500 |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| TOTAL                REVENUE                                                                                                                     |   |      |   |     |   | 131,925  |   |     | 37,092   |   |   | 89,603 |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **EXPENSES**                                                                                                                                     |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Administration                fees - affiliate                                                                                                   |   |      | 6,8    |     |   | 183,723  |   |     | 183,723  |   |   | 183,723 |   |
| Management                fee - affiliate                                                                                                        |   |      | 6,8    |     |   | 175,466  |   |     | 175,466  |   |   | 175,466 |   |
| Professional                fees                                                                                                                 |   |      |   |     |   | 85,779   |   |     | 73,775   |   |   | 85,742 |   |
| State                of New Jersey filing fees                                                                                                   |   |      |   |     |   | 65,548   |   |     | 26,741   |   |   | 47,142 |   |
| Printing,                postage and other                                                                                                       |   |      |   |     |   | 45,357   |   |     | 39,334   |   |   | 23,404 |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                    |   |      |   |     |   | 555,873  |   |     | 499,039  |   |   | 515,477 |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                             |   |      |   |     |   | (423,948 | )      |     | (461,947 | ) |   | (425,874 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Loss                on conversion of bond to marketable equity                                                                                   |   |      |   |     |   |     |   |     |     |   |   |   |   |
| security                                                                                                                                         |   |      |   |     |   |     |   |     |     |   |   | (66,150 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                |   |      | 5      |     |   | (299,753 | )      |     | (527,452 | ) |   | (600,150 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Loss                prior to gain on disposal of limited partner interests/local partnership                properties                           |   |      |   |     |   | (723,701 | )      |     | (989,399 | ) |   | (1,092,174 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                         |   |      |   |     |   | 89,682   |   |     | 916,094  |   |   |   |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS**                                                                                                                      |   |      |   |     |   | (634,019 | )      |     | (73,305  | ) |   | (1,092,174 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Other                comprehensive income (loss), net                                                                                            |   |      | 4      |     |   | (120,524 | )      |     | 76,267   |   |   | 53,059 |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                   |   |      |   |     | $      | (754,543 | )      | $        | 2,962    |   | $ | (1,039,115 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                      |   |      | 2      |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| General                partner                                                                                                                   |   |      |   |     | $      | (6,340   | )      | $        | (733     | ) | $ | (10,922 | ) |
| Limited                partners                                                                                                                  |   |      |   |     |   | (627,679 | )      |     | (72,572  | ) |   | (1,081,252 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                             |   |      |   |     | $      | (634,019 | )      | $        | (73,305  | ) | $ | (1,092,174 | ) |
|                                                                                                                                             |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS**per                unit of limited partnership interest (41,286 units of limited partnership                interest) |   |      |   |     | $      | (15.20   | )      | $        | (1.76    | ) | $ | (26.19 | ) |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**STATEMENTS      OF CHANGES IN PARTNERS' EQUITY (DEFICIT)**

**YEARS      ENDED MARCH 30, 2006, 2005 **
**AND**
**      2004**

|                                       |   |   | **General****Partner** |   |   | **Limited****Partners** |   |   | **Accumulated                Other Comprehensive Income (Loss), Net** |   |   | **Total**  |   |
|-----------------------------------------------------------|--------|--------|------------------------|--------|--------|-------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|------------|--------|
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Partners'                equity (deficit), March 30, 2003 |   | $      | (342,205               | )      | $      | 2,691,695               |   | $      | (9,124                                                                | )      | $      | 2,340,366  |   |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Net                loss                                   |   |   | (10,922                | )      |   | (1,081,252              | )      |   |                                                                  |   |   | (1,092,174 | )      |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Other                comprehensive income, net            |   |   |                   |   |   |                    |   |   | 53,059                                                                |   |   | 53,059     |   |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Partners'                equity (deficit), March 30, 2004 |   |   | (353,127               | )      |   | 1,610,443               |   |   | 43,935                                                                |   |   | 1,301,251  |   |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Net                loss                                   |   |   | (733                   | )      |   | (72,572                 | )      |   |                                                                  |   |   | (73,305    | )      |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Other                comprehensive income, net            |   |   |                   |   |   |                    |   |   | 76,267                                                                |   |   | 76,267     |   |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Partners'                equity (deficit), March 30, 2005 |   |   | (353,860               | )      |   | 1,537,871               |   |   | 120,202                                                               |   |   | 1,304,213  |   |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Net                loss                                   |   |   | (6,340                 | )      |   | (627,679                | )      |   |                                                                  |   |   | (634,019   | )      |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Other                comprehensive loss, net              |   |   |                   |   |   |                    |   |   | (120,524                                                              | )      |   | (120,524   | )      |
|                                                      |   |   |                   |   |   |                    |   |   |                                                                  |   |   |       |   |
| Partners'                equity (deficit), March 30, 2006 |   | $      | (360,200               | )      | $      | 910,192                 |   | $      | (322                                                                  | )      | $      | 549,670    |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**STATEMENTS      OF CASH FLOWS**

**YEARS      ENDED MARCH 30, 2006, 2005**
**      AND**
**      2004**

|                                                                                                                         |   |   | **2006** |   |   | **2005**  |   |   | **2004**  |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|-----------|--------|--------|-----------|--------|
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                                      |   |   |     |   |   |      |   |   |      |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| Interest                received                                                                                             |   | $      | 16,158   |   | $      | 16,695    |   | $      | 67,248    |   |
| Cash                paid for                                                                                                 |   |   |     |   |   |      |   |   |      |   |
| administration                fees                                                                                           |   |   | (183,638 | )      |   | (183,682  | )      |   | (183,764  | )      |
| management                fee                                                                                                |   |   | (175,466 | )      |   | (175,466  | )      |   | (175,460  | )      |
| professional                fees                                                                                             |   |   | (82,916  | )      |   | (75,369   | )      |   | (77,149   | )      |
| State                of New Jersey filing fee                                                                                |   |   | (33,312  | )      |   | (60,986   | )      |   | (91,857   | )      |
| printing,                postage and other expenses                                                                          |   |   | (40,644  | )      |   | (39,334   | )      |   | (22,403   | )      |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| Net                cash used in operating activities                                                                         |   |   | (499,818 | )      |   | (518,142  | )      |   | (483,385  | )      |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                                      |   |   |     |   |   |      |   |   |      |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| Cash                distributions from local partnerships                                                                    |   |   | 65,643   |   |   | 18,607    |   |   | 25,000    |   |
| Proceeds                in connection with disposal of limited partner interests/local partnership                properties |   |   | 89,682   |   |   | 1,001,903 |   |   |      |   |
| Advances                to local partnerships                                                                                |   |   | (250,528 | )      |   | (374,837  | )      |   | (114,149  | )      |
| Investments                in bonds                                                                                          |   |   |          |   |   |           |   |   | (486,983  | )      |
| Maturities/redemptions                and sales of bonds and marketable equity security                                      |   |   | 127,050  |   |   | 520,250   |   |   | 1,023,585 |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| Net                cash provided by investing activities                                                                     |   |   | 31,847   |   |   | 1,165,923 |   |   | 447,453   |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| Net                increase (decrease) in cash and cash equivalents                                                          |   |   | (467,971 | )      |   | 647,781   |   |   | (35,932   | )      |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| Cash                and cash equivalents at beginning of year                                                                |   |   | 724,308  |   |   | 76,527    |   |   | 112,459   |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| **CASH                AND CASH EQUIVALENTS AT END OF YEAR**                                                                  |   | $      | 256,337  |   | $      | 724,308   |   | $      | 76,527    |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**                                                                 |   |   |     |   |   |      |   |   |      |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
| Unrealized                gain (loss) on investments in bonds and marketable equity security,                net             |   | $      | (120,524 | )      | $      | 76,267    |   | $      | 53,059    |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |
|                                                                                                                         |   |   |     |   |   |      |   |   |      |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**STATEMENTS      OF CASH FLOWS - (Continued)**

**YEARS      ENDED MARCH 30, 2006, 2005 **
**AND**
**      2004**

|                                                                                                     |   |   | **2006** |   |   | **2005** |   |   | **2004**   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|--------|------------|--------|
|                                                                                                     |   |   |     |   |   |     |   |   |       |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |   |     |   |   |     |   |   |       |   |
|                                                                                                     |   |   |     |   |   |     |   |   |       |   |
| Net                loss                                                                                  |   | $      | (634,019 | )      | $      | (73,305  | )      | $      | (1,092,174 | )      |
|                                                                                                     |   |   |     |   |   |     |   |   |       |   |
| Adjustments                to reconcile net loss to net cash used in operating activities                |   |   |     |   |   |     |   |   |       |   |
|                                                                                                     |   |   |     |   |   |     |   |   |       |   |
| Equity                in loss of investment in local partnerships                                        |   |   | 299,753  |   |   | 527,452  |   |   | 600,150    |   |
| Gain                on disposal of limited partner interests/local partnership                properties |   |   | (89,682  | )      |   | (916,094 | )      |   |       |   |
| Gain                on redemptions and sales of bonds and marketable equity                security      |   |   | (96,200  | )      |   | (9,984   | )      |   | (11,707    | )      |
| Loss                on conversion of bond to marketable equity security                                  |   |   |     |   |   |     |   |   | 66,150     |   |
| Distributions                from local partnerships classified as other income                          |   |   | (15,000  | )      |   | (7,500   | )      |   | (22,500    | )      |
| Amortization                of net premium on investments in bonds                                       |   |   | 263      |   |   | 2,722    |   |   | 4,788      |   |
| Accretion                of zero coupon bonds                                                            |   |   | (4,860   | )      |   | (10,048  | )      |   | (17,545    | )      |
| Decrease                (increase) in prepaid expenses                                                   |   |   | 3,960    |   |   | (3,960   | )      |   |       |   |
| Decrease                in interest receivable                                                           |   |   | 30       |   |   | 4,413    |   |   | 24,609     |   |
| Increase                (decrease) in accounts payable and accrued expenses                              |   |   | 35,852   |   |   | (31,879  | )      |   | (35,121    | )      |
| Increase                (decrease) in payable to general partner and affiliates                          |   |   | 85       |   |   | 41       |   |   | (35        | )      |
|                                                                                                     |   |   |     |   |   |     |   |   |       |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                 |   | $      | (499,818 | )      | $      | (518,142 | )      | $      | (483,385   | )      |
|                                                                                                     |   |   |     |   |   |     |   |   |       |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**1.      **
**Organization,      Purpose and Summary of Significant Accounting Policies**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**1.      **
**Organization,      Purpose and Summary of Significant Accounting Policies      (continued)**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**2.      **
**Capital      Contributions**

**3.      **
**Cash      and Cash Equivalents**

**4.      **
**Investments      in Bonds and Marketable Equity Security**

|   Description                and maturity  |   |   | Amortizedcost |   |   | Gross                unrealized Gains |   |   | Gross                unrealized losses |   |   | Estimatedfair                value |   |
|------------------------------------------------------|--------|--------|---------------|--------|--------|---------------------------------------|--------|--------|----------------------------------------|--------|--------|------------------------------------|--------|
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| Corporate                debt securities             |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| Within                one year                       |   | $      | 21,238        |   | $      | 37                                    |   | $      | (125                                   | )      | $      | 21,150                             |   |
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| U.S.                government and agency securities |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| After                one year through five years     |   |   | 102,728       |   |   | --                                    |   |   | (234                                   | )      |   | 102,494                            |   |
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
|                                                 |   | $      | 123,966       |   | $      | 37                                    |   | $      | (359                                   | )      | $      | 123,644                            |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**4.      **
**Investments      in Bonds and Marketable Equity Security (continued)**

|   Description                and maturity  |   |   | Amortizedcost |   |   | Gross                unrealized Gains |   |   | Gross                unrealized losses |   |   | Estimatedfair                value |   |
|------------------------------------------------------|--------|--------|---------------|--------|--------|---------------------------------------|--------|--------|----------------------------------------|--------|--------|------------------------------------|--------|
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| Corporate                debt securities             |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| Within                one year                       |   | $      | 1,017         |   | $      | 26                                    |   | $      | --                                     |   | $      | 1,043                              |   |
| After                one year through five years     |   |   | 21,482        |   |   | 698                                   |   |   | --                                     |   |   | 22,180                             |   |
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
|                                                 |   |   | 22,499        |   |   | 724                                   |   |   | --                                     |   |   | 23,223                             |   |
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| U.S.                government and agency securities |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| After                one year through five years     |   |   | 97,870        |   |   | 2,042                                 |   |   | --                                     |   |   | 99,912                             |   |
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
|                                                 |   | $      | 120,369       |   | $      | 2,766                                 |   | $      | --                                     |   | $      | 123,135                            |   |
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
|                                                 |   |   |          |   |   |                                  |   |   |                                   |   |   |                               |   |
| Marketable                equity security            |   | $      | 29,850        |   | $      | 117,436                               |   | $      | --                                     |   | $      | 147,286                            |   |

**5.      **
**Investment      in Local Partnerships**

| 1.     | 4611                South Drexel Limited Partnership (“South Drexel”)*;                                                           |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| 2.     | Cityside                Apartments, L.P.*;                                                                                                    |
| 3.     | Cobbet                Hill Associates Limited Partnership (“Cobbet”)*;                                                            |
| 4.     | Dunbar                Limited Partnership;                                                                                                    |
| 5.     | Dunbar                Limited Partnership No. 2;                                                                                              |
| 6.     | Federal                Apartments Limited Partnership;                                                                                        |
| 7.     | Golden                Gates Associates;                                                                                                       |
| 8.     | Grove                Park Housing, A California Limited Partnership (“Grove                Park”);                                |
| 9.     | Gulf                Shores Apartments Ltd.;                                                                                                   |
| 10.    | Madison-Bellefield                Associates;                                                                                                 |
| 11.    | Pine                Hill Estates Limited Partnership;                                                                                         |
| 12.    | Santa                Juanita Limited Dividend Partnership L.P. (“Santa                Juanita”);                                  |
| 13.    | Vista                del Mar Limited Dividend Partnership L.P.; and                                                                           |
| 14.    | Winnsboro                Homes Limited Partnership.                                                                                           |
|   |                                                                                                                                          |
|   | *An                affiliate of the General Partner is a general partner of and/or provides                services to the Local Partnership. |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**5.      **
**Investment      in Local Partnerships (continued)**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND      **
**2004**

**5.      **
**Investment      in Local Partnerships (continued)**

|                                                                                                                                     |   |   | **2005**    |   |   | **2004**    |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|-------------|--------|
| **ASSETS**                                                                                                                               |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   |        |   |   |        |   |
| Cash                and cash equivalents                                                                                                 |   | $      | 573,309     |   | $      | 1,657,083   |   |
| Rents                receivable                                                                                                          |   |   | 171,065     |   |   | 225,796     |   |
| Escrow                deposits and reserves                                                                                              |   |   | 3,365,243   |   |   | 2,765,158   |   |
| Land                                                                                                                                     |   |   | 3,498,222   |   |   | 3,738,736   |   |
| Buildings                and improvements (net of accumulated depreciation of $55,529,671                and                $54,404,223) |   |   | 38,533,369  |   |   | 43,943,944  |   |
| Intangible                assets (net of accumulated amortization of $735,918 and                $727,211)                               |   |   | 1,122,318   |   |   | 1,249,973   |   |
| Other                assets                                                                                                              |   |   | 725,132     |   |   | 1,136,876   |   |
|                                                                                                                                     |   |   |        |   |   |        |   |
|                                                                                                                                     |   | $      | 47,988,658  |   | $      | 54,717,566  |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   |        |   |   |        |   |
| Liabilities                                                                                                                              |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   |        |   |   |        |   |
| Accounts                payable and accrued expenses                                                                                     |   | $      | 1,199,338   |   | $      | 1,334,249   |   |
| Due                to related parties                                                                                                    |   |   | 6,136,219   |   |   | 6,300,083   |   |
| Mortgage                loans                                                                                                            |   |   | 62,434,670  |   |   | 64,965,862  |   |
| Notes                payable                                                                                                             |   |   | 1,109,543   |   |   | 929,066     |   |
| Accrued                interest                                                                                                          |   |   | 9,517,217   |   |   | 8,482,445   |   |
| Other                liabilities                                                                                                         |   |   | 286,442     |   |   | 370,402     |   |
|                                                                                                                                     |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   | 80,683,429  |   |   | 82,382,107  |   |
| Partners'                equity (deficit)                                                                                                |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   |        |   |   |        |   |
| American                Tax Credit Properties L.P.                                                                                       |   |   |        |   |   |        |   |
| Capital                contributions, net of distributions                                                                               |   |   | 26,446,489  |   |   | 30,627,345  |   |
| Cumulative                loss                                                                                                           |   |   | (25,790,380 | )      |   | (28,378,994 | )      |
|                                                                                                                                     |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   | 656,109     |   |   | 2,248,351   |   |
| General                partners and other limited partners                                                                               |   |   |        |   |   |        |   |
| Capital                contributions, net of distributions                                                                               |   |   | 1,109,087   |   |   | 990,687     |   |
| Cumulative                loss                                                                                                           |   |   | (34,459,967 | )      |   | (30,903,579 | )      |
|                                                                                                                                     |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   | (33,350,880 | )      |   | (29,912,892 | )      |
|                                                                                                                                     |   |   |        |   |   |        |   |
|                                                                                                                                     |   |   | (32,694,771 | )      |   | (27,664,541 | )      |
|                                                                                                                                     |   |   |        |   |   |        |   |
|                                                                                                                                     |   | $      | 47,988,658  |   | $      | 54,717,566  |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND      **
**2004**

**5.      **
**Investment      in Local Partnerships (continued)**

|                                                                                                 |   | **2005** |       | **2004** |   | **2003**   |   |
|------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|------------|--------|
| **REVENUE**                                                                                          |   |     |       |     |   |       |   |   |   |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| Rental                                                                                               |   | $        | 12,226,909 |     | $      | 14,353,563 |   | $ | 15,327,981 |   |
| Interest                and other                                                                    |   |     | 263,002    |     |   | 398,937    |   |   | 705,336 |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| TOTAL                REVENUE                                                                         |   |     | 12,489,911 |     |   | 14,752,500 |   |   | 16,033,317 |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| **EXPENSES**                                                                                         |   |     |       |     |   |       |   |   |   |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| Administrative                                                                                       |   |     | 2,604,667  |     |   | 2,914,943  |   |   | 3,133,755 |   |
| Utilities                                                                                            |   |     | 1,468,264  |     |   | 1,521,566  |   |   | 1,636,803 |   |
| Operating                and maintenance                                                             |   |     | 3,254,068  |     |   | 3,939,366  |   |   | 4,384,324 |   |
| Taxes                and insurance                                                                   |   |     | 1,272,237  |     |   | 1,554,534  |   |   | 1,368,401 |   |
| Financial                                                                                            |   |     | 4,953,038  |     |   | 5,954,816  |   |   | 5,796,716 |   |
| Depreciation                and amortization                                                         |   |     | 3,796,863  |     |   | 3,867,897  |   |   | 3,995,651 |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| TOTAL                EXPENSES                                                                   |   |     | 17,349,137 |     |   | 19,753,122 |   |   | 20,315,650 |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| Loss                from operations before gain on sale of local partnership                property |   |     | (4,859,226 | )        |   | (5,000,622 | )      |   | (4,282,333 | ) |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| Gain                on sale of local partnership property                                            |   |     | 452,366    |     |   | 2,123,056  |   |   |   |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| **NET                LOSS**                                                                          |   | $        | (4,406,860 | )        | $      | (2,877,566 | )      | $ | (4,282,333 | ) |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
|                                                                                                 |   |     |       |     |   |       |   |   |   |   |
| **NET                INCOME****(LOSS) ATTRIBUTABLE TO**                                              |   |     |       |     |   |       |   |   |   |   |

|                                                                                                                                                                                                      |   |   |       |   |   |       |   |   |       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|
| American                Tax Credit Properties L.P.*                                                                                                                                                       |   | $      | (299,753   | )      | $      | 1,574,374  |   | $      | (600,150   | )      |
| General                partners and other limited partners, which includes Partnership loss                in                excess of investment of $4,046,200, $4,385,221 and                $3,583,130 |   |   | (4,107,107 | )      |   | (4,451,940 | )      |   | (3,682,183 | )      |
|                                                                                                                                                                                                      |   |   |       |   |   |       |   |   |       |   |
|                                                                                                                                                                                                      |   | $      | (4,406,860 | )      | $      | (2,877,566 | )      | $      | (4,282,333 | )      |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND      **
**2004**

**5.      **
**Investment      in Local Partnerships (continued)**

|  Name                of Local Partnership                          |   |   | Investment                in Local Partnership balance as of March 30,2005 |   |   | Investments                during                the yearendedMarch                30,2006 |   |   | Partnership's                equity in loss for the year ended December 31, 2005 |   |   | Gain                on sale of local partnership property during the year ended March                30,2006 |   |   | Cash                distributions received during the year endedMarch                30,2006                (3) |   |   | Investment                in Local Partnership balance as of March 30,2006 |   |
|-------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------|--------|
|                                                                    |   |   |                                                                       |   |   |                                                                                       |   |   |                                                                             |   |   |                                                                                                         |   |   |                                                                                                            |   |   |                                                                       |   |
| 4611                South Drexel Limited Partnership                    |   | $      | --                                                                         |   | $      | 250,528                                                                                    |   | $      | (250,528(2                                                                       | ))     | $      | --                                                                                                           |   | $      | --                                                                                                              |   | $      | --                                                                         |   |
| Blue                Hill Housing Limited Partnership                    |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(4                                                                             | )      |   | 89,682                                                                                                       |   |   | (89,682                                                                                                         | )      |   | --                                                                         |   |
| Cityside                Apartments, L.P.                                |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Cobbet                Hill Associates Limited Partnership               |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Dunbar                Limited Partnership                               |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Dunbar                Limited Partnership No. 2                         |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Federal                Apartments Limited Partnership                   |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Golden                Gates Associates                                  |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Grove                Park Housing, A California Limited Partnership     |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Gulf                Shores Apartments Ltd.                              |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Hilltop                North Associates, A Virginia Limited Partnership |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Madison-Bellefield                Associates                            |   |   | 444,113                                                                    |   |   | --                                                                                         |   |   | (49,225                                                                          | )      |   | --                                                                                                           |   |   | (50,643                                                                                                         | )      |   | 344,245                                                                    |   |
| Pine                Hill Estates Limited Partnership                    |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Santa                Juanita Limited Dividend Partnership L.P.          |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Vista                del Mar Limited Dividend Partnership L.P.          |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
| Winnsboro                Homes Limited Partnership                      |   |   | --                                                                         |   |   | --                                                                                         |   |   | --(1                                                                             | )      |   | --                                                                                                           |   |   | --                                                                                                              |   |   | --                                                                         |   |
|                                                                    |   |   |                                                                       |   |   |                                                                                       |   |   |                                                                             |   |   |                                                                                                         |   |   |                                                                                                            |   |   |                                                                       |   |
|                                                                    |   | $      | 444,113                                                                    |   | $      | 250,528                                                                                    |   | $      | (299,753                                                                         | )      | $      | 89,682                                                                                                       |   | $      | (140,325                                                                                                        | )      | $      | 344,245                                                                    |   |

| (1) | Additional                equity in loss of investment is not allocated to the Partnership                until                equity in income is earned or additional investment is made by the                Partnership. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The Partnership’s equity in loss of an              investment in a Local Partnership is limited to the remaining investment              balance. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The total excludes $15,000 of distributions              received classified as other income from local              partnerships. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Blue Hill was dissolved in calendar              2005; the              Partnership received $89,682 upon              dissolution. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND      **
**2004**

**5.      **
**Investment      in Local Partnerships (continued)**

|                Name                of Local Partnership            |   |   | Investment                in Local Partnershipbalance                as ofMarch                30,2004 |   |   | Investments                during                the yearendedMarch                30,2005 |   |   | Partnership's                equity in loss for the year endedDecember                31, 2004 |   |   | Gain                on sale of local partnership property during the year endedMarch                30,2005 |   |   | Cash                distributions received during the year endedMarch                30,2005                (3) |   |   | Investment                in Local Partnershipbalance                as ofMarch                30,2005 |   |
|-------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------|--------|
|                                                                    |   |   |                                                                                                   |   |   |                                                                                       |   |   |                                                                                           |   |   |                                                                                                        |   |   |                                                                                                            |   |   |                                                                                                   |   |
| 4611                South Drexel Limited Partnership                    |   | $      | --                                                                                                     |   | $      | 132,008                                                                                    |   | $      | (132,008)                (2                                                                    | )      | $      | --                                                                                                          |   | $      | --                                                                                                              |   | $      | --                                                                                                     |   |
| Blue                Hill Housing Limited Partnership                    |   |   | 323,753                                                                                                |   |   | --                                                                                         |   |   | (237,944                                                                                       | )      |   | 916,094                                                                                                     |   |   | (1,001,903                                                                                                      | )      |   | --                                                                                                     |   |
| Cityside                Apartments, L.P.                                |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Cobbet                Hill Associates Limited Partnership               |   |   | --                                                                                                     |   |   | 242,829                                                                                    |   |   | (242,829)                (1                                                                    | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Dunbar                Limited Partnership                               |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Dunbar                Limited Partnership No. 2                         |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Federal                Apartments Limited Partnership                   |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Golden                Gates Associates                                  |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Grove                Park Housing, A California Limited Partnership     |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Gulf                Shores Apartments Ltd.                              |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Hilltop                North Associates, A Virginia Limited Partnership |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Madison-Bellefield                Associates                            |   |   | 369,891                                                                                                |   |   | --                                                                                         |   |   | 85,329                                                                                         |   |   | --                                                                                                          |   |   | (11,107                                                                                                         | )      |   | 444,113                                                                                                |   |
| Pine                Hill Estates Limited Partnership                    |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Santa                Juanita Limited Dividend Partnership L.P.          |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Vista                del Mar Limited Dividend Partnership L.P.          |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
| Winnsboro                Homes Limited Partnership                      |   |   | --                                                                                                     |   |   | --                                                                                         |   |   | --(1                                                                                           | )      |   | --                                                                                                          |   |   | --                                                                                                              |   |   | --                                                                                                     |   |
|                                                                    |   |   |                                                                                                   |   |   |                                                                                       |   |   |                                                                                           |   |   |                                                                                                        |   |   |                                                                                                            |   |   |                                                                                                   |   |
|                                                                    |   | $      | 693,644                                                                                                |   | $      | 374,837                                                                                    |   | $      | (527,452                                                                                       | )      | $      | 916,094                                                                                                     |   | $      | (1,013,010                                                                                                      | )      | $      | 444,113                                                                                                |   |

| (1) | Additional                equity in loss of investment is not allocated to the Partnership                until                equity in income is earned or additional investment is made by the                Partnership. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The Partnership’s equity in loss of an              investment in a Local Partnership is limited to the remaining investment              balance. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The total excludes $7,500 of distributions              received classified as other income from local              partnerships. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**5.      **
**Investment      in Local Partnerships (continued)**

|  Name                of Local Partnership                      |   |   | Mortgageloans                payable |   |   | Land      |   |   | Buildings                and improvements |   |   | Accumulated                depreciation |   |
|---------------------------------------------------------------------|--------|--------|--------------------------------------|--------|--------|-----------|--------|--------|-------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                                |   |   |                                 |   |   |      |   |   |                                      |   |   |                                    |   |
| 4611                South Drexel Limited Partnership                |   | $      | 1,230,387                            |   | $      | 64,408    |   | $      | 1,896,003                                 |   | $      | (1,032,016                              | )      |
| Cityside                Apartments, L.P.                            |   |   | 6,974,387                            |   |   | 131,591   |   |   | 13,811,817                                |   |   | (8,195,513                              | )      |
| Cobbet                Hill Associates Limited Partnership           |   |   | 13,327,597                           |   |   | 504,683   |   |   | 16,943,018                                |   |   | (10,269,006                             | )      |
| Dunbar                Limited Partnership                           |   |   | 4,914,020                            |   |   | 117,126   |   |   | 6,825,218                                 |   |   | (3,708,421                              | )      |
| Dunbar                Limited Partnership No. 2                     |   |   | 5,244,762                            |   |   | 131,920   |   |   | 7,301,449                                 |   |   | (4,166,111                              | )      |
| Federal                Apartments Limited Partnership               |   |   | 5,839,068                            |   |   | 279,750   |   |   | 9,007,592                                 |   |   | (5,281,866                              | )      |
| Golden                Gates Associates                              |   |   | 4,416,424                            |   |   | 29,585    |   |   | 5,879,191                                 |   |   | (3,666,555                              | )      |
| Grove                Park Housing, A California Limited Partnership |   |   | 6,587,625                            |   |   | 956,952   |   |   | 7,676,667                                 |   |   | (4,498,288                              | )      |
| Gulf                Shores Apartments Ltd.                          |   |   | 1,455,365                            |   |   | 172,800   |   |   | 1,784,516                                 |   |   | (1,107,837                              | )      |
| Madison-Bellefield                Associates                        |   |   | 2,704,644                            |   |   | 245,000   |   |   | 6,069,091                                 |   |   | (3,628,034                              | )      |
| Pine                Hill Estates Limited Partnership                |   |   | 2,248,445                            |   |   | 40,000    |   |   | 3,926,195                                 |   |   | (2,375,018                              | )      |
| Santa                Juanita Limited Dividend Partnership L.P.      |   |   | 1,381,792                            |   |   | 228,718   |   |   | 2,462,040                                 |   |   | (1,396,142                              | )      |
| Vista                del Mar Limited Dividend Partnership L.P.      |   |   | 4,909,288                            |   |   | 565,689   |   |   | 8,652,569                                 |   |   | (5,125,327                              | )      |
| Winnsboro                Homes Limited Partnership                  |   |   | 1,200,866                            |   |   | 30,000    |   |   | 1,827,674                                 |   |   | (1,079,537                              | )      |
|                                                                |   |   |                                 |   |   |      |   |   |                                      |   |   |                                    |   |
|                                                                |   | $      | 62,434,670                           |   | $      | 3,498,222 |   | $      | 94,063,040                                |   | $      | (55,529,671                             | )      |

|  Name                of Local Partnership                          |   |   | Mortgageloans                payable |   |   | Land      |   |   | Buildings                and improvements |   |   | Accumulated                depreciation |   |
|-------------------------------------------------------------------------|--------|--------|--------------------------------------|--------|--------|-----------|--------|--------|-------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                                    |   |   |                                 |   |   |      |   |   |                                      |   |   |                                    |   |
| 4611                South Drexel Limited Partnership                    |   | $      | 1,252,225                            |   | $      | 64,408    |   | $      | 1,869,153                                 |   | $      | (963,676                                | )      |
| Blue                Hill Housing Limited Partnership                    |   |   | --                                   |   |   | --        |   |   | --                                        |   |   | --                                      |   |
| Cityside                Apartments, L.P.                                |   |   | 7,119,462                            |   |   | 131,591   |   |   | 13,786,099                                |   |   | (7,693,241                              | )      |
| Cobbet                Hill Associates Limited Partnership               |   |   | 13,478,452                           |   |   | 504,683   |   |   | 16,860,144                                |   |   | (9,638,938                              | )      |
| Dunbar                Limited Partnership                               |   |   | 4,918,382                            |   |   | 117,126   |   |   | 6,703,482                                 |   |   | (3,450,709                              | )      |
| Dunbar                Limited Partnership No. 2                         |   |   | 5,248,223                            |   |   | 131,920   |   |   | 7,192,670                                 |   |   | (3,892,211                              | )      |
| Federal                Apartments Limited Partnership                   |   |   | 4,639,955                            |   |   | 279,750   |   |   | 8,609,269                                 |   |   | (4,989,788                              | )      |
| Golden                Gates Associates                                  |   |   | 4,457,721                            |   |   | 29,585    |   |   | 5,821,145                                 |   |   | (3,455,306                              | )      |
| Grove                Park Housing, A California Limited Partnership     |   |   | 6,616,415                            |   |   | 956,952   |   |   | 7,676,667                                 |   |   | (4,219,168                              | )      |
| Gulf                Shores Apartments Ltd.                              |   |   | 1,461,222                            |   |   | 172,800   |   |   | 1,784,516                                 |   |   | (1,043,424                              | )      |
| Hilltop                North Associates, A Virginia Limited Partnership |   |   | 3,051,805                            |   |   | 240,514   |   |   | 5,139,385                                 |   |   | (2,309,081                              | )      |
| Madison-Bellefield                Associates                            |   |   | 2,849,038                            |   |   | 245,000   |   |   | 6,048,244                                 |   |   | (3,407,011                              | )      |
| Pine                Hill Estates Limited Partnership                    |   |   | 2,273,376                            |   |   | 40,000    |   |   | 3,921,634                                 |   |   | (2,232,502                              | )      |
| Santa                Juanita Limited Dividend Partnership L.P.          |   |   | 1,399,015                            |   |   | 228,718   |   |   | 2,457,402                                 |   |   | (1,298,650                              | )      |
| Vista                del Mar Limited Dividend Partnership L.P.          |   |   | 4,982,614                            |   |   | 565,689   |   |   | 8,650,683                                 |   |   | (4,797,697                              | )      |
| Winnsboro                Homes Limited Partnership                      |   |   | 1,217,957                            |   |   | 30,000    |   |   | 1,827,674                                 |   |   | (1,012,821                              | )      |
|                                                                    |   |   |                                 |   |   |      |   |   |                                      |   |   |                                    |   |
|                                                                    |   | $      | 64,965,862                           |   | $      | 3,738,736 |   | $      | 98,348,167                                |   | $      | (54,404,223                             | )      |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**5.      **
**Investment      in Local Partnerships (continued)**

|                                 |   |   | Balance                as ofDecember                31, 2004 |   |   | Net                changeduring                the year endedDecember                31, 2005 |   |   | Balance                as ofDecember                31, 2005 |   |
|-------------------------------------------|--------|--------|--------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------|--------|
| Land                                      |   | $      | 3,738,736                                                    |   | $      | (240,514                                                                                      | )      | $      | 3,498,222                                                    |   |
| Buildings                and improvements |   |   | 98,348,167                                                   |   |   | (4,285,127                                                                                    | )      |   | 94,063,040                                                   |   |
|                                      |   |   | 102,086,903                                                  |   |   | (4,525,641                                                                                    | )      |   | 97,561,262                                                   |   |
| Accumulated                depreciation   |   |   | (54,404,223                                                  | )      |   | (1,125,448                                                                                    | )      |   | (55,529,671                                                  | )      |
|                                      |   |   |                                                         |   |   |                                                                                          |   |   |                                                         |   |
|                                      |   | $      | 47,682,680                                                   |   | $      | (5,651,089                                                                                    | )      | $      | 42,031,591                                                   |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 **
**AND**
**      2004**

**5.      **
**Investment      in Local Partnerships (continued)**

**6.      **
**Transactions      with General Partner and Affiliates**

|                                            |   | 2006   |    | 2005   |   | 2004     |   |
|-------------------------------------------------|--------|--------|---------|--------|--------|----------|--------|
|                                            |   |   | Paid    |   |   | Incurred |   |   | Paid |   |   | Incurred |   |   | Paid |   |   | Incurred |   |
|                                            |   |   |    |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Management                fee (see Note 8)      |   | $      | 175,466 |   | $      | 175,466  |   | $ | 175,466 |   | $ | 175,466 |   | $ | 175,460 |   | $ | 175,466 |   |
|                                            |   |   |    |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Administration                fees (see Note 8) |   |   | 183,638 |   |   | 183,723  |   |   | 183,682 |   |   | 183,723 |   |   | 183,764 |   |   | 183,723 |   |

|                                                 |   | 2005   |   | 2004   |   | 2003     |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|----------|--------|
|                                                 |   |   | Paid   |   |   | Incurred |   |   | Paid |   |   | Incurred |   |   | Paid |   |   | Incurred |   |
|                                                 |   |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property                management fees              |   | $      | 88,759 |   | $      | 86,813   |   | $ | 85,635 |   | $ | 86,928 |   | $ | 84,947 |   | $ | 87,173 |   |
|                                                 |   |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Insurance                premiums and other services |   |   | 71,938 |   |   | 71,965   |   |   | 74,943 |   |   | 107,682 |   |   | 163,996 |   |   | 160,726 |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 AND 2004**

**7.**
**Taxable      Loss**

|                                                                                                                                    |   |   | 2006       |   |   | 2005       |   |   | 2004       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Financial                statement net loss for the years ended March 30, 2006, 2005 and                2004                            |   | $      | (634,019   | )      | $      | (73,305    | )      | $      | (1,092,174 | )      |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Add                (less) net transactions occurring between                                                                            |   |   |       |   |   |       |   |   |       |   |
| January                1, 2003 to March 30, 2003                                                                                        |   |   | --         |   |   | --         |   |   | (70,557    | )      |
| January                1, 2004 to March 30, 2004                                                                                        |   |   | --         |   |   | (91,703    | )      |   | 91,703     |   |
| January                1, 2005 to March 30, 2005                                                                                        |   |   | (45,258    | )      |   | 45,258     |   |   | --         |   |
| January                1, 2006 to March 30, 2006                                                                                        |   |   | 139,055    |   |   | --         |   |   | --         |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Adjusted                financial statement net loss for the years ended December 31, 2005,                2004                and 2003 |   |   | (540,222   | )      |   | (119,750   | )      |   | (1,071,028 | )      |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Differences                arising from equity in loss of investment in local                partnerships                               |   |   | (3,114,023 | )      |   | (3,536,900 | )      |   | (2,916,158 | )      |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Gain                on sale of local partnership properties                                                                             |   |   | 1,252,952  |   |   | 637,254    |   |   | --         |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Other                income from local partnerships                                                                                     |   |   | (12,500    | )      |   | (18,750    | )      |   | (23,750    | )      |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Other                differences                                                                                                        |   |   | (35,504    | )      |   | 22,860     |   |   | (9,285     | )      |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |
| Tax                return net loss for the years ended December 31, 2005, 2004 and                2003                                  |   | $      | (2,449,297 | )      | $      | (3,015,286 | )      | $      | (4,020,221 | )      |
|                                                                                                                                    |   |   |       |   |   |       |   |   |       |   |

|                                                                  |   |   | 2005        |   |   | 2004        |   |
|-----------------------------------------------------------------------|--------|--------|-------------|--------|--------|-------------|--------|
|                                                                  |   |   |        |   |   |        |   |
| Investment                in local partnerships - financial reporting |   | $      | 344,245     |   | $      | 444,113     |   |
| Investment                in local partnerships - tax                 |   |   | (27,717,241 | )      |   | (25,549,484 | )      |
|                                                                  |   |   |        |   |   |        |   |
|                                                                  |   | $      | 28,061,486  |   | $      | 25,993,597  |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 AND 2004**

**8.      **
**Commitments      and Contingencies**

**9.      **
**Fair      Value of Financial Instruments**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS - (Continued)**

**MARCH      30, 2006, 2005 AND 2004**

**9.      **
**Fair      Value of Financial Instruments (continued)**

**10.      **
**Quarterly      Financial Information - Unaudited**

|                                                   |   |   | FirstQuarter |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |
|--------------------------------------------------------|--------|--------|--------------|--------|--------|---------------|--------|--------|--------------|--------|--------|---------------|--------|
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| 2006                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Total                  revenue                         |   | $      | 10,215       |   | $      | 10,673        |   | $      | 104,288      |   | $      | 6,749         |   |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Expenses                                               |   |   | (128,807     | )      |   | (141,975      | )      |   | (139,287     | )      |   | (145,804      | )      |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Gain                  on sale of local                 |   |   |         |   |   |          |   |   |         |   |   |          |   |
| partnership                  property                  |   |   | --           |   |   | --            |   |   | 89,682       |   |   | --            |   |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Equity                  in loss of investment          |   |   |         |   |   |          |   |   |         |   |   |          |   |
| in                  local partnerships                 |   |   | (72,474      | )      |   | (65,162       | )      |   | (78,245      | )      |   | (83,872       | )      |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Net                  loss                              |   |   | (191,066     | )      |   | (196,464      | )      |   | (23,562      | )      |   | (222,927      | )      |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Net                  loss per unit of                  |   |   |         |   |   |          |   |   |         |   |   |          |   |
| limited                  partnership interest          |   |   | (4.58        | )      |   | (4.71         | )      |   | (0.57        | )      |   | (5.34         | )      |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| 2005                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Total                  revenue                         |   | $      | 14,847       |   | $      | 14,051        |   | $      | 3,440        |   | $      | 4,754         |   |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Expenses                                               |   |   | (135,976     | )      |   | (130,751      | )      |   | (144,851     | )      |   | (87,461       | )      |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Gain                  on sale of local                 |   |   |         |   |   |          |   |   |         |   |   |          |   |
| partnership                  property                  |   |   | --           |   |   | 873,052       |   |   | 5,593        |   |   | 37,449        |   |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Equity                  in income (loss) of investment |   |   |         |   |   |          |   |   |         |   |   |          |   |
| in                  local partnerships                 |   |   | (393,210     | )      |   | (111,895      | )      |   | 40,635       |   |   | (62,982       | )      |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Net                  income (loss)                     |   |   | (514,339     | )      |   | 644,457       |   |   | (95,183      | )      |   | (108,240      | )      |
|                                                   |   |   |         |   |   |          |   |   |         |   |   |          |   |
| Net                  income (loss) per unit of         |   |   |         |   |   |          |   |   |         |   |   |          |   |
| limited                  partnership interest          |   |   | (12.33       | )      |   | 15.45         |   |   | (2.28        | )      |   | (2.60         | )      |

----

**Item      9.**
**Changes      in and Disagreements with Accountants on Accounting and Financial      Disclosure**

**Item      9A. **
**Controls      and Procedures**

**Item      9B. **
**Other      Information**

**PART      III**

**Item      10. **
**Directors      and Executive Officers of the Registrant**

| Name                                | Served                  in presentcapacity                since 1 | Position                held                |
|-------------------------------------|------------------------------------------------------------------------|---------------------------------------------|
|                                |                                                                   |                                        |
| Richard                Paul Richman | February                10, 1988                                       | Director                                    |
| David                A. Salzman     | February                2, 2001                                        | President                                   |
| Neal                Ludeke          | February                10, 1988                                       | Vice                President and Treasurer |
| Gina                K. Dodge        | February                10, 1988                                       | Secretary                                   |

----

**Richard      Paul Richman**

**David      A. Salzman, **

**Neal      Ludeke**

**Gina      K. Dodge**

----

**Item      10. **
**Directors      and Executive Officers of the Registrant (continued)**

**Item      11. **
**Executive      Compensation**

**Item      12. **
**Security      Ownership of Certain Beneficial Owners and Management and Related Stockholder      Matters**

**Item      13. **
**Certain      Relationships and Related Transactions with Management**

----

**Item      14. **
**Principal      Accountant Fees and Services**

|                                |   |   | 2006   |   |   | 2005   |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                |   |   |   |   |   |   |   |
| Audit                  Fees         |   | $      | 49,126 |   | $      | 46,263 |   |
| Audit-Related                  Fees |   |   | --     |   |   | --     |   |
| Tax                  Fees           |   | $      | 11,893 |   | $      | 11,000 |   |
| All                  Other Fees     |   |   | --     |   |   | --     |   |

----

**PART      IV**

**Item      15. **
**Exhibits      and Financial Statement Schedules**

**Financial      Statements, Financial Statement Schedules and Exhibits**

**Financial      Statements**

**Financial      Statement Schedules**

**Exhibits**

|   |                                                                                                                                                              |   | Incorporated                by                                                                                                                                  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                                                                           |   |     Reference                to                                                                                         |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 3.1    | Certificate                of Limited Partnership of Registrant                                                                                                   |   | Exhibit                3.2 to Amendment No. 2 to the Registration Statement on Form S-11                dated April 29, 1988 (File                No. 33-20391) |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.1   | 4611                South Drexel Limited Partnership Agreement of Limited                Partnership                                                              |   | Exhibit                10.3 to Form 10-Q Report dated                December 30, 1989 (File                No. 0-17619)                                        |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.2   | B                & V, Ltd. Fourth Amended and Restated Agreement and Certificate of                Limited Partnership                                        |   | Exhibit                10.3 to Form 8-K Report dated                January 17, 1989 (File                No. 33-20391)                                         |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.3   | B                & V Phase I, Ltd. Amended and Restated Agreement of Limited                Partnership                                                       |   | Exhibit                10.1 to Form 10-Q Report dated                September 29, 1994 (File                No. 0-17619)                                       |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.4   | B                & V Phase I, Ltd. Assignment of Partnership Interests, Assumption of                Responsibilities, andWaiver                of Conditions |   | Exhibit                10.4 to Form 10-K Report dated                March 30, 1997 (File                No. 0-17619)                                           |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.5   | Blue                Hill Housing Limited Partnership Amended and Restated Agreement and                Certificate of Limited Partnership                         |   | Exhibit                10.7 to Form 8-K Report dated                January 17, 1989 (File                No. 33-20391)                                         |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.6   | Cityside                Apartments, L.P. Amended and Restated Agreement of Limited                Partnership                                                     |   | Exhibit                10.3 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)                                           |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.7   | Amendment                No. 1 to Cityside Apartments, L.P. Amended and Restated Agreement                of                Limited Partnership                   |   | Exhibit                10.4 to Form 10-K Report dated                March 30, 1992 (File                No. 0-17619)                                           |
|   |                                                                                                                                                              |   |                                                                                                                                                            |
| 10.8   | Amendment                No. 2 to Cityside Apartments, L.P. Amended and Restated Agreement                of                Limited Partnership                   |   | Exhibit                10.5 to Form 10-K Report dated                March 30, 1992 (File                No. 0-17619)                                           |

----

|   |                                                                                                                                                                                  |   | Incorporated                by                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                                                                                               |   |     Reference                to                                                 |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.9   | Amendment                No. 3 to Cityside Apartments, L.P. Amended and Restated Agreement                of                Limited Partnership                                       |   | Exhibit                10.6 to Form 10-K Report dated                March 30, 1992 (File                No. 0-17619)   |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.10  | Cobbet                Hill Associates Limited Partnership Amended and Restated Agreement                and                Certificate of Limited Partnership                         |   | Exhibit                10.4 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)   |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.11  | Cobbet                Hill Associates Limited Partnership First Amendment to Amended and                Restated Agreement and Certificate of Limited Partnership                     |   | Exhibit                10.8 to Form 10-K Report dated                March 30, 1993 (File                No. 0-17619)   |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.12  | Cobbet                Hill Associates Limited Partnership Second Amendment to the Amended                and                Restated Agreement and Certificate of Limited Partnership |   | Exhibit                10.9 to Form 10-K Report dated                March 30, 1993 (File                No. 0-17619)   |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.13  | Dunbar                Limited Partnership Second Amended and Restated Agreement of Limited                Partnership                                                                 |   | Exhibit                10.5 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)   |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.14  | Dunbar                Limited Partnership No. 2 Second Amended and Restated Agreement of                Limited                Partnership                                            |   | Exhibit                10.6 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)   |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.15  | Erie                Associates Limited Partnership Amended and Restated Agreement and                Certificate of Limited Partnership                                               |   | Exhibit                10.2 to Form 10-K Report dated                March 30, 1989 (File                No. 33-20391)  |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.16  | Federal                Apartments Limited Partnership Amended and Restated Agreement of                Limited                Partnership                                             |   | Exhibit                10.8 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)   |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.17  | First                Amendment to Federal Apartments Limited Partnership Amended and Restated                Agreement of Limited Partnership                                         |   | Exhibit                10.14 to Form 10-K Report dated                March 30, 1993 (File                No. 0-17619)  |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.18  | Second                Amendment to Federal Apartments Limited Partnership Amended and Restated                Agreement of Limited Partnership                                        |   | Exhibit                10.15 to Form 10-K Report dated                March 30, 1993 (File                No. 0-17619)  |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.19  | Golden                Gates Associates Amended and Restated Agreement of Limited                Partnership                                                                           |   | Exhibit                10.1 to Form 8-K Report dated                January 17, 1989 (File                No. 33-20391) |
|   |                                                                                                                                                                                  |   |                                                                                                                    |
| 10.20  | Grove                Park Housing, A California Limited Partnership Amended and Restated                Agreement of Limited Partnership                                              |   | Exhibit                10.10 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)  |

----

|   | Exhibit                                                                                                                                                                                                                                                    |   | Incorporated                byReference                  to                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.21  | Gulf                Shores Apartments Ltd. Amended and Restated Agreement and Certificate                of                Limited Partnership                                                                                                             |   | Exhibit                10.3 to Form 10-K Report dated                March 30, 1989 (File                No. 33-20391)    |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.22  | Hilltop                North Associates, A Virginia Limited Partnership Amended and Restated                Agreement of Limited Partnership                                                                                                               |   | Exhibit                10.12 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)    |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.23  | Madison-Bellefield                Associates Amended and Restated Agreement and Certificate of Limited                Partnership                                                                                                                          |   | Exhibit                10.2 to Form 8-K Report dated                January 17, 1989 (File                No. 33-20391)   |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.24  | Amended                and Restated Articles of Partnership in Commendam of Pine Hill Estates                Limited Partnership                                                                                                                           |   | Exhibit                10.2 to Form 10-Q Report dated                December 30, 1989 (File                No. 0-17619)  |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.25  | Santa                Juanita Limited Dividend Partnership Amended and Restated Agreement                of                Limited Partnership                                                                                                              |   | Exhibit                10.4 to Form 10-Q Report dated                December 30, 1989 (File                No. 0-17619)  |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.26  | Second                Amendment of Limited Partnership of Santa Juanita Limited Dividend                Partnership and Amendment No. 2 to the Amended and Restated Agreement                of                Limited Partnership                         |   | Exhibit                10.23 to Form 10-K Report dated March 30, 1994 (File                No. 0-17619)                   |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.27  | Amendment                No. 1 to Santa Juanita Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership (Replaces                in its entirety Exhibit 10.24 hereof.)                 |   | Exhibit                10.1 to Form 10-Q Report dated                September 29, 1995 (File                No. 0-17619) |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.28  | Amendment                No. 2 to Santa Juanita Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership                                                                                      |   | Exhibit                10.2 to Form 10-Q Report dated                September 29, 1995 (File                No. 0-17619) |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.29  | Vista                Del Mar Limited Dividend Partnership Amended and Restated Agreement                and                Certificate of Limited Partnership                                                                                              |   | Exhibit                10.1 to Form 10-K Report dated                March 30, 1989 (File                No. 33-20391)    |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.30  | Certificate                of Amendment of Limited Partnership of Vista Del Mar Limited Dividend                Partnership and Amendment No. 1 to the Amended and Restated Agreement                and                Certificate of Limited Partnership |   | Exhibit                10.25 to Form 10-K Report dated March 30, 1994(File                No. 0-17619)                    |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.31  | Amendment                No. 1 to Vista del Mar Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership(Replaces                in its entirety Exhibit 10.28 hereof.)                       |   | Exhibit                10.3 to Form 10-Q Report dated                September 29, 1995 (File                No. 0-17619) |
|   |                                                                                                                                                                                                                                                       |   |                                                                                                                      |
| 10.32  | Amendment                No. 2 to Vista del Mar Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership                                                                                      |   | Exhibit                10.4 to Form 10-Q Report dated                September 29, 1995 (File                No. 0-17619) |

----

|   | Exhibit                                                                                                                                                                                                            |   | Incorporated                  byReference                to                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| 10.33  | Amended                and Restated Articles of Partnership in Commendam of Winnsboro Homes                Limited Partnership                                                                                     |   | Exhibit                10.1 to Form 10-Q Report dated                December 30, 1989 (File                No. 0-17619)  |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| 10.34  | The                B & V, Ltd. Investment                Agreement                                                                                                                                             |   | Exhibit                10.2 to Form 10-Q Report dated                September 29, 1994 (File                No. 0-17619) |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| 10.35  | The                B & V Phase I, Ltd. Investment                Agreement                                                                                                                                     |   | Exhibit                10.3 to Form 10-Q Report dated                September 29, 1994 (File                No. 0-17619) |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| *31.1  | Rule                13a-14(a)/15d-14(a) Certification of Chief Executive                Officer                                                                                                                    |   |                                                                                                                      |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| *31.2  | Rule                13a-14(a)/15d-14(a) Certification of Chief Financial                Officer.                                                                                                                   |   |                                                                                                                      |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| *32.1  | Section                1350 Certification of Chief Executive Officer.                                                                                                                                              |   |                                                                                                                      |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| *32.2  | Section                1350 Certification of Chief Financial Officer.                                                                                                                                              |   |                                                                                                                      |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| 99.22  | Pages                21 through 35, 51 through 75 and 89 through 91 of Prospectus dated                May 6,                1989 filed pursuant to Rule 424(b)(3) under the Securities Act of                1933 |   | Exhibit                28 to Form 10-K Report dated                March 30, 1989 (File                No. 33-20391)      |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| 99.23  | Pages                16 through 19 of Prospectus dated May 6, 1989 filed pursuant to Rule                424(b)(3) under the Securities Act of 1933                                                                |   | Exhibit                28.2 to Form 10-K Report dated                March 30, 1990 (File                No. 0-17619)     |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| 99.24  | Supplement                No. 1 dated August 11, 1988 to Prospectus                                                                                                                                                |   | Exhibit                28.3 to Form 10-K Report dated                March 30, 1991 (File                No. 0-17619)     |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| 99.25  | Supplement                No. 2 dated September 20, 1988 to Prospectus                                                                                                                                             |   | Exhibit                28.4 to Form 10-K Report dated                March 30, 1991 (File                No. 0-17619)     |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| *99.26 | Independent                Auditors’ Report of Cobbet Hill Associates Limited Partnership as of and                for the years ended December 31, 2005 and 2004                                            |   |                                                                                                                      |
|   |                                                                                                                                                                                                               |   |                                                                                                                      |
| *99.27 | Audited                Financial Statements of Madison-Bellefield Associates Limited Partnership                as of and for the years ended December 31, 2005 and 2004                                           |   |                                                                                                                      |

| *Filed herewith. |
|------------------|
|             |   |
| (b)** **    | **Exhibits** |
|             |   |
|             | See (a)(3) above. |
|             |   |
| (c)              | **Financial Statement              Schedules** |
|             |   |
|             | See (a)(2)              above. |

----

**SIGNATURES**

|         |                                                                                                      |                                                                                               |
|--------------|-----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
|         | **AMERICAN                  TAX CREDIT PROPERTIES L.P.**(a                  Delaware limited partnership) |
|    |                                                                                                 |                                                                                          |
|         | By:                                                                                             | Richman                Tax Credit                Properties L.P., General                  Partner |
|         |                                                                                                      |                                                                                               |
|         | By:                                                                                                       | Richman Tax Credit Properties Inc.,general                  partner                                |

|                                      |                                                                   |   |
|-------------------------------------------|------------------------------------------------------------------------|--------|
| Dated:March                14, 2008  | /s/                David                Salzman                        |
|                                      | David                  SalzmanChief                  Executive Officer |

|                                      |                                                                     |   |
|-------------------------------------------|--------------------------------------------------------------------------|--------|
| Dated:March                14, 2008  | /s/                Neal                Ludeke                            |
|                                      | Neal                    LudekeChief                    Financial Officer |

| Signature                                     |   | Title                                                 |   | Date                          |
|-----------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------|
|                                          |   |                                                  |   |                          |
|                                          |   |                                                  |   |                          |
| /s/                David Salzman         |   | Chief                Executive Officer of the general |   | March                14, 2008 |
| (David                Salzman)                |   | partner                of the General Partner         |   |                          |
|                                          |   |                                                  |   |                          |
| /s/                Neal Ludeke           |   | Chief                Financial Officer of the general |   | March                14, 2008 |
| (Neal                Ludeke)                  |   | partner                of the General Partner         |   |                          |
|                                          |   |                                                  |   |                          |
| /s/                Richard Paul Richman  |   | Director                of the general partner of the |   | March                14, 2008 |
| (Richard                Paul Richman)         |   | General                Partner                        |   |                          |

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