**FORM      10-K**

**March      30, 2008**

**0-17619**

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

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

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

| Registrant's                telephone number, including area code:               |   | **(203)                869-0900** |
|----------------------------------------------------------------------------------|--------|-----------------------------------|
|  Securities                registered pursuant to Section 12(b) of the Act: |   |                                   |

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

| **Units                of Limited Partnership Interest** |
|----------------------------------------------------------|
| (Title                of Class)                          |

----

**PART      I**

| **Item                1.** | **Business** |
|----------------------------|--------------|

----

**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. |
|--|--------|--------------------------------------------------------------------------------------------|

***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.***

----

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

***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 carried forward Low-income Tax      Credits.***

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

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

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

----

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

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

----

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

|                                                                                                                                                                 |   |           |   |         |   | Mortgage loans     |   |       |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------------|--------|-------------------------|--------|------------|------------|
| Name of Local Partnership                                                                                                                             |   | Number         |   |         |   | payable as of |   | Subsidy    |       |
| Name of apartment complex                                                                                                                             |   | of rental |   | Capital      |   | December 31,       |   | (see       |       |
| Apartment complex location                                                                                                   |   | units          |   | contribution |   | 2007                    |   | footnotes) |       |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |
| 4611                South Drexel Limited Partnership (3), (6), (7)South                Drexel ApartmentsChicago,                Illinois                             |   |           | 44     |         | $      | 1,354,968               |   | $          | —    | (3) |   |   |   |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| 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               |   |       | 6,634,512  |   |   | (1a&c | ) |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Cobbet                Hill Associates Limited Partnership (7)Cobbet                Hill Apartments Lynn,                Massachusetts                                |   |           | 117    |         |   | 5,303,771               |   |       | 13,096,087 |   |   | (1a,b&c | ) |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Dunbar                Limited PartnershipSpring                Grove Apartments Chicago,                Illinois                                                     |   |           | 101    |         |   | 1,518,229               |   |       | 4,904,142  |   |   | (1a,c&d | ) |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Dunbar                Limited Partnership No. 2Park                View Apartments Chicago,                Illinois                                                  |   |           | 102    |         |   | 1,701,849               |   |       | 5,236,926  |   |   | (1a,c&d | ) |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Erie                Associates Limited Partnership (3)Erie                ApartmentsSpringfield,                Massachusetts                                        |   |           | 18     |         |   | 755,737                 |   |       | —    | (3) |   |   |   |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Federal                Apartments Limited Partnership Federal                ApartmentsFort                Lauderdale, Florida                                       |   |           | 164    |         |   | 2,832,224               |   |       | 5,795,663  |   |   | (1a,c&e | ) |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Golden                Gates Associates Golden                GatesBrooklyn,                New York                                                                  |   |           | 85     |         |   | 879,478                 |   |       | 4,317,060  |   |   | (1b | ) |
|                                                                                                                                                                 |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Grove                Park Housing, A California LimitedPartnership                (3),(5)Grove                Park ApartmentsGarden                Grove, California |   |           | 104    |         |   | 1,634,396               |   |       | —    | (3) |   |   |   |

----

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

|                                                                                                                                                                        |   |           |   |         |   | Mortgage loans     |   |       |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------------|--------|-------------------------|--------|------------|------------|
| Name of Local Partnership                                                                                                                                    |   | Number         |   |         |   | payable as of |   | Subsidy    |       |
| Name of apartment complex                                                                                                                                    |   | of rental |   | Capital      |   | December 31,       |   | (see       |       |
| Apartment complex location                                                                                                          |   | units          |   | contribution |   | 2007                    |   | Footnotes) |       |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |
| Gulf                Shores Apartments Ltd. Morgan                Trace ApartmentsGulf                Shores, Alabama                                                        |   |           | 50     |         | $      | 352,693                 |   | $          | 1,441,850  |   |   | (1b | ) |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Hilltop                North Associates, A Virginia LimitedPartnership                (3), (4), (7)Hilltop                North ApartmentsRichmond,                Virginia |   |           | 160    |         |   | 1,470,734               |   |       | —    | (3) |   |   |   |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Madison-Bellefield                Associates Bellefield                DwellingsPittsburgh,                Pennsylvania                                                     |   |           | 158    |         |   | 1,047,744               |   |       | 2,376,393  |   |   | (1a&c | ) |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Pine                Hill Estates Limited Partnership Pine                Hill EstatesShreveport,                Louisiana                                                   |   |           | 110    |         |   | 613,499                 |   |       | 2,194,276  |   |   | (1a&c | ) |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Santa                Juanita Limited Dividend Partnership L.P.Santa                Juanita ApartmentsBayamon,                Puerto Rico                                    |   |           | 45     |         |   | 313,887                 | (2)    |       | 1,294,330  |   |   | (1a,b,c&g | ) |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Vista                del Mar Limited Dividend Partnership L.P. (7)Vista                del Mar ApartmentsFajardo,                Puerto Rico                                |   |           | 152    |         |   | 3,363,345               |   |       | 4,710,484  |   |   | (1a,b,c&g | ) |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |   |   |   |   |
| Winnsboro                Homes Limited Partnership Winnsboro                HomesWinnsboro,                Louisiana                                                        |   |           | 50     |         |   | 289,730                 |   |       | 2,002,010  |   |   | (1a,c&f | ) |
|                                                                                                                                                                        |   |           |   |         |   |                    |   |       |       |   |   |   |   |
|                                                                                                                                                                        |   |           |   |         | $      | 36,228,149              |   | $          | 54,003,733 |   |   |   |   |

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

|   | (a) | Section                8 of Title II of the Housing and Community Development Act of 1974                allows                qualified low-income tenants to pay thirty percent of their monthly                income                as rent with the balance paid by the federal                government. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | The                Local Partnership's debt structure includes a principal or interest                payment subsidy. |
|--|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Local Partnership’s Section 8 contracts are currently subject to renewal                under applicable HUD guidelines. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                Local Partnership entered into a restructuring agreement of its Section                8                contracts and debt structure under applicable HUD guidelines in                2001. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | The                Local Partnership entered into a restructuring agreement of its Section                8                contract and debt structure under applicable HUD guidelines in                2005. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | The                Local Partnership entered into a restructuring agreement of its Section                8                contract and debt structure under applicable HUD guidelines in                2006. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | The                Local Partnership entered into a restructuring agreement of its Section                8                contract and debt structure under applicable HUD guidelines in                2008. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

|  | (3) | The                Local Partnership Interest is no longer owned by Registrant; there                are no                assets                or liabilities related to the Local Partnership included in the combined                balance sheets of the Local Partnerships as of December 31, 2007                and 2006                in Note 5 to the financial                statements. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | The                underlying Property was sold in September 2005 and the Local Partnership                was subsequently dissolved. The combined statement of operations                of the                Local Partnerships for the year ended December 31, 2005 included                in Note 5                to the accompanying financial statements includes results of operations                through the date of sale. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (5) | Registrant                withdrew as a limited partner in April 2006. The combined statement                of                operations of the Local Partnerships for the year ended December                31, 2006                included in Note 5 to the accompanying financial statements includes                results of operations through the date of Registrant’s withdrawal (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. The combined statement                of                operations of the Local Partnerships for the year ended December                31, 2006                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). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (7) | Capital                contribution includes voluntary                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, |     |
|----------------------------------------------------------------------------------------------------------|--------|--------------------------------------|----------|
|                                                                                                     |   | 2008                                 |     | 2007 |   | 2006 |   | 2005 |   | 2004 |   |
|                                                                                                     |   |                                 |     |   |   |   |   |   |   |   |   |
| Interest                and other revenue                                                                |   | $                                    | 126,774  |   | $ | 139,394 |   | $ | 131,925 |   | $ | 37,092 |   | $ | 89,603 |   |
|                                                                                                     |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in loss of investment in                local partnerships                         |   | $                                    | (336,032 | ) | $ | (86,989 | ) | $ | (299,753 | ) | $ | (527,452 | ) | $ | (600,150 | ) |
|                                                                                                     |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties |   | $                                    | —  |   | $ | 2,977,067 |   | $ | 89,682 |   | $ | 916,094 |   | $ | — |   |
|                                                                                                     |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss)                                                                         |   | $                                    | (750,598 | ) | $ | 2,516,500 |   | $ | (634,019 | ) | $ | (73,305 | ) | $ | (1,092,174 | ) |
|                                                                                                     |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss) per unit of limited partnership interest                                |   | $                                    | (18.00   | ) | $ | 60.34 |   | $ | (15.20 | ) | $ | (1.76 | ) | $ | (26.19 | ) |

|                        |   |  As of March 30, |      |
|-----------------------------|--------|--------------------------------------|-----------|
|                        |   | 2008                                 |      | 2007 |   | 2006 |   | 2005 |   | 2004 |   |
|                        |   |                                 |      |   |   |   |   |   |   |   |   |
| Total                assets |   | $                                    | 2,524,198 |   | $ | 3,259,079 |   | $ | 724,880 |   | $ | 1,443,486 |   | $ | 1,472,362 |   |

**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) |   | $      | 83,686 |                  | $      | 83,686                     |   | $                          | — |                   | $      | — |   | $ | — |   |

| (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 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                FASB                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, 2008 AND 2007**

|                                                                                                      |   | **Notes** |   | **2008** |   | **2007**  |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|-----------|--------|
|                                                                                                      |   |      |   |     |   |      |   |
| **ASSETS**                                                                                                |   |      |   |     |   |      |   |
|                                                                                                      |   |      |   |     |   |      |   |
| Cash                and cash equivalents                                                                  |   |      | 3,9    |     | $      | 2,291,787 |   | $ | 2,815,036 |   |
| Investments                in bonds                                                                       |   |      | 4,9    |     |   |      |   |   | 107,476 |   |
| Due                from local partnership                                                                 |   |      | 5,9    |     |   |      |   |   | 11,547 |   |
| Investment                in local partnerships                                                           |   |      | 5,8    |     |   | 232,411   |   |   | 325,020 |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     | $      | 2,524,198 |   | $ | 3,259,079 |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                       |   |      |   |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
| Liabilities                                                                                               |   |      |   |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |   |     | $      | 124,618   |   | $ | 113,337 |   |
| Payable                to general partner and affiliates                                                  |   |      | 6,8    |     |   | 83,686    |   |   | 79,349 |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     |   | 208,304   |   |   | 192,686 |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
| Commitments                and contingencies                                                              |   |      | 5,8    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
| Partners’                equity (deficit)                                                           |   |      | 2,4    |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
| General                partner                                                                            |   |      |   |     |   | (342,541  | )      |   | (335,035 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |   |     |   | 2,658,435 |   |   | 3,401,527 |   |
| Accumulated                other comprehensive loss, net                                                  |   |      |   |     |   |      |   |   | (99 | ) |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     |   | 2,315,894 |   |   | 3,066,393 |   |
|                                                                                                      |   |      |   |     |   |      |   |   |   |   |
|                                                                                                      |   |      |   |     | $      | 2,524,198 |   | $ | 3,259,079 |   |

----

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

**STATEMENTS      OF OPERATIONS**

**YEARS      ENDED MARCH 30, 2008, 2007 **
**AND      **
**2006**

|                                                                                                                                                      |   | **Notes** |   | **2008** |   | **2007** |   | **2006** |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|----------|--------|----------|-----------|
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |
| **REVENUE**                                                                                                                                               |   |      |   |     |   |     |   |     |      |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |
| Interest                                                                                                                                                  |   |      |   |     | $      | 110,524  |   | $        | 130,644   |   | $ | 116,925 |   |
| Other                income from local partnerships                                                                                                       |   |      |   |     |   | 16,250   |   |     | 8,750     |   |   | 15,000 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| TOTAL                REVENUE                                                                                                                              |   |      |   |     |   | 126,774  |   |     | 139,394   |   |   | 131,925 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| **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                                                                                                                          |   |      |   |     |   | 77,068   |   |     | 75,251    |   |   | 85,779 |   |
| State                of New Jersey filing fees                                                                                                            |   |      |   |     |   | 70,239   |   |     | 56,126    |   |   | 65,548 |   |
| Printing,                postage and other                                                                                                                |   |      |   |     |   | 34,844   |   |     | 22,406    |   |   | 45,357 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                             |   |      |   |     |   | 541,340  |   |     | 512,972   |   |   | 555,873 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
|                                                                                                                                                      |   |      |   |     |   | (414,566 | )      |     | (373,578  | ) |   | (423,948 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                         |   |      | 5      |     |   | (336,032 | )      |     | (86,989   | ) |   | (299,753 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| Loss                prior to gain on disposal of limited partner interests/local partnership                properties                                    |   |      |   |     |   | (750,598 | )      |     | (460,567  | ) |   | (723,701 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                                  |   |      |   |     |   |     |   |     | 2,977,067 |   |   | 89,682 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                      |   |      |   |     |   | (750,598 | )      |     | 2,516,500 |   |   | (634,019 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| Other                comprehensive income (loss), net                                                                                                     |   |      | 4      |     |   | 99       |   |     | 223       |   |   | (120,524 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                            |   |      |   |     | $      | (750,499 | )      | $        | 2,516,723 |   | $ | (754,543 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                      |   |      | 2      |     |   |     |   |     |      |   |   |   |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| General                partner                                                                                                                            |   |      |   |     | $      | (7,506   | )      | $        | 25,165    |   | $ | (6,340 | ) |
| Limited                partners                                                                                                                           |   |      |   |     |   | (743,092 | )      |     | 2,491,335 |   |   | (627,679 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
|                                                                                                                                                      |   |      |   |     | $      | (750,598 | )      | $        | 2,516,500 |   | $ | (634,019 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |     |      |   |   |   |   |
| **NET                INCOME (LOSS)**per                unit of limited partnership interest (41,286 units of limited partnership                interest) |   |      |   |     | $      | (18.00   | )      | $        | 60.34     |   | $ | (15.20 | ) |

----

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

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

**YEARS      ENDED MARCH 30, 2008, 2007 **
**AND**
**      2006**

|                                                      |   |    **General****Partner** |         |    **Limited****Partners** |   | **Accumulated****Other****Comprehensive****Income (Loss),****Net** |   |     **Total** |     |
|-----------------------------------------------------------|--------|------------------------------------------|--------------|-------------------------------------------|--------|-------------------------------------------------------------------------|--------|-----------------------------------|----------|
|                                                      |   |                                     |         |                                      |   |                                                                    |   |                              |     |
| 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 income, net            |   |                                     |    |                                      |   |                                                               |   |                              | 223      |   |   | 223 |   |
|                                                      |   |                                     |         |                                      |   |                                                                    |   |                              |     |   |   |   |   |
| Partners'                equity (deficit), March 30, 2007 |   |                                     | (335,035     | )                                         |   | 3,401,527                                                               |   |                              | (99      | ) |   | 3,066,393 |   |
|                                                      |   |                                     |         |                                      |   |                                                                    |   |                              |     |   |   |   |   |
| Net                loss                                   |   |                                     | (7,506       | )                                         |   | (743,092                                                                | )      |                              |     |   |   | (750,598 | ) |
|                                                      |   |                                     |         |                                      |   |                                                                    |   |                              |     |   |   |   |   |
| Other                comprehensive income, net            |   |                                     |    |                                      |   |                                                               |   |                              | 99       |   |   | 99 |   |
|                                                      |   |                                     |         |                                      |   |                                                                    |   |                              |     |   |   |   |   |
| Partners'                equity (deficit), March 30, 2008 |   | $                                        | (342,541     | )                                         | $      | 2,658,435                                                               |   | $                                 | —  |   | $ | 2,315,894 |   |

----

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

**STATEMENTS      OF CASH FLOWS**

**YEARS      ENDED MARCH 30, 2008, 2007**
**      AND**
**      2006**

|                                                                                                                         |   | **2008** |      | **2007** |   | **2006**  |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|-----------|--------|
|                                                                                                                         |   |     |      |     |   |      |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                                      |   |     |      |     |   |      |   |
|                                                                                                                         |   |     |      |     |   |      |   |
| Interest                received                                                                                             |   | $        | 109,099   |     | $      | 126,689   |   | $ | 16,158 |   |
| Cash                paid for                                                                                                 |   |     |      |     |   |      |   |   |   |   |
| administration                fees                                                                                           |   |     | (179,386  | )        |   | (183,469  | )      |   | (183,638 | ) |
| management                fees                                                                                               |   |     | (175,466  | )        |   | (175,466  | )      |   | (175,466 | ) |
| professional                fees                                                                                             |   |     | (87,939   | )        |   | (57,146   | )      |   | (82,916 | ) |
| State                of New Jersey filing fee                                                                                |   |     | (71,925   | )        |   | (57,009   | )      |   | (33,312 | ) |
| printing,                postage and other expenses                                                                          |   |     | (11,006   | )        |   | (22,406   | )      |   | (40,644 | ) |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| Net                cash used in operating activities                                                                         |   |     | (416,623  | )        |   | (368,807  | )      |   | (499,818 | ) |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                                      |   |     |      |     |   |      |   |   |   |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| Cash                distributions from local partnerships                                                                    |   |     | 39,113    |     |   | 21,570    |   |   | 65,643 |   |
| Proceeds                in connection with disposal of limited partner interests/local partnership                properties |   |     | 11,547    |     |   | 2,965,520 |   |   | 89,682 |   |
| Voluntary                advances to local partnerships                                                                 |   |     | (266,286  | )        |   | (80,584   | )      |   | (250,528 | ) |
| Maturities/redemptions                and sales of bonds and marketable equity security                                      |   |     | 109,000   |     |   | 21,000    |   |   | 127,050 |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| Net                cash provided by (used in) investing activities                                                           |   |     | (106,626  | )        |   | 2,927,506 |   |   | 31,847 |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| Net                increase (decrease) in cash and cash equivalents                                                          |   |     | (523,249  | )        |   | 2,558,699 |   |   | (467,971 | ) |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| Cash                and cash equivalents at beginning of year                                                                |   |     | 2,815,036 |     |   | 256,337   |   |   | 724,308 |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF YEAR**                                                                  |   | $        | 2,291,787 |     | $      | 2,815,036 |   | $ | 256,337 |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**                                                                 |   |     |      |     |   |      |   |   |   |   |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| Unrealized                gain (loss) on investments in bonds and marketable equity security,                net             |   | $        | 99        |     | $      | 223       |   | $ | (120,524 | ) |
|                                                                                                                         |   |     |      |     |   |      |   |   |   |   |
| Increase                in due from local partnership                                                                        |   |     |      |     | $      | 11,547    |   |   |   |   |

----

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

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

**YEARS      ENDED MARCH 30, 2008, 2007 **
**AND**
**      2006**

|                                                                                                           |   | **2008** |     | **2007** |   | **2006**   |   |
|----------------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|------------|--------|
|                                                                                                           |   |     |     |     |   |       |   |
| **RECONCILIATION                OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING                ACTIVITIES** |   |     |     |     |   |       |   |
|                                                                                                           |   |     |     |     |   |       |   |
| Net                income (loss)                                                                               |   | $        | (750,598 | )        | $      | 2,516,500  |   | $ | (634,019 | ) |
|                                                                                                           |   |     |     |     |   |       |   |   |   |   |
| Adjustments                to reconcile net income (loss) to net cash used in operating activities             |   |     |     |     |   |       |   |   |   |   |
|                                                                                                           |   |     |     |     |   |       |   |   |   |   |
| Equity                in loss of investment in local partnerships                                              |   |     | 336,032  |     |   | 86,989     |   |   | 299,753 |   |
| Gain                on disposal of limited partner interests/local partnership                properties       |   |     |     |     |   | (2,977,067 | )      |   | (89,682 | ) |
| Gain                on redemptions and sales of bonds and marketable equity                security            |   |     |     |     |   |       |   |   | (96,200 | ) |
| Distributions                from local partnerships classified as other income                                |   |     | (16,250  | )        |   | (8,750     | )      |   | (15,000 | ) |
| Amortization                of net premium on investments in bonds                                             |   |     |     |     |   | 238        |   |   | 263 |   |
| Accretion                of zero coupon bonds                                                                  |   |     | (1,425   | )        |   | (4,847     | )      |   | (4,860 | ) |
| Decrease                in prepaid expenses                                                                    |   |     |     |     |   |       |   |   | 3,960 |   |
| Decrease                in interest receivable                                                                 |   |     |     |     |   | 654        |   |   | 30 |   |
| Increase                in accounts payable and accrued expenses                                               |   |     | 11,281   |     |   | 17,222     |   |   | 35,852 |   |
| Increase                in payable to general partner and affiliates                                           |   |     | 4,337    |     |   | 254        |   |   | 85 |   |
|                                                                                                           |   |     |     |     |   |       |   |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                       |   | $        | (416,623 | )        | $      | (368,807   | )      | $ | (499,818 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2008, 2007 **
**AND**
**      2006**

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

----

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

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

**MARCH      30, 2008, 2007 **
**AND**
**      2006**

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

----

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

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

**MARCH      30, 2008, 2007 **
**AND**
**      2006**

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

| **2.** | **Capital                Contributions** |
|--------|------------------------------------------|

| **3.** | **Cash                and Cash Equivalents** |
|--------|----------------------------------------------|

----

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

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

**MARCH        30, 2008, 2007 **
**AND**
**        2006**

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

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

----

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

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

**MARCH      30, 2008, 2007 **
**AND**
**      2006**

| **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. (“Vista del Mar”);                and |
|--|-----|------------------------------------------------------------------------------------------------------------------|

|  | 12. | Winnsboro                Homes Limited Partnership. |
|--|-----|-----------------------------------------------------|

----

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

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

**MARCH      30, 2008, 2007 **
**AND      **
**2006**

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

|                                                                                                                                     |   | **2007** |        | **2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
|                                                                                                                                     |   |     |        |     |   |
| **ASSETS**                                                                                                                               |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Cash                and cash equivalents                                                                                                 |   | $        | 404,629     |     | $      | 566,552 |   |
| Rents                receivable                                                                                                          |   |     | 227,596     |     |   | 183,183 |   |
| Escrow                deposits and reserves                                                                                              |   |     | 2,752,516   |     |   | 3,260,437 |   |
| Land                                                                                                                                     |   |     | 2,476,862   |     |   | 2,476,862 |   |
| Buildings                and improvements (net of accumulated depreciation of $56,264,959                and                $53,146,767) |   |     | 29,626,207  |     |   | 31,830,590 |   |
| Intangible                assets (net of accumulated amortization of $584,562 and                $539,622)                               |   |     | 814,725     |     |   | 861,983 |   |
| Other                assets                                                                                                              |   |     | 644,635     |     |   | 664,938 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 36,947,170  |     | $      | 39,844,545 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Liabilities                                                                                                                              |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $        | 1,160,232   |     | $      | 1,055,183 |   |
| Due                to related parties                                                                                                    |   |     | 4,808,506   |     |   | 4,808,008 |   |
| Mortgage                loans                                                                                                            |   |     | 54,003,733  |     |   | 54,754,380 |   |
| Notes                payable                                                                                                             |   |     | 951,707     |     |   | 1,028,002 |   |
| Accrued                interest                                                                                                          |   |     | 12,067,359  |     |   | 10,600,232 |   |
| Other                liabilities                                                                                                         |   |     | 243,916     |     |   | 238,534 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 73,235,453  |     |   | 72,484,339 |   |
| Partners'                equity (deficit)                                                                                                |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| American                Tax Credit Properties L.P.                                                                                       |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 23,580,170  |     |   | 23,603,033 |   |
| Cumulative                loss                                                                                                           |   |     | (23,079,881 | )        |   | (22,743,849 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 500,289     |     |   | 859,184 |   |
| General                partners and other limited partners                                                                               |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 1,104,769   |     |   | 1,104,998 |   |
| Cumulative                loss                                                                                                           |   |     | (37,893,341 | )        |   | (34,603,976 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (36,788,572 | )        |   | (33,498,978 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (36,288,283 | )        |   | (32,639,794 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 36,947,170  |     | $      | 39,844,545 |   |

----

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

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

**MARCH      30, 2008, 2007 **
**AND      **
**2006**

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

|                                                                                                                                                                                                              |   | **2007** |       | **2006** |   | **2005**   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|------------|--------|
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |
| **REVENUE**                                                                                                                                                                                                       |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| Rental                                                                                                                                                                                                            |   | $        | 11,101,351 |     | $      | 11,267,574 |   | $ | 12,226,909 |   |
| Interest                  and other                                                                                                                                                                               |   |     | 256,493    |     |   | 316,969    |   |   | 263,002 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| TOTAL                  REVENUE                                                                                                                                                                                    |   |     | 11,357,844 |     |   | 11,584,543 |   |   | 12,489,911 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                                      |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| Administrative                                                                                                                                                                                                    |   |     | 2,299,410  |     |   | 2,338,155  |   |   | 2,604,667 |   |
| Utilities                                                                                                                                                                                                         |   |     | 1,295,784  |     |   | 1,371,016  |   |   | 1,468,264 |   |
| Operating                  and maintenance                                                                                                                                                                        |   |     | 3,361,434  |     |   | 3,324,437  |   |   | 3,254,068 |   |
| Taxes                  and insurance                                                                                                                                                                              |   |     | 1,073,980  |     |   | 1,203,165  |   |   | 1,272,237 |   |
| Financial                                                                                                                                                                                                         |   |     | 3,667,574  |     |   | 4,014,578  |   |   | 4,953,038 |   |
| Depreciation                  and amortization                                                                                                                                                                    |   |     | 3,285,059  |     |   | 3,424,564  |   |   | 3,796,863 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| TOTAL                  EXPENSES                                                                                                                                                                              |   |     | 14,983,241 |     |   | 15,675,915 |   |   | 17,349,137 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| Loss                  from operations before gain on sale of local partnership                  property                                                                                                          |   |     | (3,625,397 | )        |   | (4,091,372 | )      |   | (4,859,226 | ) |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| Gain                  on sale of local partnership property                                                                                                                                                       |   |     | —    |     |   | 1,703,763  |   |   | 452,366 |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| **NET                  LOSS**                                                                                                                                                                                     |   | $        | (3,625,397 | )        | $      | (2,387,609 | )      | $ | (4,406,860 | ) |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
| **NET                  EARNINGS (LOSS) ATTRIBUTABLE TO**                                                                                                                                                          |   |     |       |     |   |       |   |   |   |   |
| American                  Tax Credit Properties L.P.*                                                                                                                                                             |   | $        | (336,032   | )        | $      | 1,251,792  |   | $ | (299,753 | ) |
| General                  partners and other limited partners, which includes Partnership                  loss in                  excess of investment of $3,215,424, $3,578,976 and                  $4,046,200 |   |     | (3,289,365 | )        |   | (3,639,401 | )      |   | (4,107,107 | ) |
|                                                                                                                                                                                                              |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                                              |   | $        | (3,625,397 | )        | $      | (2,387,609 | )      | $ | (4,406,860 | ) |

----

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

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

**MARCH      30, 2008, 2007 **
**AND      **
**2006**

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

| Name                of Local Partnership                       |   | Investment in Local Partnership balance as of March 30,2007 |    | Investments                  (voluntary advances) during                  the year endedMarch                  30,2008 |   | Partnership's equity in loss for the year ended December 31, 2007 |   | Cash distributions received during the year ended March 30,2008 (3) |      | Cash distributions classified as other income during the year ended March 30, 2008 |   | Investment in Local Partnership balance as of March 30,2008 |   |
|----------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|
|                                                           |   |                                                                                                |    |                                                                                                                   |   |                                                                                                                |   |                                                                                                             |      |                                                                                                                                           |   |                                                                                                |   |
| Cityside                Apartments, L.P.                       |   | $                                                                                                   | — |                                                                                                                   | $      | —                                                                                                             |   | $                                                                                                                | —   | (1)                                                                                                                             | $      | —                                                                                             |   | $ | — |   | $ | — |   |
| Cobbet                Hill Associates Limited Partnership      |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Dunbar                Limited Partnership                      |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Dunbar                Limited Partnership No. 2                |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Federal                Apartments Limited Partnership          |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Golden                Gates Associates                         |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Gulf                Shores Apartments Ltd.                     |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Madison-Bellefield                Associates                   |   |                                                                                                | 325,020 |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | (69,746   | )                                                                                                                                              |   | (22,863                                                                                             | )      |   | — |   |   | 232,411 |   |
| Pine                Hill Estates Limited Partnership           |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | (12,500                                                                                             | )      |   | 12,500 |   |   | — |   |
| Santa                Juanita Limited Dividend Partnership L.P. |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Vista                del Mar Limited Dividend Partnership L.P. |   |                                                                                                | — |                                                                                                                   |   | 266,286                                                                                                             |   |                                                                                                             | (266,286) | (2)                                                                                                                                            |   | —                                                                                             |   |   | — |   |   | — |   |
| Winnsboro                Homes Limited Partnership             |   |                                                                                                | — |                                                                                                                   |   | —                                                                                                             |   |                                                                                                             | —   | (1)                                                                                                                                            |   | (3,750                                                                                              | )      |   | 3,750 |   |   | — |   |
|                                                           |   | $                                                                                                   | 325,020 |                                                                                                                   | $      | 266,286                                                                                                             |   | $                                                                                                                | (336,032  | )                                                                                                                                              | $      | (39,113                                                                                             | )      | $ | 16,250 |   | $ | 232,411 |   |

|  | (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, 2008, 2007 **
**AND        **
**2006**

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

| Name                of Local Partnership                            |   | Investment                inLocalPartnership                balance                as of March                30,2006 |    | Investments                  (voluntary advances)during                  the year endedMarch                  30,2007 |   | Partnership's                equity                in loss for                the year ended                December                31, 2006 |   | Cashdistributions                received                duringthe                year ended March                30,2007                (3) |     | Cashdistributions                classified                as other                income during                the year                ended March                30, 2007 |   | Investment                in Local                Partnership                balance                as of March                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   | )                                                                                                                                                                           |   | (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, 2008, 2007 **
**AND**
**      2006**

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

| Name                of Local Partnership                       |   | Mortgage                loans payable |       | Land   |   | Buildings                and improvements |   | Accumulated                depreciation |       |
|----------------------------------------------------------------|--------|---------------------------------------|------------|--------|--------|-------------------------------------------|--------|-----------------------------------------|------------|
|                                                           |   |                                  |       |   |   |                                      |   |                                    |       |
| Cityside                Apartments, L.P.                       |   | $                                     | 6,634,512  |   |   | 131,591                                   |   |                                    | 14,008,477 |   |   | (9,109,837 | ) |
| Cobbet                Hill Associates Limited Partnership      |   |                                  | 13,096,087 |   |   | 504,683                                   |   |                                    | 17,088,468 |   |   | (11,546,849 | ) |
| Dunbar                Limited Partnership                      |   |                                  | 4,904,142  |   |   | 117,126                                   |   |                                    | 7,206,710  |   |   | (4,283,151 | ) |
| Dunbar                Limited Partnership No. 2                |   |                                  | 5,236,926  |   |   | 131,920                                   |   |                                    | 7,415,333  |   |   | (4,726,465 | ) |
| Federal                Apartments Limited Partnership          |   |                                  | 5,795,663  |   |   | 279,750                                   |   |                                    | 8,990,342  |   |   | (5,945,510 | ) |
| Golden                Gates Associates                         |   |                                  | 4,317,060  |   |   | 29,585                                    |   |                                    | 5,910,648  |   |   | (4,105,491 | ) |
| Gulf                Shores Apartments Ltd.                     |   |                                  | 1,441,850  |   |   | 172,800                                   |   |                                    | 1,802,416  |   |   | (1,236,598 | ) |
| Madison-Bellefield                Associates                   |   |                                  | 2,376,393  |   |   | 245,000                                   |   |                                    | 6,131,011  |   |   | (4,062,648 | ) |
| Pine                Hill Estates Limited Partnership           |   |                                  | 2,194,276  |   |   | 40,000                                    |   |                                    | 3,948,458  |   |   | (2,642,003 | ) |
| Santa                Juanita Limited Dividend Partnership L.P. |   |                                  | 1,294,330  |   |   | 228,718                                   |   |                                    | 2,479,605  |   |   | (1,592,518 | ) |
| Vista                del Mar Limited Dividend Partnership L.P. |   |                                  | 4,710,484  |   |   | 565,689                                   |   |                                    | 8,751,423  |   |   | (5,794,931 | ) |
| Winnsboro                Homes Limited Partnership             |   |                                  | 2,002,010  |   |   | 30,000                                    |   |                                    | 2,158,275  |   |   | (1,218,958 | ) |
|                                                           |   |                                  |       |   |   |                                      |   |                                    |       |   |   |   |   |
|                                                           |   | $                                     | 54,003,733 |   | $      | 2,476,862                                 |   | $                                       | 85,891,166 |   | $ | (56,264,959 | ) |

| Name                of Local Partnership                       |   | Mortgage                loans 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 | ) |

----

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

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

**MARCH      30, 2008, 2007 **
**AND**
**      2006**

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

|                                      |   |  Balance as of December 31, 2006 |     |  Net changeduring the year endedDecember 31, 2007 |     |  Balance as ofDecember 31, 2007 |   |
|-------------------------------------------|--------|----------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------------|--------------------|----------------------------------------------------------|--------|
| Land                                      |   | $                                                              | 2,476,862          |                                                                                 | $                  | —                                                  |   | $ | 2,476,862 |   |
| Buildings                and improvements |   |                                                           | 84,977,357         |                                                                                 |               | 913,809                                                  |   |   | 85,891,166 |   |
|                                      |   |                                                           | 87,454,219         |                                                                                 |               | 913,809                                                  |   |   | 88,368,028 |   |
| Accumulated                depreciation   |   |                                                           | (53,146,767        | )                                                                                    |               | (3,118,192                                               | )      |   | (56,264,959 | ) |
|                                      |   |                                                           |               |                                                                                 |               |                                                     |   |   |   |   |
|                                      |   | $                                                              | 34,307,452         |                                                                                 | $                  | (2,204,383                                               | )      | $ | 32,103,069 |   |

----

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

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

**MARCH      30, 2008, 2007 **
**AND**
**      2006**

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

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

|                                            |   | 2008   |    | 2007     |   | 2006    |   |
|-------------------------------------------------|--------|--------|---------|----------|--------|---------|--------|
|                                            |   | Paid   |    | Incurred |   | Paid    |   | Incurred |   | Paid |   | Incurred |   |
|                                            |   |   |    |     |   |    |   |   |   |   |   |   |   |
| Management                fees (see Note 8)     |   | $      | 175,466 |     | $      | 175,466 |   | $ | 175,466 |   | $ | 175,466 |   | $ | 175,466 |   | $ | 175,466 |   |
|                                            |   |   |    |     |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Administration                fees (see Note 8) |   |   | 179,386 |     |   | 183,723 |   |   | 183,469 |   |   | 183,723 |   |   | 183,638 |   |   | 183,723 |   |

|                                    |   | 2007   |   | 2006     |   | 2005   |   |
|-----------------------------------------|--------|--------|--------|----------|--------|--------|--------|
|                                    |   | Paid   |   | Incurred |   | Paid   |   | Incurred |   | Paid |   | Incurred |   |
|                                    |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Property                management fees |   | $      | 88,844 |     | $      | 88,844 |   | $ | 91,049 |   | $ | 91,510 |   | $ | 88,759 |   | $ | 86,813 |   |

----

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

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

**MARCH      30, 2008, 2007 AND 2006**

| **7.** | **Taxable                Loss** |
|--------|---------------------------------|

|                                                                                                                                             |   | 2008   |       | 2007   |   | 2006       |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
|                                                                                                                                             |   |   |       |   |   |       |   |
| Financial                statement net income (loss) for the years ended March 30, 2008, 2007                and                2006             |   | $      | (750,598   | )      | $      | 2,516,500  |   | $ | (634,019 | ) |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |
| Add                (less) net transactions occurring between                                                                                     |   |   |       |   |   |       |   |   |   |   |
| January                1, 2005 to March 30, 2005                                                                                                 |   |   | —    |   |   | —    |   |   | (45,258 | ) |
| January                1, 2006 to March 30, 2006                                                                                                 |   |   | —    |   |   | (139,055   | )      |   | 139,055 |   |
| January                1, 2007 to March 30, 2007                                                                                                 |   |   | (79,383    | )      |   | 79,383     |   |   | — |   |
| January                1, 2008 to March 30, 2008                                                                                                 |   |   | 126,095    |   |   | —    |   |   | — |   |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |
| Adjusted                financial statement net income (loss) for the years ended December                31,                2007, 2006 and 2005 |   |   | (703,886   | )      |   | 2,456,828  |   |   | (540,222 | ) |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |
| Differences                arising from equity in loss of investment in local                partnerships                                        |   |   | (3,120,684 | )      |   | (3,111,377 | )      |   | (3,114,023 | ) |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                         |   |   | 11,547     |   |   | 2,407,213  |   |   | 1,252,952 |   |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |
| Other                income from local partnerships                                                                                              |   |   | (11,250    | )      |   | (13,750    | )      |   | (12,500 | ) |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |
| Other                differences                                                                                                                 |   |   | (10,221    | )      |   | 9,772      |   |   | (35,504 | ) |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |
| Tax                return net income (loss) for the years ended December 31, 2007, 2006                and                2005                   |   | $      | (3,834,494 | )      | $      | 1,748,686  |   | $ | (2,449,297 | ) |
|                                                                                                                                             |   |   |       |   |   |       |   |   |   |   |

|                                                                  |   | 2007   |        | 2006   |   |
|-----------------------------------------------------------------------|--------|--------|-------------|--------|--------|
|                                                                  |   |   |        |   |   |
| Investment                in local partnerships - financial reporting |   | $      | 232,411     |   | $      | 325,020 |   |
| Investment                in local partnerships - tax                 |   |   | (31,022,244 | )      |   | (27,531,415 | ) |
|                                                                  |   |   |        |   |   |   |   |
|                                                                  |   | $      | 31,254,655  |   | $      | 27,856,435 |   |

----

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

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

**MARCH      30, 2008, 2007 AND 2006**

| **8.** | **Commitments                and Contingencies** |
|--------|--------------------------------------------------|

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

----

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

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

**MARCH      30, 2008, 2007 AND 2006**

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

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

|                                                                                                     |   | First                Quarter |      | Second                Quarter |   | Third                Quarter |   | Fourth                Quarter |     |
|----------------------------------------------------------------------------------------------------------|--------|------------------------------|-----------|-------------------------------|--------|------------------------------|--------|-------------------------------|----------|
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |
| 2008                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
| Total                revenue                                                                             |   | $                            | 45,532    |                          | $      | 36,607                       |   | $                             | 26,297   |   | $ | 18,338 |   |
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
| Expenses                                                                                                 |   |                         | (123,157  | )                             |   | (121,158                     | )      |                          | (152,592 | ) |   | (144,433 | ) |
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
| Equity                in income (loss) of investment in local partnerships                               |   |                         | (46,889   | )                             |   | (30,589                      | )      |                          | 32,315   |   |   | (290,869 | ) |
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
| Net                loss                                                                                  |   |                         | (124,514  | )                             |   | (115,140                     | )      |                          | (93,980  | ) |   | (416,964 | ) |
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
| Net                loss per unit of limited partnership interest                                         |   |                         | (2.99     | )                             |   | (2.76                        | )      |                          | (2.25    | ) |   | (10.00 | ) |
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
|                                                                                                     |   |                         |      |                          |   |                         |   |                          |     |   |   |   |   |
| 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 | ) |

----

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

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

**Item      9A(T). **
**Management’s      Annual Report on Internal Control over Financial      Reporting**

*Internal      Control - Integrated Framework*

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

----

**PART      III**

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

| Name                                |   | Served                in present 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      11. **
**Executive      Compensation**

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

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

----

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

|                              |   | 2008   |    | 2007   |   |
|-----------------------------------|--------|--------|---------|--------|--------|
|                              |   |   |    |   |   |
| Audit                Fees         |   | $      | 46,450  |   | $      | 52,200 |   |
| Audit-Related                Fees |   |   | — |   |   | — |   |
| Tax                Fees           |   | $      | 11,863  |   | $      | 11,000 |   |
| All                Other Fees     |   |   | — |   |   | — |   |

----

**PART      IV**

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

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

**Financial      Statements**

**Financial      Statement Schedules**

**Exhibits**

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

----

|        |   |                                                                                                                                                                                        |   | Incorporated                by                                                                                 |
|-------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|
|        |   | Exhibit                                                                                                                                                                                     |   |     Reference                to                                        |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.9   |   | Amendment                No. 3 to Cityside Apartments, L.P. Amended and Restated Agreement                of                Limited Partnership                                        |   | Exhibit                10.6 to Form 10-K Report dated March 30, 1992 (File No.                0-17619)    |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.10  |   | Cobbet                Hill Associates Limited Partnership Amended and Restated Agreement                and                Certificate of Limited Partnership                          |   | Exhibit                10.4 to Form 10-K Report dated March 30, 1990 (File No.                0-17619)    |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.11  |   | Cobbet                Hill Associates Limited Partnership First Amendment to Amended and                Restated Agreement and Certificate of Limited Partnership                      |   | Exhibit                10.8 to Form 10-K Report dated March 30, 1993 (File No.                0-17619)    |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.12  |   | Cobbet                Hill Associates Limited Partnership Second Amendment to the Amended                and                Restated Agreement and Certificate of Limited Partnership  |   | Exhibit                10.9 to Form 10-K Report dated March 30, 1993 (File No.                0-17619)    |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.13  |   | Dunbar                Limited Partnership Second Amended and Restated Agreement of Limited                Partnership                                                                  |   | Exhibit                10.5 to Form 10-K Report dated March 30, 1990 (File No.                0-17619)    |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.14  |   | Dunbar                Limited Partnership No. 2 Second Amended and Restated Agreement of                Limited                Partnership                                             |   | Exhibit                10.6 to Form 10-K Report dated March 30, 1990 (File No.                0-17619)    |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.15  |   | Erie                Associates Limited Partnership Amended and Restated Agreement and                Certificate of Limited Partnership                                                |   | Exhibit                10.2 to Form 10-K Report dated March 30, 1989 (File No.                33-20391)   |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.16  |   | Federal                Apartments Limited Partnership Amended and Restated Agreement of                Limited                Partnership                                              |   | Exhibit                10.8 to Form 10-K Report dated March 30, 1990 (File No.                0-17619)    |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.17  |   | First                Amendment to Federal Apartments Limited Partnership Amended and Restated                Agreement of Limited Partnership                                          |   | Exhibit                10.14 to Form 10-K Report dated March 30, 1993 (File No.                0-17619)   |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.18  |   | Second                Amendment to Federal Apartments Limited Partnership Amended and Restated                Agreement of Limited Partnership                                         |   | Exhibit                10.15 to Form 10-K Report dated March 30, 1993 (File No.                0-17619)   |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.19  |   | Golden                Gates Associates Amended and Restated Agreement of Limited                Partnership                                                                            |   | Exhibit                10.1 to Form 8-K Report dated January 17, 1989 (File No.                33-20391)  |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.20  |   | Grove                Park Housing, A California Limited Partnership Amended and Restated                Agreement of Limited Partnership                                               |   | Exhibit                10.10 to Form 10-K Report dated March 30, 1990 (File No.                0-17619)   |
|        |   |                                                                                                                                                                                        |   |                                                                                                           |
| 10.21  |   | Gulf                Shores Apartments Ltd. Amended and Restated Agreement and Certificate                of                Limited Partnership                                         |   | Exhibit                10.3 to Form 10-K Report dated March 30, 1989 (File No.                33-20391)   |

----

|   |   |                                                                                                                                                                                                                                                       |   | Incorporated                by                                                                             |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|
|   |   | Exhibit                                                                                                                                                                                                                                                    |   |     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 Report dated March 30, 1990 (File No.                0-17619)    |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.23  |   | Madison-Bellefield                Associates Amended and Restated Agreement and Certificate of Limited                Partnership                                                                                                                          |   | Exhibit                10.2 to Form 8-K Report dated January 17, 1989 (File No.                33-20391)   |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.24  |   | Amended                and Restated Articles of Partnership in Commendam of Pine Hill Estates                Limited Partnership                                                                                                                           |   | Exhibit                10.2 to Form 10-Q Report dated December 30, 1989 (File No.                0-17619)  |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.25  |   | Santa                Juanita Limited Dividend Partnership Amended and Restated Agreement                of                Limited Partnership                                                                                                              |   | Exhibit                10.4 to Form 10-Q Report dated December 30, 1989 (File No.                0-17619)  |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.26  |   | Second                Amendment of Limited Partnership of Santa Juanita Limited Dividend                Partnership and Amendment No. 2 to the Amended and Restated Agreement                of                Limited Partnership                         |   | Exhibit                10.23 to Form 10-K Report dated March 30, 1994 (File No.                0-17619)    |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.27  |   | Amendment                No. 1 to Santa Juanita Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership (Replaces in its entirety                Exhibit 10.24 hereof.)                      |   | Exhibit                10.1 to Form 10-Q Report dated September 29, 1995 (File No.                0-17619) |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.28  |   | Amendment                No. 2 to Santa Juanita Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership                                                                                      |   | Exhibit                10.2 to Form 10-Q Report dated September 29, 1995 (File No.                0-17619) |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.29  |   | Vista                Del Mar Limited Dividend Partnership Amended and Restated Agreement                and                Certificate of Limited Partnership                                                                                              |   | Exhibit                10.1 to Form 10-K Report dated March 30, 1989 (File No.                33-20391)    |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.30  |   | Certificate                of Amendment of Limited Partnership of Vista Del Mar Limited Dividend                Partnership and Amendment No. 1 to the Amended and Restated Agreement                and                Certificate of Limited Partnership |   | Exhibit                10.25 to Form 10-K Report dated March 30, 1994 (File No.                0-17619)    |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.31  |   | Amendment                No. 1 to Vista del Mar Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership (Replaces in its entirety                Exhibit 10.28 hereof.)                      |   | Exhibit                10.3 to Form 10-Q Report dated September 29, 1995 (File No.                0-17619) |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.32  |   | Amendment                No. 2 to Vista del Mar Limited Dividend Partnership L.P. Amended                and                Restated Agreement of Limited Partnership                                                                                      |   | Exhibit                10.4 to Form 10-Q Report dated September 29, 1995 (File No.                0-17619) |
|   |   |                                                                                                                                                                                                                                                       |   |                                                                                                       |
| 10.33  |   | Amended                and Restated Articles of Partnership in Commendam of Winnsboro Homes                Limited Partnership                                                                                                                             |   | Exhibit                10.1 to Form 10-Q Report dated December 30, 1989 (File No.                0-17619)  |

----

|   |   |                                                                                                                                                                                                               |   | Incorporated                by                                                                             |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|
|   |   | Exhibit                                                                                                                                                                                                            |   |     Reference                to                                    |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| 10.34  |   | The                B & V, Ltd. Investment Agreement                                                                                                                                                            |   | Exhibit                10.2 to Form 10-Q Report dated September 29, 1994 (File No.                0-17619) |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| 10.35  |   | The                B & V Phase I, Ltd. Investment Agreement                                                                                                                                                    |   | Exhibit                10.3 to Form 10-Q Report dated September 29, 1994 (File No.                0-17619) |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| *31.1  |   | Rule                13a-14(a)/15d-14(a) Certification of Chief Executive                Officer                                                                                                                    |   |                                                                                                       |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| *31.2  |   | Rule                13a-14(a)/15d-14(a) Certification of Chief Financial                Officer.                                                                                                                   |   |                                                                                                       |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| *32.1  |   | Section                1350 Certification of Chief Executive Officer.                                                                                                                                              |   |                                                                                                       |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| *32.2  |   | Section                1350 Certification of Chief FinancialOfficer.                                                                                                                                               |   |                                                                                                       |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| 99.22  |   | Pages                21 through 35, 51 through 75 and 89 through 91 of Prospectus dated                May 6,                1989 filed pursuant to Rule 424(b)(3) under the Securities Act of                1933 |   | Exhibit                28 to Form 10-K Report dated March 30, 1989 (File No.                33-20391)      |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| 99.23  |   | Pages                16 through 19 of Prospectus dated May 6, 1989 filed pursuant to Rule                424(b)(3) under the Securities Act of 1933                                                                |   | Exhibit                28.2 to Form 10-K Report dated March 30, 1990 (File No.                0-17619)     |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| 99.24  |   | Supplement                No. 1 dated August 11, 1988 to Prospectus                                                                                                                                                |   | Exhibit                28.3 to Form 10-K Report dated March 30, 1991 (File No.                0-17619)     |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| 99.25  |   | Supplement                No. 2 dated September 20, 1988 to Prospectus                                                                                                                                             |   | Exhibit                28.4 to Form 10-K Report dated March 30, 1991 (File No.                0-17619)     |
|   |   |                                                                                                                                                                                                               |   |                                                                                                       |
| 99.26  |   | Independent                Auditors’ Report of Cobbet Hill Associates Limited Partnership as of and                for the years ended December 31, 2005 and 2004                                            |   | Exhibit                99.26 to Form 10-K Report dated 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 Report dated 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                                                     |   | Exhibit                99.28 to Form 10-K Report dated March 30, 2007 (File No.                0-17619)    |

** **
**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:                July                10, 2008 |                                                   | /s/                David Salzman |
|                                               |                                                   | David                Salzman |
|                                               |                                                   | Chief                Executive Officer |
|                                               |                                                   |   |
| Dated:                July                10, 2008 |                                                   | /s/                Neal Ludeke |
|                                               |                                                   | Neal                Ludeke |
|                                               |                                                   | Chief                Financial Officer |

| Signature                                     |   | Title                                                 |   | Date                           |
|-----------------------------------------------|--------|-------------------------------------------------------|--------|--------------------------------|
|                                          |   |                                                  |   |                           |
| /s/                David Salzman         |   | Chief                Executive Officer of the general |   | July                  10, 2008 |
| (David                Salzman)                |   | partner                of the General Partner         |   |                           |
|                                          |   |                                                  |   |                           |
| /s/                Neal Ludeke           |   | Chief                Financial Officer of the general |   | July                  10, 2008 |
| (Neal                Ludeke)                  |   | partner                of the General Partner         |   |                           |
|                                          |   |                                                  |   |                           |
| /s/                Richard Paul Richman  |   | Director                of the general partner of the |   | July                  10, 2008 |
| (Richard                Paul Richman)         |   | General                Partner                        |   |                           |

----