**FORM      10-K**

**March      30, 2007**

**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) |

**(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.***

| ·                  | adverse                use of adjacent or neighborhood real                estate; |
|----------------------------------------|------------------------------------------------------------------------------------|

| ·                  | regulated                rents, which may adversely impact rent                increases; |
|----------------------------------------|-------------------------------------------------------------------------------------------|

| ·                  | utility                allowances, which may adversely impact rents charged to tenants from                year                to year in certain locations; |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | changes                in the demand for or supply of competing                properties; |
|----------------------------------------|--------------------------------------------------------------------------------------------|

| ·                  | changes                in state or local tax rates and                assessments; |
|----------------------------------------|------------------------------------------------------------------------------------|

| ·   | increases                in utility charges; |
|--------------------|----------------------------------------------|

| ·                  | unexpected                expenditures for repairs and                maintenance; |
|----------------------------------------|------------------------------------------------------------------------------------|

| ·                  | discovery                of previously undetected environmentally hazardous                conditions; |
|----------------------------------------|--------------------------------------------------------------------------------------------------------|

| ·                  | costs                associated with complying with the Americans with Disabilities                Act; |
|----------------------------------------|---------------------------------------------------------------------------------------------------------|

| ·                 | uninsured                losses relating to real property or excessively expensive premiums                for                insurance coverage; |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | changes                in local economic conditions; and |
|----------------------------------------|----------------------------------------------------------|

| ·                  | changes                in interest rates and the availability of                financing. |
|----------------------------------------|--------------------------------------------------------------------------------------------|

----

**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)**

| Name                    of Local PartnershipName                    of apartment complexApartment                    complex                    location       |   | Numberof                    rentalunits |   | Capital                    contribution |   | Mortgage                      loanspayable                      as ofDecember                      31, 2006 |   | Subsidy                    (see                    footnotes) |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|-----------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|------------|
| 4611                South Drexel Limited Partnership (6), (7)South                Drexel ApartmentsChicago,                Illinois                                                          |   |                                    | 44     |                                    | $      | 1,354,968                                                                                                   |   | $                                                             | —    | (6) |   |   |   |
|                                                                                                                                                                                         |   |                                    |   |                                    |   |                                                                                                        |   |                                                          |       |   |   |   |   |
| 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 (3)Blue                Hill HousingGrove                Hall, Massachusetts                                                             |   |                                    | 144    |                                    |   | 4,506,082                                                                                                   |   |                                                          | —    | (3) |   |   |   |
|                                                                                                                                                                                         |   |                                    |   |                                    |   |                                                                                                        |   |                                                          |       |   |   |   |   |
| Cityside                Apartments, L.P. Cityside                Apartments Trenton,                New Jersey                                                                               |   |                                    | 126    |                                    |   | 6,098,988                                                                                                   |   |                                                          | 6,813,325  |   |   | (1a&d | ) |
|                                                                                                                                                                                         |   |                                    |   |                                    |   |                                                                                                        |   |                                                          |       |   |   |   |   |
| Cobbet                Hill Associates Limited Partnership (7)Cobbet                Hill Apartments Lynn,                Massachusetts                                                        |   |                                    | 117    |                                    |   | 5,303,771                                                                                                   |   |                                                          | 13,211,842 |   |   | (1a,b&d | ) |
|                                                                                                                                                                                         |   |                                    |   |                                    |   |                                                                                                        |   |                                                          |       |   |   |   |   |
| Dunbar                Limited PartnershipSpring                Grove Apartments Chicago,                Illinois                                                                             |   |                                    | 101    |                                    |   | 1,518,229                                                                                                   |   |                                                          | 4,909,284  |   |   | (1a,d&e | ) |
|                                                                                                                                                                                         |   |                                    |   |                                    |   |                                                                                                        |   |                                                          |       |   |   |   |   |
| Dunbar                Limited Partnership No. 2Park                View Apartments Chicago,                Illinois                                                                          |   |                                    | 102    |                                    |   | 1,701,849                                                                                                   |   |                                                          | 5,241,005  |   |   | (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                                                                                                   |   |                                                          | 5,813,586  |   |   | (1a,d&f | ) |
|                                                                                                                                                                                         |   |                                    |   |                                    |   |                                                                                                        |   |                                                          |       |   |   |   |   |
| Golden                Gates Associates Golden                GatesBrooklyn,                New York                                                                                          |   |                                    | 85     |                                    |   | 879,478                                                                                                     |   |                                                          | 4,369,769  |   |   | (1b | ) |
|                                                                                                                                                                                         |   |                                    |   |                                    |   |                                                                                                        |   |                                                          |       |   |   |   |   |
| Grove                Park Housing, A California LimitedPartnership                (5)Grove                Park ApartmentsGarden                Grove, California                             |   |                                    | 104    |                                    |   | 1,634,396                                                                                                   |   |                                                          | —    | (5) |   |   |   |

----

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

| Name                  of Local Partnership Name                  of apartment complex Apartment                  complex location                |   | Number                  of rental units |   | Capital                  contribution |   | Mortgage                  loans payable                  as of December                  31, 2006 |   | Subsidy                  (see                  Footnotes) |       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|---------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|------------|
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |
| Gulf                  Shores Apartments Ltd. Morgan                  Trace ApartmentsGulf                  Shores, Alabama                                                     |   |                                    | 50     |                                  | $      | 352,693                                                                                           |   | $                                                         | 1,448,927  |   |   | (1b | ) |
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |   |   |   |   |
| Hilltop                  North Associates, A Virginia LimitedPartnership                  (4), (7)Hilltop                  North ApartmentsRichmond,                  Virginia |   |                                    | 160    |                                  |   | 1,470,734                                                                                         |   |                                                      | —    | (4) |   |   |   |
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |   |   |   |   |
| Madison-Bellefield                  Associates Bellefield                  DwellingsPittsburgh,                  Pennsylvania                                                  |   |                                    | 158    |                                  |   | 1,047,744                                                                                         |   |                                                      | 2,547,473  |   |   | (1a&d | ) |
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |   |   |   |   |
| Pine                  Hill Estates Limited Partnership Pine                  Hill EstatesShreveport,                  Louisiana                                                |   |                                    | 110    |                                  |   | 613,499                                                                                           |   |                                                      | 2,222,099  |   |   | (1a&d | ) |
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |   |   |   |   |
| Santa                  Juanita Limited Dividend Partnership L.P.Santa                  Juanita ApartmentsBayamon,                  Puerto Rico                                 |   |                                    | 45     |                                  |   | 313,887                  (2                                                                       | )      |                                                      | 1,331,008  |   |   | (1a,b&d | ) |
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |   |   |   |   |
| Vista                  del Mar Limited Dividend Partnership L.P.Vista                  del Mar ApartmentsFajardo,                  Puerto Rico                                 |   |                                    | 152    |                                  |   | 3,097,059                                                                                         |   |                                                      | 4,818,702  |   |   | (1a,b&d | ) |
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |   |   |   |   |
| Winnsboro                  Homes Limited Partnership Winnsboro                  HomesWinnsboro,                  Louisiana                                                     |   |                                    | 50     |                                  |   | 289,730                                                                                           |   |                                                      | 2,027,360  |   |   | (1a,d&g | ) |
|                                                                                                                                                                           |   |                                    |   |                                  |   |                                                                                              |   |                                                      |       |   |   |   |   |
|                                                                                                                                                                           |   |                                    |   |                                  | $      | 35,961,863                                                                                        |   | $                                                         | 54,754,380 |   |   |   |   |

|   | (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)   | The                City                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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|  | (2) | Reflects                amount attributable to Registrant                only. |
|--|-----|--------------------------------------------------------------------------------|

|  | (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, 2006 and 2005 in Note 5 to the financial                statements. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | 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). |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Registrant                withdrew as a limited partner in April 2006 (see Part II, Item 7                -                Management’s Discussion and Analysis of Financial Condition and Results of                Operations, herein). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (6) | The                underlying Property was sold in October 2006 (see Part II, Item 7                -                Management’s Discussion and Analysis of Financial Condition and Results of                Operations, herein). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | 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, |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|-----------|
|                                                                                                                                            |   | 2007                                         |      | 2006 |   | 2005 |   | 2004 |   | 2003 |   |
| Interest                  and other revenue                                                                                                     |   | $                                            | 139,394   |   | $ | 131,925 |   | $ | 37,092 |   | $ | 89,603 |   | $ | 100,999 |   |
|                                                                                                                                            |   |                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                      in loss of investment in                      local partnerships                                                    |   | $                                            | (86,989   | ) | $ | (299,753 | ) | $ | (527,452 | ) | $ | (600,150 | ) | $ | (143,793 | ) |
|                                                                                                                                            |   |                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain                        on disposal of limited partner                        interests/local partnership                        properties |   | $                                            | 2,977,067 |   | $ | 89,682 |   | $ | 916,094 |   | $ | — |   | $ | — |   |
|                                                                                                                                            |   |                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income (loss)                                                                                                              |   | $                                            | 2,516,500 |   | $ | (634,019 | ) | $ | (73,305 | ) | $ | (1,092,174 | ) | $ | (560,050 | ) |
|                                                                                                                                                 |   |                                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                      income (loss) per unit of limited                      partnership interest                                            |   | $                                            | 60.34     |   | $ | (15.20 | ) | $ | (1.76 | ) | $ | (26.19 | ) | $ | (13.43 | ) |

|                          |   | As                  of March 30, |      |
|-------------------------------|--------|----------------------------------|-----------|
|                          |   |                             | 2007      |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
|                          |   |                             |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  assets |   | $                                | 3,259,079 |   | $ | 724,880 |   | $ | 1,443,486 |   | $ | 1,472,362 |   | $ | 2,546,633 |   |

**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) |   | $      | 79,349 |                         | $      | 79,349                                        |   | $                                             | — |                          | $      | — |   | $ | — |   |

| (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, 2007 AND 2006**

|                                                                                                      |   | **Notes** |    | **2007** |   | **2006**  |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|---------|----------|--------|-----------|--------|
| **ASSETS**                                                                                                |   |      |    |     |   |      |   |
|                                                                                                      |   |      |    |     |   |      |   |
| Cash                and cash equivalents                                                                  |   |      | 3,9     |     | $      | 2,815,036 |   | $ | 256,337 |   |
| Investments                in bonds                                                                       |   |      | 4,5,8,9 |     |   | 107,476   |   |   | 123,644 |   |
| Due                from local partnership                                                                 |   |      | 5,9     |     |   | 11,547    |   |   |   |   |
| Investment                in local partnerships                                                           |   |      | 5,8     |     |   | 325,020   |   |   | 344,245 |   |
| Interest                receivable                                                                        |   |      | 9       |     |   |      |   |   | 654 |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     | $      | 3,259,079 |   | $ | 724,880 |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                       |   |      |    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
| Liabilities                                                                                               |   |      |    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |    |     | $      | 113,337   |   | $ | 96,115 |   |
| Payable                to general partner and affiliates                                                  |   |      | 6,8     |     |   | 79,349    |   |   | 79,095 |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     |   | 192,686   |   |   | 175,210 |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
| Commitments                and contingencies                                                              |   |      | 5,8     |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
| Partners’                equity (deficit)                                                           |   |      | 2,4     |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
| General                partner                                                                            |   |      |    |     |   | (335,035  | )      |   | (360,200 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |    |     |   | 3,401,527 |   |   | 910,192 |   |
| Accumulated                other comprehensive loss, net                                                  |   |      |    |     |   | (99       | )      |   | (322 | ) |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     |   | 3,066,393 |   |   | 549,670 |   |
|                                                                                                      |   |      |    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |    |     | $      | 3,259,079 |   | $ | 724,880 |   |

----

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

**STATEMENTS      OF OPERATIONS**

**YEARS      ENDED MARCH 30, 2007, 2006 **
**AND      **
**2005**

|                                                                                                                                                      |   | **Notes**    |   | **2007** |   | **2006**  |   | **2005** |     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|----------|--------|-----------|--------|----------|----------|
| **REVENUE**                                                                                                                                               |   |         |   |     |   |      |   |     |     |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |
| Interest                                                                                                                                                  |   |    |   | $130,644 |   | $116,925  |   | $29,592  |     |
| Other                income from local partnerships                                                                                                       |   |         |   |     |   | 8,750     |   |     | 15,000   |   |   | 7,500 |   |
| TOTAL                REVENUE                                                                                                                              |   |         |   |     |   | 139,394   |   |     | 131,925  |   |   | 37,092 |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| **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                                                                                                                          |   |         |   |     |   | 75,251    |   |     | 85,779   |   |   | 73,775 |   |
| State                of New Jersey filing fees                                                                                                            |   |         |   |     |   | 56,126    |   |     | 65,548   |   |   | 26,741 |   |
| Printing,                postage and other                                                                                                                |   |         |   |     |   | 22,406    |   |     | 45,357   |   |   | 39,334 |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                             |   |         |   |     |   | 512,972   |   |     | 555,873  |   |   | 499,039 |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
|                                                                                                                                                      |   |         |   |     |   | (373,578  | )      |     | (423,948 | ) |   | (461,947 | ) |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                         |   |         | 5      |     |   | (86,989   | )      |     | (299,753 | ) |   | (527,452 | ) |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| Loss                prior to gain on disposal of limited partner interests/local partnership                properties                                    |   |         |   |     |   | (460,567  | )      |     | (723,701 | ) |   | (989,399 | ) |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                                  |   |         |   |     |   | 2,977,067 |   |     | 89,682   |   |   | 916,094 |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                      |   |         |   |     |   | 2,516,500 |   |     | (634,019 | ) |   | (73,305 | ) |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| Other                comprehensive income (loss), net                                                                                                     |   |         | 4      |     |   | 223       |   |     | (120,524 | ) |   | 76,267 |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                            |   |         |   |     | $      | 2,516,723 |   | $        | (754,543 | ) | $ | 2,962 |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                      |   |         | 2      |     |   |      |   |     |     |   |   |   |   |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| General                partner                                                                                                                            |   |         |   |     | $      | 25,165    |   | $        | (6,340   | ) | $ | (733 | ) |
| Limited                partners                                                                                                                           |   |         |   |     |   | 2,491,335 |   |     | (627,679 | ) |   | (72,572 | ) |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
|                                                                                                                                                      |   |         |   |     | $      | 2,516,500 |   | $        | (634,019 | ) | $ | (73,305 | ) |
|                                                                                                                                                      |   |         |   |     |   |      |   |     |     |   |   |   |   |
| **NET                INCOME (LOSS)**per                unit of limited partnership interest (41,286 units of limited partnership                interest) |   |         |   |     | $      | 60.34     |   | $        | (15.20   | ) | $ | (1.76 | ) |

----

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

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

**YEARS      ENDED MARCH 30, 2007, 2006 **
**AND**
**      2005**

|                                                      |   | **General****Partner** |               |  **Limited****Partners** |   | **Accumulated                Other Comprehensive Income (Loss), Net** |   | **Total** |     |
|-----------------------------------------------------------|--------|------------------------|--------------------|-------------------------------|--------|-----------------------------------------------------------------------|--------|-----------|----------|
| 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 |   |
|                                                      |   |                   |               |                          |   |                                                                  |   |      |     |   |   |   |   |
| Net                income                                 |   |                   | 25,165             |                          |   | 2,491,355                                                             |   |      |     |   |   | 2,516,500 |   |
|                                                      |   |                   |               |                          |   |                                                                  |   |      |     |   |   |   |   |
| Other                comprehensive loss, net              |   |                   |          |                          |   |                                                             |   |      | 223      |   |   | 223 |   |
|                                                      |   |                   |               |                          |   |                                                                  |   |      |     |   |   |   |   |
| Partners'                equity (deficit), March 30, 2007 |   | $                      | (335,035           | )                             | $      | 3,401,527                                                             |   | $         | (99      | ) | $ | 3,066,393 |   |

----

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

**STATEMENTS      OF CASH FLOWS**

**YEARS      ENDED MARCH 30, 2007, 2006**
**      AND**
**      2005**

|                                                                                                                         |   | **2007** |      | **2006** |   | **2005** |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|----------|--------|
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                                      |   |     |      |     |   |     |   |
|                                                                                                                         |   |     |      |     |   |     |   |
| Interest                received                                                                                             |   | $        | 126,689   |     | $      | 16,158   |   | $ | 16,695 |   |
| Cash                paid for                                                                                                 |   |     |      |     |   |     |   |   |   |   |
| administration                fees                                                                                           |   |     | (183,469  | )        |   | (183,638 | )      |   | (183,682 | ) |
| management                fees                                                                                               |   |     | (175,466  | )        |   | (175,466 | )      |   | (175,466 | ) |
| professional                fees                                                                                             |   |     | (57,146   | )        |   | (82,916  | )      |   | (75,369 | ) |
| State                of New Jersey filing fee                                                                                |   |     | (57,009   | )        |   | (33,312  | )      |   | (60,986 | ) |
| printing,                postage and other expenses                                                                          |   |     | (22,406   | )        |   | (40,644  | )      |   | (39,334 | ) |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| Net                cash used in operating activities                                                                         |   |     | (368,807  | )        |   | (499,818 | )      |   | (518,142 | ) |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                                      |   |     |      |     |   |     |   |   |   |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| Cash                distributions from local partnerships                                                                    |   |     | 21,570    |     |   | 65,643   |   |   | 18,607 |   |
| Proceeds                in connection with disposal of limited partner interests/local partnership                properties |   |     | 2,965,520 |     |   | 89,682   |   |   | 1,001,903 |   |
| Advances                to local partnerships                                                                                |   |     | (80,584   | )        |   | (250,528 | )      |   | (374,837 | ) |
| Maturities/redemptions                and sales of bonds and marketable equity security                                      |   |     | 21,000    |     |   | 127,050  |   |   | 520,250 |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| Net                cash provided by investing activities                                                                     |   |     | 2,927,506 |     |   | 31,847   |   |   | 1,165,923 |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| Net                increase (decrease) in cash and cash equivalents                                                          |   |     | 2,558,699 |     |   | (467,971 | )      |   | 647,781 |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| Cash                and cash equivalents at beginning of year                                                                |   |     | 256,337   |     |   | 724,308  |   |   | 76,527 |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF YEAR**                                                                  |   | $        | 2,815,036 |     | $      | 256,337  |   | $ | 724,308 |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**                                                                 |   |     |      |     |   |     |   |   |   |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| Unrealized                gain (loss) on investments in bonds and marketable equity security,                net             |   | $        | 223       |     | $      | (120,524 | )      | $ | 76,267 |   |
|                                                                                                                         |   |     |      |     |   |     |   |   |   |   |
| Increase                in due from local partnership                                                                        |   | $        | 11,547    |     |   |     |   |   |   |   |

----

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

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

**YEARS      ENDED MARCH 30, 2007, 2006 **
**AND**
**      2005**

|                                                                                                           |   | **2007** |       | **2006** |   | **2005** |   |
|----------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|----------|--------|
| **RECONCILIATION                OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING                ACTIVITIES** |   |     |       |     |   |     |   |
|                                                                                                           |   |     |       |     |   |     |   |
| Net                income (loss)                                                                               |   | $        | 2,516,500  |     | $      | (634,019 | )      | $ | (73,305 | ) |
|                                                                                                           |   |     |       |     |   |     |   |   |   |   |
| Adjustments                to reconcile net income (loss) to net cash used in operating activities             |   |     |       |     |   |     |   |   |   |   |
|                                                                                                           |   |     |       |     |   |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                              |   |     | 86,989     |     |   | 299,753  |   |   | 527,452 |   |
| Gain                on disposal of limited partner interests/local partnership                properties       |   |     | (2,977,067 | )        |   | (89,682  | )      |   | (916,094 | ) |
| Gain                on redemptions and sales of bonds and marketable equity                security            |   |     |       |     |   | (96,200  | )      |   | (9,984 | ) |
| Distributions                from local partnerships classified as other income                                |   |     | (8,750     | )        |   | (15,000  | )      |   | (7,500 | ) |
| Amortization                of net premium on investments in bonds                                             |   |     | 238        |     |   | 263      |   |   | 2,722 |   |
| Accretion                of zero coupon bonds                                                                  |   |     | (4,847     | )        |   | (4,860   | )      |   | (10,048 | ) |
| Decrease                (increase) in prepaid expenses                                                         |   |     |       |     |   | 3,960    |   |   | (3,960 | ) |
| Decrease                in interest receivable                                                                 |   |     | 654        |     |   | 30       |   |   | 4,413 |   |
| Increase                (decrease) in accounts payable and accrued expenses                                    |   |     | 17,222     |     |   | 35,852   |   |   | (31,879 | ) |
| Increase                in payable to general partner and affiliates                                           |   |     | 254        |     |   | 85       |   |   | 41 |   |
|                                                                                                           |   |     |       |     |   |     |   |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                       |   | $        | (368,807   | )        | $      | (499,818 | )      | $ | (518,142 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2007, 2006 **
**AND**
**      2005**

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

----

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

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

**MARCH      30, 2007, 2006 **
**AND**
**      2005**

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

----

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

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

**MARCH      30, 2007, 2006 **
**AND**
**      2005**

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

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

**4.      **
**Investments      in Bonds**

|  Description                and maturity                                              |   | Amortizedcost |    | Gross                unrealized gains |   | Gross                unrealized losses |   | Estimatedfair                value |   |
|--------------------------------------------------------------------------------------------|--------|---------------|---------|---------------------------------------|--------|----------------------------------------|--------|------------------------------------|--------|
| U.S.                    government and agency securitiesWithin                    one year |   | $             | 107,575 |                                  | $      | —                                |   | $                                  | (99    | ) | $ | 107,476 |   |

| Description                and maturity                                                                          |   | Amortizedcost |    | Gross                unrealized gains |   | Gross                unrealized losses |   | Estimatedfair                value |   |
|------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|---------------------------------------|--------|----------------------------------------|--------|------------------------------------|--------|
| Corporate                debt securitiesWithin                one year                                           |   | $             | 21,238  |                                  | $      | 37                                     |   | $                                  | (125   | ) | $ | 21,150 |   |
| U.S.                      government and agency securitiesAfter                      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, 2007, 2006 **
**AND**
**      2005**

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

| 1.   | Cityside                Apartments, L.P.*;                                                                                                    |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                          |
| 2.   | Cobbet                Hill Associates Limited Partnership (“Cobbet”)*;                                                            |
|      |                                                                                                                                          |
| 3.   | Dunbar                Limited Partnership;                                                                                                    |
|      |                                                                                                                                          |
| 4.   | Dunbar                Limited Partnership No. 2;                                                                                              |
|      |                                                                                                                                          |
| 5.   | Federal                Apartments Limited Partnership;                                                                                        |
|      |                                                                                                                                          |
| 6.   | Golden                Gates Associates;                                                                                                       |
|      |                                                                                                                                          |
| 7.   | Gulf                Shores Apartments Ltd.;                                                                                                   |
|      |                                                                                                                                          |
| 8.   | Madison-Bellefield                Associates;                                                                                                 |
|      |                                                                                                                                          |
| 9.   | Pine                Hill Estates Limited Partnership;                                                                                         |
|      |                                                                                                                                          |
| 10.  | Santa                Juanita Limited Dividend Partnership L.P. (“Santa                Juanita”);                                  |
|      |                                                                                                                                          |
| 11.  | Vista                del Mar Limited Dividend Partnership L.P.; and                                                                           |
|      |                                                                                                                                          |
| 12.  | 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, 2007, 2006 **
**AND      **
**2005**

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

|                                                                                                                                           |   | **2006** |        | **2005** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
| **ASSETS**                                                                                                                                     |   |     |        |     |   |
|                                                                                                                                           |   |     |        |     |   |
| Cash                  and cash equivalents                                                                                                     |   | $        | 566,552     |     | $      | 573,309 |   |
| Rents                  receivable                                                                                                              |   |     | 183,183     |     |   | 171,065 |   |
| Escrow                  deposits and reserves                                                                                                  |   |     | 3,260,437   |     |   | 3,365,243 |   |
| Land                                                                                                                                           |   |     | 2,476,862   |     |   | 3,498,222 |   |
| Buildings                  and improvements (net of accumulated depreciation of $53,146,767                  and                  $55,529,671) |   |     | 31,830,590  |     |   | 38,533,369 |   |
| Intangible                  assets (net of accumulated amortization of $539,622 and                  $735,918)                                 |   |     | 861,983     |     |   | 1,122,318 |   |
| Other                  assets                                                                                                                  |   |     | 664,938     |     |   | 725,132 |   |
|                                                                                                                                           |   |     |        |     |   |   |   |
|                                                                                                                                           |   | $        | 39,844,545  |     | $      | 47,988,658 |   |
| **LIABILITIES                  AND PARTNERS' EQUITY (DEFICIT)**                                                                                |   |     |        |     |   |   |   |
|                                                                                                                                           |   |     |        |     |   |   |   |
| Liabilities                                                                                                                                    |   |     |        |     |   |   |   |
|                                                                                                                                           |   |     |        |     |   |   |   |
| Accounts                  payable and accrued expenses                                                                                         |   | $        | 1,055,183   |     | $      | 1,199,338 |   |
| Due                  to related parties                                                                                                        |   |     | 4,808,008   |     |   | 6,136,219 |   |
| Mortgage                  loans                                                                                                                |   |     | 54,754,380  |     |   | 62,434,670 |   |
| Notes                  payable                                                                                                                 |   |     | 1,028,002   |     |   | 1,109,543 |   |
| Accrued                  interest                                                                                                              |   |     | 10,600,232  |     |   | 9,517,217 |   |
| Other                  liabilities                                                                                                             |   |     | 238,534     |     |   | 286,442 |   |
|                                                                                                                                           |   |     |        |     |   |   |   |
|                                                                                                                                           |   |     | 72,484,339  |     |   | 80,683,429 |   |
| Partners'                  equity (deficit)                                                                                                    |   |     |        |     |   |   |   |
|                                                                                                                                           |   |     |        |     |   |   |   |
| American                  Tax Credit Properties L.P.                                                                                           |   |     |        |     |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |     | 23,603,033  |     |   | 26,446,489 |   |
| Cumulative                  loss                                                                                                               |   |     | (22,743,849 | )        |   | (25,790,380 | ) |
|                                                                                                                                           |   |     |        |     |   |   |   |
|                                                                                                                                           |   |     | 859,184     |     |   | 656,109 |   |
| General                  partners and other limited partners                                                                                   |   |     |        |     |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |     | 1,104,998   |     |   | 1,109,087 |   |
| Cumulative                  loss                                                                                                               |   |     | (34,603,976 | )        |   | (34,459,967 | ) |
|                                                                                                                                           |   |     |        |     |   |   |   |
|                                                                                                                                           |   |     | (33,498,978 | )        |   | (33,350,880 |   |
|                                                                                                                                           |   |     |        |     |   |   |   |
|                                                                                                                                           |   |     | (32,639,794 | )        |   | (32,694,771 | ) |
|                                                                                                                                           |   |     |        |     |   |   |   |
|                                                                                                                                           |   | $        | 39,844,545  |     | $      | 47,988,658 |   |

----

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

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

**MARCH      30, 2007, 2006 **
**AND      **
**2005**

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

|                                                                                                                                                                                                              |   | **2006** |       | **2005** |   | **2004**   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|------------|--------|
| **REVENUE**                                                                                                                                                                                                       |   |     |       |     |   |       |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |
| Rental                                                                                                                                                                                                            |   | $        | 11,267,574 |     | $      | 12,226,909 |   | $ | 14,353,563 |   |
| Interest                  and other                                                                                                                                                                               |   |     | 316,969    |     |   | 263,002    |   |   | 398,937 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| TOTAL                  REVENUE                                                                                                                                                                                    |   |     | 11,584,543 |     |   | 12,489,911 |   |   | 14,752,500 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                                      |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| Administrative                                                                                                                                                                                                    |   |     | 2,338,155  |     |   | 2,604,667  |   |   | 2,914,943 |   |
| Utilities                                                                                                                                                                                                         |   |     | 1,371,016  |     |   | 1,468,264  |   |   | 1,521,566 |   |
| Operating                  and maintenance                                                                                                                                                                        |   |     | 3,324,437  |     |   | 3,254,068  |   |   | 3,939,366 |   |
| Taxes                  and insurance                                                                                                                                                                              |   |     | 1,203,165  |     |   | 1,272,237  |   |   | 1,554,534 |   |
| Financial                                                                                                                                                                                                         |   |     | 4,014,578  |     |   | 4,953,038  |   |   | 5,954,816 |   |
| Depreciation                  and amortization                                                                                                                                                                    |   |     | 3,424,564  |     |   | 3,796,863  |   |   | 3,867,897 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| TOTAL                  EXPENSES                                                                                                                                                                              |   |     | 15,675,915 |     |   | 17,349,137 |   |   | 19,753,122 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| Loss                  from operations before gain on sale of local partnership                  property                                                                                                          |   |     | (4,091,372 | )        |   | (4,859,226 | )      |   | (5,000,622 | ) |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| Gain                  on sale of local partnership property                                                                                                                                                       |   |     | 1,703,763  |     |   | 452,366    |   |   | 2,123,056 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| **NET                  LOSS**                                                                                                                                                                                     |   | $        | (2,387,609 | )        | $      | (4,406,860 | )      | $ | (2,877,566 | ) |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| **NET                  EARNINGS (LOSS) ATTRIBUTABLE TO**                                                                                                                                                          |   |     |       |     |   |       |   |   |   |   |
| American                  Tax Credit Properties L.P.*                                                                                                                                                             |   | $        | 1,251,792  |     | $      | (299,753   | )      | $ | 1,574,374 |   |
| General                  partners and other limited partners, which includes Partnership                  loss in                  excess of investment of $3,578,976, $4,046,200 and                  $4,385,221 |   |     | (3,639,401 | )        |   | (4,107,107 | )      |   | (4,451,940 | ) |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                                              |   | $        | (2,387,609 | )        | $      | (4,406,860 | )      | $ | (2,877,566 | ) |

----

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

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

**MARCH      30, 2007, 2006 **
**AND      **
**2005**

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

| Name                of Local Partnership                            |   | Investment                inLocalPartnershipbalance                as ofMarch                30,2006 |    | Investments                during                the yearendedMarch                30,2007 |   | Partnership'sequity                in loss forthe                year endedDecember 31,2006 |   | Cashdistributionsreceivedduringthe                year endedMarch 30,2007                (3) |    | Cashdistributionsclassifiedas                otherincome                duringthe                year ended March                30,2007 |   | Investment                inLocalPartnershipbalance                as ofMarch                30,2007 |   |
|---------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|
|                                                                |   |                                                                                                 |    |                                                                                       |   |                                                                                        |   |                                                                                         |    |                                                                                                                                          |   |                                                                                                 |   |
| 4611                South Drexel Limited Partnership                |   | $                                                                                                    | — |                                                                                       | $      | 80,584                                                                                      |   | $                                                                                            | (80,584 | )(2)                                                                                                                                          | $      | (2,500                                                                                               | )      | $ | 2,500 |   | $ | — |   |
| Cityside                Apartments, L.P.                            |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | 2,500                                                                                                |   |   | (2,500 | ) |   | — |   |
| Cobbet                Hill Associates Limited Partnership           |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Dunbar                Limited Partnership                           |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Dunbar                Limited Partnership No. 2                     |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Federal                Apartments Limited Partnership               |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
| Golden                Gates Associates                              |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Grove                Park Housing, A California Limited Partnership |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Gulf                Shores Apartments Ltd.                          |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Madison-Bellefield                Associates                        |   |                                                                                                 | 344,245 |                                                                                       |   | —                                                                                     |   |                                                                                         | (6,405  | )(1)                                                                                                                                          |   | (12,820                                                                                              | )      |   | — |   |   | 325,020 |   |
| Pine                Hill Estates Limited Partnership                |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
| Santa                Juanita Limited Dividend Partnership L.P.      |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Vista                del Mar Limited Dividend Partnership L.P.      |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | —                                                                                              |   |   | — |   |   | — |   |
| Winnsboro                Homes Limited Partnership                  |   |                                                                                                 | — |                                                                                       |   | —                                                                                     |   |                                                                                         | — | (1)                                                                                                                                           |   | (3,750                                                                                               | )      |   | 3,750 |   |   | — |   |
|                                                                |   |                                                                                                 |    |                                                                                       |   |                                                                                        |   |                                                                                         |    |                                                                                                                                          |   |                                                                                                 |   |   |   |   |   |   |   |
|                                                                |   | $                                                                                                    | 344,245 |                                                                                       | $      | 80,584                                                                                      |   | $                                                                                            | (86,989 | )                                                                                                                                             | $      | (21,570                                                                                              | )      | $ | 8,750 |   | $ | 325,020 |   |

| (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) | Excludes                distributions in connection with disposal of limited partner                interests/local partnership                properties. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

**MARCH      30, 2007, 2006 **
**AND      **
**2005**

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

|   Name                of Local Partnership                    |   | Investment                inLocalPartnershipbalance                as ofMarch                30,2005 |    |  Investments                during                the yearendedMarch                30,2006 |   | Partnership'sequity                in loss forthe                year endedDecember 31,2005 |   | Cashdistributionsreceivedduringthe                year endedMarch                30,2006                (3) |     | Cashdistributionsclassifiedas                otherincome                duringthe                year ended March                30,2006 |   | Investment                inLocalPartnershipbalance                as ofMarch                30,2006 |   |
|-------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|
|                                                                    |   |                                                                                                 |    |                                                                                             |   |                                                                                        |   |                                                                                                        |     |                                                                                                                                     |   |                                                                                                 |   |
| 4611                South Drexel Limited Partnership                    |   | $                                                                                                    | — |                                                                                             | $      | 250,528                                                                                     |   | $                                                                                                           | (250,528 | )(2)                                                                                                                                     | $      | —                                                                                              |   | $ | — |   | $ | — |   |
| Blue                Hill Housing Limited Partnership                    |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | —                                                                                              |   |   | — |   |   | — |   |
| Cityside                Apartments, L.P.                                |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
| Cobbet                Hill Associates Limited Partnership               |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
| Dunbar                Limited Partnership                               |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | —                                                                                              |   |   | — |   |   | — |   |
| Dunbar                Limited Partnership No. 2                         |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | —                                                                                              |   |   | — |   |   | — |   |
| Federal                Apartments Limited Partnership                   |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
| Golden                Gates Associates                                  |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
| Grove                Park Housing, A California Limited Partnership     |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | —                                                                                              |   |   | — |   |   | — |   |
| Gulf                Shores Apartments Ltd.                              |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | —                                                                                              |   |   | — |   |   | — |   |
| Hilltop                North Associates, A Virginia Limited Partnership |   |                                                                                                 | — |                                                                                             |   | —                                                                                     |   |                                                                                                        | —  | (1)                                                                                                                                      |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
| Madison-Bellefield                Associates                            |   |                                                                                                 | 444,113 |                                                                                             |   | —                                                                                     |   |                                                                                                        | (49,225  | )(1)                                                                                                                                     |   | (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)                                                                                                                                      |   | (2,500                                                                                               | )      |   | 2,500 |   |   | — |   |
|                                                                    |   |                                                                                                 |    |                                                                                             |   |                                                                                        |   |                                                                                                        |     |                                                                                                                                     |   |                                                                                                 |   |   |   |   |   |   |   |
|                                                                    |   | $                                                                                                    | 444,113 |                                                                                             | $      | 250,528                                                                                     |   | $                                                                                                           | (299,753 | )                                                                                                                                        | $      | (65,643                                                                                              | )      | $ | 15,000 |   | $ | 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) | Excludes                distributions in connection with disposal of limited partner                interests/local partnership                properties. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

**MARCH      30, 2007, 2006 **
**AND**
**      2005**

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

|  Name                of Local Partnership                 |   | Mortgageloans                payable |       |  Land |   | Buildings                and improvements |   | Accumulated                depreciation |       |
|----------------------------------------------------------------|--------|--------------------------------------|------------|------------|--------|-------------------------------------------|--------|-----------------------------------------|------------|
|                                                           |   |                                 |       |       |   |                                      |   |                                    |       |
| Cityside                Apartments, L.P.                       |   | $                                    | 6,813,325  |       |   | 131,591                                   |   |                                    | 13,856,717 |   |   | (8,699,774 | ) |
| Cobbet                Hill Associates Limited Partnership      |   |                                 | 13,211,842 |       |   | 504,683                                   |   |                                    | 17,014,973 |   |   | (10,906,826 | ) |
| Dunbar                Limited Partnership                      |   |                                 | 4,909,284  |       |   | 117,126                                   |   |                                    | 7,078,192  |   |   | (3,985,211 | ) |
| Dunbar                Limited Partnership No. 2                |   |                                 | 5,241,005  |       |   | 131,920                                   |   |                                    | 7,357,225  |   |   | (4,442,822 | ) |
| Federal                Apartments Limited Partnership          |   |                                 | 5,813,586  |       |   | 279,750                                   |   |                                    | 8,981,517  |   |   | (5,607,712 | ) |
| Golden                Gates Associates                         |   |                                 | 4,369,769  |       |   | 29,585                                    |   |                                    | 5,890,425  |   |   | (3,886,169 | ) |
| Gulf                Shores Apartments Ltd.                     |   |                                 | 1,448,927  |       |   | 172,800                                   |   |                                    | 1,784,516  |   |   | (1,172,092 | ) |
| Madison-Bellefield                Associates                   |   |                                 | 2,547,473  |       |   | 245,000                                   |   |                                    | 6,097,940  |   |   | (3,845,161 | ) |
| Pine                Hill Estates Limited Partnership           |   |                                 | 2,222,099  |       |   | 40,000                                    |   |                                    | 3,929,217  |   |   | (2,508,327 | ) |
| Santa                Juanita Limited Dividend Partnership L.P. |   |                                 | 1,331,008  |       |   | 228,718                                   |   |                                    | 2,470,639  |   |   | (1,494,617 | ) |
| Vista                del Mar Limited Dividend Partnership L.P. |   |                                 | 4,818,702  |       |   | 565,689                                   |   |                                    | 8,685,763  |   |   | (5,454,785 | ) |
| Winnsboro                Homes Limited Partnership             |   |                                 | 2,027,360  |       |   | 30,000                                    |   |                                    | 1,830,233  |   |   | (1,143,271 | ) |
|                                                           |   |                                 |       |       |   |                                      |   |                                    |       |   |   |   |   |
|                                                           |   | $                                    | 54,754,380 |       | $      | 2,476,862                                 |   | $                                       | 84,977,357 |   | $ | (53,146,767 | ) |

| 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 | ) |

----

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

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

**MARCH      30, 2007, 2006 **
**AND**
**      2005**

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

|                                      |   |  Balance                as ofDecember                31, 2005 |        | Net                changeduring                the year endedDecember                31, 2006 |   |  Balance                as ofDecember                31, 2006 |   |
|-------------------------------------------|--------|--------------------------------------------------------------------|-------------|-----------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
| Land                                      |   | $                                                                  | 3,498,222   |                                                                                          | $      | (1,021,360                                                         | )      | $ | 2,476,862 |   |
| Buildings                and improvements |   |                                                               | 94,063,040  |                                                                                          |   | (9,085,683                                                         | )      |   | 84,977,357 |   |
|                                      |   |                                                               | 97,561,262  |                                                                                          |   | (10,107,043                                                        | )      |   | 87,454,219 |   |
| Accumulated                depreciation   |   |                                                               | (55,529,671 | )                                                                                             |   | 2,382,904                                                          |   |   | (53,146,767 | ) |
|                                      |   |                                                               |        |                                                                                          |   |                                                               |   |   |   |   |
|                                      |   | $                                                                  | 42,031,591  |                                                                                          | $      | (7,724,139                                                         | )      | $ | 34,307,452 |   |

----

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

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

**MARCH      30, 2007, 2006 **
**AND**
**      2005**

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

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

|                                            |   | 2007   |    | 2006     |   | 2005    |   |
|-------------------------------------------------|--------|--------|---------|----------|--------|---------|--------|
|                                            |   | Paid   |    | Incurred |   | Paid    |   | Incurred |   | Paid |   | Incurred |   |
|                                            |   |   |    |     |   |    |   |   |   |   |   |   |   |
| Management                fee (see Note 8)      |   | $      | 175,466 |     | $      | 175,466 |   | $ | 175,466 |   | $ | 175,466 |   | $ | 175,466 |   | $ | 175,466 |   |
|                                            |   |   |    |     |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Administration                fees (see Note 8) |   |   | 183,469 |     |   | 183,723 |   |   | 183,638 |   |   | 183,723 |   |   | 183,682 |   |   | 183,723 |   |

|                                                 |   | 2006   |   | 2005     |   | 2004   |   |
|------------------------------------------------------|--------|--------|--------|----------|--------|--------|--------|
|                                                 |   | Paid   |   | Incurred |   | Paid   |   | Incurred |   | Paid |   | Incurred |   |
|                                                 |   |   |   |     |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Property                management fees              |   | $      | 91,049 |     | $      | 91,510 |   | $ | 88,759 |   | $ | 86,813 |   | $ | 85,635 |   | $ | 86,928 |   |
|                                                 |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Insurance                premiums and other services |   |   | 72,946 |     |   | 72,946 |   |   | 71,938 |   |   | 71,965 |   |   | 74,943 |   |   | 107,682 |   |

----

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

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

**MARCH      30, 2007, 2006 AND 2005**

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

|                                                                                                                                    |   | 2007   |       | 2006   |   | 2005       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
|                                                                                                                                    |   |   |       |   |   |       |   |
| Financial                statement net loss for the years ended March 30, 2007, 2006 and                2005                            |   | $      | 2,516,500  |   | $      | (634,019   | )      | $ | (73,305 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Add                (less) net transactions occurring between                                                                            |   |   |       |   |   |       |   |   |   |   |
| January                1, 2004 to March 30, 2004                                                                                        |   |   | —    |   |   | —    |   |   | (91,703 | ) |
| January                1, 2005 to March 30, 2005                                                                                        |   |   | —    |   |   | (45,258    | )      |   | 45,258 |   |
| January                1, 2006 to March 30, 2006                                                                                        |   |   | (139,055   | )      |   | 139,055    |   |   | — |   |
| January                1, 2007 to March 30, 2007                                                                                        |   |   | 79,383     |   |   | —    |   |   | — |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjusted                financial statement net loss for the years ended December 31, 2006,                2005                and 2004 |   |   | 2,456,828  |   |   | (540,222   | )      |   | (119,750 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Differences                arising from equity in loss of investment in local                partnerships                               |   |   | (3,111,377 | )      |   | (3,114,023 | )      |   | (3,536,900 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Gain                on sale of local partnership properties                                                                             |   |   | 2,407,213  |   |   | 1,252,952  |   |   | 637,254 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Other                income from local partnerships                                                                                     |   |   | (13,750    | )      |   | (12,500    | )      |   | (18,750 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Other                differences                                                                                                        |   |   | 9,772      |   |   | (35,504    | )      |   | 22,860 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Tax                return net loss for the years ended December 31, 2006, 2005 and                2004                                  |   | $      | 1,748,686  |   | $      | (2,449,297 | )      | $ | (3,015,286 | ) |

|                                                                  |   | 2006   |        | 2005   |   |
|-----------------------------------------------------------------------|--------|--------|-------------|--------|--------|
|                                                                  |   |   |        |   |   |
| Investment                in local partnerships - financial reporting |   | $      | 325,020     |   | $      | 344,245 |   |
| Investment                in local partnerships - tax                 |   |   | (27,531,415 | )      |   | (27,717,241 | ) |
|                                                                  |   |   |        |   |   |   |   |
|                                                                  |   | $      | 27,856,435  |   | $      | 28,061,486 |   |

----

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

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

**MARCH      30, 2007, 2006 AND 2005**

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

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

----

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

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

**MARCH      30, 2007, 2006 AND 2005**

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

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

|                                                |   | FirstQuarter |      | Second                    Quarter |   | ThirdQuarter |   | Fourth                    Quarter |     |
|-----------------------------------------------------|--------|--------------|-----------|-----------------------------------|--------|--------------|--------|-----------------------------------|----------|
| 2007                                                |   |         |      |                              |   |         |   |                              |     |
|                                                |   |         |      |                              |   |         |   |                              |     |
| Total                    revenue                    |   | $            | 21,489    |                              | $      | 42,486       |   | $                                 | 42,588   |   | $ | 32,831 |   |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Expenses                                            |   |         | (131,224  | )                                 |   | (128,951     | )      |                              | (129,036 | ) |   | (123,761 | ) |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Gain                    on disposal of limited      |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| partner                    interests/local          |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| partnership                    properties           |   |         | 2,363,851 |                              |   | —      |   |                              | 613,216  |   |   | — |   |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Equity                    in income (loss) of       |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| investment                    in local partnerships |   |         | (116,741  | )                                 |   | (12,017      | )      |                              | 16,271   |   |   | 25,498 |   |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Net                    income (loss)                |   |         | 2,137,375 |                              |   | (98,482      | )      |                              | 543,039  |   |   | (65,432 | ) |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Net                    income (loss) per unit of    |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| limited                    partnership interest     |   |         | 51.25     |                              |   | (2.36        | )      |                              | 13.02    |   |   | (1.57 | ) |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| 2006                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Total                    revenue                    |   | $            | 10,215    |                              | $      | 10,673       |   | $                                 | 104,288  |   | $ | 6,749 |   |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Expenses                                            |   |         | (128,807  | )                                 |   | (141,975     | )      |                              | (139,287 | ) |   | (145,804 | ) |
|                                                |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| Gain                    on disposal of limited      |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| partner                    interests/local          |   |         |      |                              |   |         |   |                              |     |   |   |   |   |
| partnership                    properties           |   |         | —   |                              |   | —      |   |                              | 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 | ) |

----

**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**

|                                |   | Served                in present     |   |                                        |
|-------------------------------------|--------|--------------------------------------|--------|---------------------------------------------|
| Name                                |   | capacity                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**

|                                |   | 2007   |    | 2006   |   |
|-------------------------------------|--------|--------|---------|--------|--------|
|                                |   |   |    |   |   |
| Audit                  Fees         |   | $      | 52,200  |   | $      | 49,126 |   |
| Audit-Related                  Fees |   |   | — |   |   | — |   |
| Tax                  Fees           |   | $      | 11,000  |   | $      | 11,893 |   |
| All                  Other Fees     |   |   | — |   |   | — |   |

----

**PART      IV**

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

**(a)      **
**Financial      Statements, Financial Statement Schedules and Exhibits**

**(1)      **
**Financial      Statements**

**(2)      **
**Financial      Statement Schedules**

**(3)      **
**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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                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 Reportdated                March 30, 1990(File                No. 0-17619)  |
|   |                                                                                                                                                                                  |   |                                                                                                                  |
| 10.21  | Gulf                Shores Apartments Ltd. Amended and Restated Agreement and Certificate                of                Limited Partnership                                        |   | Exhibit                10.3 to Form 10-K Reportdated                March 30, 1989(File                No. 33-20391)  |

----

|   | Exhibit                                                                                                                                                                                                                                                            |   | Incorporated                  by Reference                  to                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|
| 10.22  | Hilltop                  North Associates, A Virginia Limited Partnership Amended and Restated                  Agreement of Limited Partnership                                                                                                                   |   | Exhibit                  10.12 to Form 10-K Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  September 29, 1995(File                  No. 0-17619) |
|   |                                                                                                                                                                                                                                                               |   |                                                                                                                          |
| 10.33  | Amended                  and Restated Articles of Partnership in Commendam of Winnsboro                  Homes                  Limited Partnership                                                                                                                |   | Exhibit                  10.1 to Form 10-Q Reportdated                  December 30, 1989(File                  No. 0-17619)  |

----

|   | Exhibit                                                                                                                                                                                                                                     |   | Incorporated                  by Reference                  to                                                           |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|
| 10.34  | The                  B & V, Ltd.Investment                  Agreement                                                                                                                                                                   |   | Exhibit                  10.2 to Form 10-Q Reportdated                  September 29, 1994(File                  No. 0-17619) |
|   |                                                                                                                                                                                                                                        |   |                                                                                                                          |
| 10.35  | The                  B & V Phase I, Ltd.Investment                  Agreement                                                                                                                                                           |   | Exhibit                  10.3 to Form 10-Q Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  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 Reportdated                  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                                                                 |   | Exhibit                  99.26 to Form 10-K Reportdated                  March 30, 2006(File                  No. 0-17619)    |
|   |                                                                                                                                                                                                                                        |   |                                                                                                                          |
| 99.27  | Audited                  Financial Statements of Madison-Bellefield Associates Limited Partnership                  as of and for the years ended December 31, 2005 and 2004                                                                |   | Exhibit                  99.27 to Form 10-K Reportdated                  March 30, 2006(File                  No. 0-17619)    |
|   |                                                                                                                                                                                                                                        |   |                                                                                                                          |
| *99.28 | Audited                  Financial Statements of Madison-Bellefield Associates Limited Partnership                  as of and for the year ended December 31, 2006                                                                          |   |                                                                                                                          |

** **
**Exhibits**

** **
**Financial      Statement Schedules**

----

**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                        |   |                          |

----