**FORM      10-K**

|  | x | ANNUAL                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF                  THE SECURITIES EXCHANGE ACT OF 1934 |
|--|---|------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|

**March      30, 2005**

|  | o | TRANSITION                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF                  THE SECURITIES EXCHANGE ACT OF 1934 |
|--|---|----------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|

**           0-24600         **

**American      Tax Credit Trust, a Delaware statutory business trust**

**Series      I**

| **Delaware**                                                                                                                                |   | **06-6385350**                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|
| (State                  or other jurisdiction of organization)                                                                              |   | (I.R.S.                  Employer Identification No.)        |
|  **Richman                  American Credit Corp.****340                  Pemberwick Road****Greenwich,                  Connecticut** |   | **06831**                                                    |
| (Address                  of principal executive offices)                                                                                   |   | (Zip                  Code)                                  |
|                                                                                                                                        |   |                                                         |
| Registrant's                  telephone number, including area code:                                                                        |   | **(203)                  869-0900**                          |
|  Securities                  registered pursuant to Section 12(b) of the Act:                                                          |   |                                                         |
|                                                                                                                                        |   |                                                         |
| **None**                                                                                                                                    |   | **None**                                                     |
| (Title                  of each Class)                                                                                                      |   | (Name                  of each exchange on which registered) |
|                                                                                                                                        |   |                                                         |
| Securities                  registered pursuant to Section 12(g) of the Act:                                                                |   |                                                         |

|                                                        |
|-------------------------------------------------------------|
| **Units                  of Beneficial Ownership Interest** |
| (Title                  of Class)                           |

----

**PART      I**

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

----

| **Item                2.** | **Properties** |
|----------------------------|----------------|

----

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

|                                                                                                                                                                             |   |                       |   |                                             |   |                                 |   | Mortgage |       |       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------------------------------------------------|--------|--------------------------------------|--------|----------|------------|------------|--------|
| Name                of Local Partnership                                                                                                                                         |   | Number                     |   | Capital                  contribution obligation |   | loans                  payable as of |   | Subsidy  |       |
| Name                of apartment complex                                                                                                                                         |   | of                  rental |   | as                  of March 30, 2005            |   | December                  31,        |   | (see     |       |
| Apartment                complex location                                                                                                                                        |   | units                      |   | Total                                            |   | Paid                                 |   | 2004     |       | footnotes) |   |
| ACP                  Housing Associates, L.P.ACP                  Housing ApartmentsNew                  York, New York                                                          |   |                       | 28     |                                             | $      | 737,222                              |   | $        | 737,222    |       | $      | 1,483,872 |   |   | (1b | ) |
| Creative                  Choice Homes VII, Ltd.Coral                  GardensHomestead,                  Florida                                                                |   |                       | 91     |                                             |   | 2,382,812                            |   |     | 2,382,812  |       |   | 1,846,418 |   |   | (1a                  & c | ) |
| Edgewood                  Manor Associates, L.P.Edgewood                  Manor ApartmentsPhiladelphia,                  Pennsylvania                                            |   |                       | 49     |                                             |   | 1,963,799                            |   |     | 1,963,799  |       |   | 1,827,168 |   |   | (1b | ) |
| Ledge/McLaren                  Limited PartnershipLedge/McLaren                  ApartmentsNashua,                  New Hampshire                                                |   |                       | 8      |                                             |   | 343,079                              |   |     | 343,079    |       |   | 443,241 |   |   | (1b | ) |
| Penn                  Apartment AssociatesPenn                  ApartmentsChester,                  Pennsylvania                                                                 |   |                       | 15     |                                             |   | 852,180                              |   |     | 852,180    |       |   | 963,000 |   |   | (1b | ) |
| SB-92                  Limited PartnershipShaker                  Boulevard GardensCleveland,                  Ohio                                                              |   |                       | 73     |                                             |   | 795,255                              |   |     | 795,255    |       |   | 1,848,579 |   |   | (1b,                  c & d | ) |
| St.                  Christopher’s Associates, L.P. VLehigh                  ParkPhiladelphia,                  Pennsylvania                                               |   |                       | 29     |                                             |   | 2,075,785                            |   |     | 2,044,027  |       |   | 2,180,000 |   |   | (1b | ) |
| St.                  John Housing Associates, L.P.St.                  John HomesGary,                  Indiana                                                                  |   |                       | 144    |                                             |   | 3,546,861                            |   |     | 3,546,861  |       |   | 3,793,543 |   |   | (1a                  & c | ) |
| Starved                  Rock - LaSalle Manor Limited                  PartnershipLaSalle                  ManorLaSalle,                  Illinois                               |   |                       | 48     |                                             |   | 634,327                              |   |     | 634,327    |       |   | 1,602,496 |   |   | (1a                  & c | ) |
| Vision                  Limited Dividend HousingAssociation                  Limited PartnershipHelen                  Odean Butler ApartmentsDetroit,                  Michigan |   |                       | 97     |                                             |   | 1,410,544                            |   |     | 1,410,544  |       |   | 4,263,242 |   |   | (1b | ) |
|                                                                                                                                                                             |   |                       |   |                                             | $      | 14,741,864                           |   | $        | 14,710,106 |       | $      | 20,251,559 |   |   |   |   |
|                                                                                                                                                                             |   |                       |   |                                             |   |                                 |   |     |       |       |   |   |   |   |   |   |

----

| (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                2005. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **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 and Related Security Holder                Matters** |
|----------------------------|-------------------------------------------------------------------------------------------------------------|

|                                            |   | First                closing |     | Second                closing |   | Third                closing |   |
|-------------------------------------------------|--------|------------------------------|----------|-------------------------------|--------|------------------------------|--------|
|                                            |   | November                29,  |     | January                28,    |   | May                25,       |   |
|                                            |   | 1993                         |     | 1994                          |   | 1994                         |   |
| Low-income                Tax Credits:          |   |                         |     |                          |   |                         |   |
| Tax                year ended December 31, 2004 |   | $                            | 99.49    |                          | $      | 99.49                        |   | $ | 99.49 |   |
| Tax                year ended December 31, 2003 |   |                         | 134.86   |                          |   | 134.86                       |   |   | 134.86 |   |
| Cumulative                totals                |   | $                            | 1,349.54 |                          | $      | 1,347.36                     |   | $ | 1,334.84 |   |

----

| **Item                6.** | **Selected                Financial Data** |
|----------------------------|--------------------------------------------|

|                                                                                                |   | Years                  Ended March 30, |     |
|-----------------------------------------------------------------------------------------------------|--------|----------------------------------------|----------|
|                                                                                                |   | 2005                                   |     | 2004 |   | 2003 |   | 2002 |   | 2001 |   |
|                                                                                                |   |                                   |     |   |   |   |   |   |   |   |   |
| Interest                  revenue                                                                   |   | $                                      | 68,047   |   | $ | 106,444 |   | $ | 124,644 |   | $ | 146,753 |   | $ | 121,363 |   |
|                                                                                                |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                  in loss of investment in local partnerships                                 |   | $                                      | (687,423 | ) | $ | (1,378,435 | ) | $ | (1,477,923 | ) | $ | (1,180,278 | ) | $ | (844,680 | ) |
|                                                                                                |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                           |   | $                                      | (862,968 | ) | $ | (1,532,141 | ) | $ | (1,585,759 | ) | $ | (1,268,827 | ) | $ | (950,341 | ) |
|                                                                                                |   |                                   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss per unit of beneficial ownership interest (18,654                  Units) |   | $                                      | (45.80   | ) | $ | (81.31 | ) | $ | (84.16 | ) | $ | (67.34 | ) | $ | (50.44 | ) |

|                          |   | As                  of March 30, |      |
|-------------------------------|--------|----------------------------------|-----------|
|                          |   | 2005                             |      | 2004 |   | 2003 |   | 2002 |   | 2001 |   |
|                          |   |                             |      |   |   |   |   |   |   |   |   |
| Total                  assets |   | $                                | 5,285,303 |   | $ | 6,184,227 |   | $ | 7,705,676 |   | $ | 9,208,448 |   | $ | 10,481,154 |   |

| **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                Long Term Liabilities:                             |   |   |    |                       |   |                                      |   |                                      |   |                        |   |
| Capital                  Contributions Payable and Interest Payable (1) |   | $      | 98,676  |                       | $      | --                                        |   | $                                         | --     |                        | $      | -- |   | $ | 98,676 |   |
| Payable                  to Manager and Affiliates (2)                  |   |   | 687,795 |                       |   | 687,795                                   |   |                                      | --     |                        |   | -- |   |   | -- |   |
|                                                                    |   | $      | 786,471 |                       | $      | 687,795                                   |   | $                                         | --     |                        | $      | -- |   | $ | 98,676 |   |
|                                                                    |   |   |    |                       |   |                                      |   |                                      |   |                        |   |   |   |   |   |   |

----

| (1) | Such                  amounts are expected to be paid upon the completion of the Compliance                  Period of the associated Local                  Partnership. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Management                  Fees are due to an affiliate of the Manager and are payable on                  an annual                  basis. However, a portion of such fees has been deferred and accrued                  annually. Although such amount is due within one year, the full                  amount is                  not expected to be paid within such                  time. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

* *

----

| **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. A loss in value of an investment                in a                Local Partnership other than a temporary decline would be recorded                as an                impairment loss. Impairment is measured by comparing the investment                carrying amount to the sum of the total amount of the remaining tax                credits to be allocated to Registrant and the estimated residual                value of                the investment. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Registrant                does not consolidate the accounts and activities of the Local                Partnerships, which are considered VIEs under FIN 46R, because                Registrant is not considered the primary                beneficiary. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

| **Table                of Contents**                                   |   | **Page** |
|------------------------------------------------------------------------|--------|----------|
|                                                                   |   |     |
| Report                of Independent Registered Public Accounting Firm |   | 13       |
|                                                                   |   |     |
| Balance                Sheets                                          |   | 14       |
|                                                                   |   |     |
| Statements                of Operations                                |   | 15       |
|                                                                   |   |     |
| Statements                of Changes in Owners' Equity (Deficit)       |   | 16       |
|                                                                   |   |     |
| Statements                of Cash Flows                                |   | 17       |
|                                                                   |   |     |
| Notes                to Financial Statements                           |   | 19       |

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**BALANCE      SHEETS**

**MARCH      30, 2005 AND 2004**

|                                                                                                        |   |      |   |         |   |      |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------------|--------|-----------|--------|
|                                                                                                        |   | **Notes** |   | **200****5** |   | **2004**  |   |
| **ASSETS**                                                                                                  |   |      |   |         |   |      |   |
|                                                                                                        |   |      |   |         |   |      |   |
| Cash                and cash equivalents                                                                    |   |      | 3,9    |         | $      | 1,430,592 |   | $ | 443,726 |   |
| Restricted                cash                                                                              |   |      | 3,5,9  |         |   | 98,676    |   |   | 134,829 |   |
| Investments                in bonds                                                                         |   |      | 4,9    |         |   | 487,038   |   |   | 1,536,067 |   |
| Investment                in local partnerships                                                             |   |      | 5,8    |         |   | 3,260,746 |   |   | 4,040,247 |   |
| Interest                receivable                                                                          |   |      | 9      |         |   | 8,251     |   |   | 29,358 |   |
|                                                                                                        |   |      |   |         | $      | 5,285,303 |   | $ | 6,184,227 |   |
| **LIABILITIES                AND OWNERS' EQUITY (DEFICIT)**                                                 |   |      |   |         |   |      |   |   |   |   |
|                                                                                                        |   |      |   |         |   |      |   |   |   |   |
| Liabilities                                                                                                 |   |      |   |         |   |      |   |   |   |   |
|                                                                                                        |   |      |   |         |   |      |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |   |      |   |         | $      | 29,854    |   | $ | 30,668 |   |
| Payable                to manager and affiliates                                                            |   |      | 6,8    |         |   | 687,795   |   |   | 642,257 |   |
| Capital                contributions payable                                                                |   |      | 5,9    |         |   | 31,758    |   |   | 69,300 |   |
| Interest                payable                                                                             |   |      | 5,9    |         |   | 66,918    |   |   | 65,529 |   |
|                                                                                                        |   |      |   |         |   | 816,325   |   |   | 807,754 |   |
|                                                                                                        |   |      |   |         |   |      |   |   |   |   |
| Commitments                and contingencies                                                                |   |      | 5,8    |         |   |      |   |   |   |   |
|                                                                                                        |   |      |   |         |   |      |   |   |   |   |
| Owners'                equity (deficit)                                                                     |   |      | 2,4    |         |   |      |   |   |   |   |
|                                                                                                        |   |      |   |         |   |      |   |   |   |   |
| Manager                                                                                                     |   |      |   |         |   | (119,369  | )      |   | (110,739 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |   |      |   |         |   | 4,570,675 |   |   | 5,425,013 |   |
| Accumulated                other comprehensive income, net                                                  |   |      |   |         |   | 17,672    |   |   | 62,199 |   |
|                                                                                                        |   |      |   |         |   | 4,468,978 |   |   | 5,376,473 |   |
|                                                                                                        |   |      |   |         | $      | 5,285,303 |   | $ | 6,184,227 |   |
|                                                                                                        |   |      |   |         |   |      |   |   |   |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

**YEARS      ENDED MARCH 30, 2005, 2004 AND 2003**

|                                                                                                                                               |   |      |   |         |   |     |   |     |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------------|--------|----------|--------|----------|------------|
|                                                                                                                                               |   | **Notes** |   | **200****5** |   | **2004** |   | **2003** |       |
| **REVENUE**                                                                                                                                        |   |      |   |         |   |     |   |     |       |
| Interest                                                                                                                                           |   |      |   |         | $      | 68,047   |   | $        | 106,444    |   | $ | 124,644 |   |
| TOTAL                REVENUE                                                                                                                       |   |      |   |         |   | 68,047   |   |     | 106,444    |   |   | 124,644 |   |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |
| **EXPENSES**                                                                                                                                       |   |      |   |         |   |     |   |     |       |   |   |   |   |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |
| Management                fee - affiliate                                                                                                          |   |      | 6,8    |         |   | 192,141  |   |     | 192,141    |   |   | 192,141 |   |
| Professional                fees                                                                                                                   |   |      |   |         |   | 43,319   |   |     | 49,441     |   |   | 28,572 |   |
| Printing,                postage and other                                                                                                         |   |      |   |         |   | 8,132    |   |     | 18,568     |   |   | 11,767 |   |
| TOTAL                EXPENSES                                                                                                                      |   |      |   |         |   | 243,592  |   |     | 260,150    |   |   | 232,480 |   |
|                                                                                                                                               |   |      |   |         |   | (175,545 | )      |     | (153,706   | ) |   | (107,836 | ) |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                  |   |      | 5      |         |   | (687,423 | )      |     | (1,378,435 | ) |   | (1,477,923 | ) |
| **NET                LOSS**                                                                                                                        |   |      |   |         |   | (862,968 | )      |     | (1,532,141 | ) |   | (1,585,759 | ) |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |
| Other                comprehensive income (loss), net                                                                                              |   |      | 4      |         |   | (44,527  | )      |     | (14,621    | ) |   | 60,694 |   |
| **COMPREHENSIVE                LOSS**                                                                                                              |   |      |   |         | $      | (907,495 | )      | $        | (1,546,762 | ) | $ | (1,525,065 | ) |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                        |   |      | 2      |         |   |     |   |     |       |   |   |   |   |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |
| Manager                                                                                                                                            |   |      |   |         | $      | (8,630   | )      | $        | (15,321    | ) | $ | (15,858 | ) |
| Beneficial                owners                                                                                                                   |   |      |   |         |   | (854,338 | )      |     | (1,516,820 | ) |   | (1,569,901 | ) |
|                                                                                                                                               |   |      |   |         | $      | (862,968 | )      | $        | (1,532,141 | ) | $ | (1,585,759 | ) |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |
| **NET                LOSS**per                unit of beneficial ownership interest (18,654 units of beneficial                ownership interest) |   |      |   |         | $      | (45.80   | )      | $        | (81.31     | ) | $ | (84.16 | ) |
|                                                                                                                                               |   |      |   |         |   |     |   |     |       |   |   |   |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**YEARS      ENDED MARCH 30, 2005, 2004 AND 2003**

|                                                    |   | **Manager** |     | **Beneficial****Owners** |   | **Accumulated                Other Comprehensive Income (Loss), Net** |   | **Total** |    |
|---------------------------------------------------------|--------|-------------|----------|--------------------------|--------|-----------------------------------------------------------------------|--------|-----------|---------|
|                                                    |   |        |     |                     |   |                                                                  |   |      |    |
| Owners'                equity (deficit), March 30, 2002 |   | $           | (79,560  | )                        | $      | 8,511,734                                                             |   | $         | 16,126  |   | $ | 8,448,300 |   |
| Net                loss                                 |   |        | (15,858  | )                        |   | (1,569,901                                                            | )      |      |    |   |   | (1,585,759 | ) |
| Other                comprehensive income, net          |   |        |     |                     |   |                                                                  |   |      | 60,694  |   |   | 60,694 |   |
| Owners'                equity (deficit), March 30, 2003 |   |        | (95,418  | )                        |   | 6,941,833                                                             |   |      | 76,820  |   |   | 6,923,235 |   |
|                                                    |   |        |     |                     |   |                                                                  |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (15,321  | )                        |   | (1,516,820                                                            | )      |      |    |   |   | (1,532,141 | ) |
| Other                comprehensive loss, net            |   |        |     |                     |   |                                                                  |   |      | (14,621 | ) |   | (14,621 | ) |
| Owners'                equity (deficit), March 30, 2004 |   |        | (110,739 | )                        |   | 5,425,013                                                             |   |      | 62,199  |   |   | 5,376,473 |   |
|                                                    |   |        |     |                     |   |                                                                  |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (8,630   | )                        |   | (854,338                                                              | )      |      |    |   |   | (862,968 | ) |
| Other                comprehensive loss, net            |   |        |     |                     |   |                                                                  |   |      | (44,527 | ) |   | (44,527 | ) |
| Owners'                equity (deficit), March 30, 2005 |   | $           | (119,369 | )                        | $      | 4,570,675                                                             |   | $         | 17,672  |   | $ | 4,468,978 |   |
|                                                    |   |        |     |                     |   |                                                                  |   |      |    |   |   |   |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

**YEARS      ENDED MARCH 30, 2005, 2004 AND 2003**

|                                                                   |         | **2005** |                                   | **2004**     |   | **2003**                         |         |
|------------------------------------------------------------------------|--------------|----------|----------------------------------------|--------------|--------|----------------------------------|--------------|
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |         |     |                                   |         |   |                             |         |
|                                                                   |         |     |                                   |         |   |                             |         |
| Interest                received                                       |         | $        | 95,045                                 |         | $      | 114,743                          |         | $ | 129,690 |   |
| Cash                paid for                                           |         |     |                                   |         |   |                             |         |   |   |   |
| Management                fee                                          |         |     | (146,603                               | )            |   | (171,026                         | )            |   | (170,972 | ) |
| Professional                fees                                       |         |     | (45,333                                | )            |   | (45,565                          | )            |   | (28,572 | ) |
| Printing,                postage and other expenses                    |         |     | (6,932                                 | )            |   | (19,268                          | )            |   | (12,267 | ) |
|                                                                   |         |     |                                   |         |   |                             |         |   |   |   |
| Net                cash used in operating activities                   |         |     | (103,823                               | )            |   | (121,116                         | )            |   | (82,121 | ) |
|                                                                   |         |     |                                   |         |   |                             |         |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |         |     |                                   |         |   |                             |         |   |   |   |
|                                                                   |         |     |                                   |         |   |                             |         |   |   |   |
| Capital                contributions paid to local partnerships        |         |     | (37,542                                | )            |   |                             |         |   |   |   |
| Cash                distributions from local partnerships              |         |     | 92,078                                 |         |   | 71,839                           |         |   | 70,456 |   |
| Transfer                from (to) restricted cash                      |         |     | 36,153                                 |         |   | (1,022                           | )            |   | (1,624 | ) |
| Proceeds                from maturities/redemptions and sales of bonds |         |     | 1,000,000                              |         |   | 100,000                          |         |   | 200,000 |   |
| Net                cash provided by investing activities               |         |     | 1,090,689                              |         |   | 170,817                          |         |   | 268,832 |   |
|                                                                   |         |     |                                   |         |   |                             |         |   |   |   |
| Net                increase in cash and cash equivalents               |         |     | 986,866                                |         |   | 49,701                           |         |   | 186,711 |   |
| Cash                and cash equivalents at beginning of year          |         |     | 443,726                                |         |   | 394,025                          |         |   | 207,314 |   |
| **CASH                AND CASH EQUIVALENTS AT END OF YEAR**            |         | $        | 1,430,592                              |         | $      | 443,726                          |         | $ | 394,025 |   |
|                                                                   |         |     |                                   |         |   |                             |         |   |   |   |
|  **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**     |         |     |                                   |         |   |                             |         |   |   |   |
|                                                                   |         |     |                                   |         |   |                             |         |   |   |   |
| Unrealized                gain (loss) on investments in bonds, net     |         | $        | (44,527                                | )            | $      | (14,621                          | )            | $ | 60,694 |   |
|                                                                   |         |     |                                   |         |   |                             |         |   |   |   |
|                                                    |    |     |                    |    |   |                   |    |   |                    |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**YEARS      ENDED MARCH 30, 2005, 2004 AND 2003**

|                                                                                                     |   | **2005** |     | **2004** |   | **2003**   |   |
|----------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|------------|--------|
|                                                                                                     |   |     |     |     |   |       |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH****USED                IN OPERATING ACTIVITIES** |   |     |     |     |   |       |   |
|                                                                                                     |   |     |     |     |   |       |   |
| Net                loss                                                                                  |   | $        | (862,968 | )        | $      | (1,532,141 | )      | $ | (1,585,759 | ) |
|                                                                                                     |   |     |     |     |   |       |   |   |   |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |     |     |     |   |       |   |   |   |   |
| Equity                in loss of investment in local partnerships                                        |   |     | 687,423  |     |   | 1,378,435  |   |   | 1,477,923 |   |
| Gain                on redemptions and sales of bonds                                                    |   |     |     |     |   |       |   |   | (975 | ) |
| Amortization                of net premium on investments in bonds                                       |   |     | 4,502    |     |   | 4,164      |   |   | 3,775 |   |
| Decrease                in interest receivable                                                           |   |     | 21,107   |     |   | 3,113      |   |   | 622 |   |
| Increase                (decrease) in accounts payable and accrued expenses                              |   |     | (814     | )        |   | 3,176      |   |   | (500 | ) |
| Increase                in payable to manager and affiliates                                             |   |     | 45,538   |     |   | 21,115     |   |   | 21,169 |   |
| Increase                in interest payable                                                              |   |     | 1,389    |     |   | 1,022      |   |   | 1,624 |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                 |   | $        | (103,823 | )        | $      | (121,116   | )      | $ | (82,121 | ) |
|                                                                                                     |   |     |     |     |   |       |   |   |   |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2005, 2004 AND 2003**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2005, 2004 AND 2003**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2005, 2004 AND 2003**

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

* *

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

| **4.** | **Investments                in Bonds** |
|--------|-----------------------------------------|

| Description                and maturity           |   | Amortizedcost |    | Gross                unrealized gains |   | Gross                unrealized losses |   | Estimatedfair                value |   |
|---------------------------------------------------|--------|---------------|---------|---------------------------------------|--------|----------------------------------------|--------|------------------------------------|--------|
|                                              |   |          |    |                                  |   |                                   |   |                               |   |
| Corporate                debt securities          |   |          |    |                                  |   |                                   |   |                               |   |
| Within                one year                    |   | $             | 199,936 |                                  | $      | 3,786                                  |   | $                                  | --     |   | $ | 203,722 |   |
| After                one year through five years  |   |          | 266,224 |                                  |   | 13,482                                 |   |                               | --     |   |   | 279,706 |   |
| After                five years through ten years |   |          | 3,206   |                                  |   | 404                                    |   |                               | --     |   |   | 3,610 |   |
|                                              |   | $             | 469,366 |                                  | $      | 17,672                                 |   | $                                  | --     |   | $ | 487,038 |   |
|                                              |   |          |    |                                  |   |                                   |   |                               |   |   |   |   |   |

| Description                and maturity           |   | Amortizedcost |      | Gross                unrealized gains |   | Gross                unrealized losses |   | Estimatedfair                value |   |
|---------------------------------------------------|--------|---------------|-----------|---------------------------------------|--------|----------------------------------------|--------|------------------------------------|--------|
|                                              |   |          |      |                                  |   |                                   |   |                               |   |
| Corporate                debt securities          |   |          |      |                                  |   |                                   |   |                               |   |
| Within                one year                    |   | $             | 1,000,690 |                                  | $      | 14,700                                 |   | $                                  | --     |   | $ | 1,015,390 |   |
| After                one year through five years  |   |          | 469,943   |                                  |   | 46,876                                 |   |                               | --     |   |   | 516,819 |   |
| After                five years through ten years |   |          | 3,235     |                                  |   | 623                                    |   |                               | --     |   |   | 3,858 |   |
|                                              |   | $             | 1,473,868 |                                  | $      | 62,199                                 |   | $                                  | --     |   | $ | 1,536,067 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

| **5.** | **Investment                in Local Partnerships** |
|--------|-----------------------------------------------------|

|   |   |                                                                                               |
|--------|--------|----------------------------------------------------------------------------------------------------|
| 1.     |   | ACP                  Housing Associates, L.P.;                                                     |
| 2.     |   | Creative                  Choice Homes VII, Ltd. ;                                                 |
| 3.     |   | Edgewood                  Manor Associates, L.P.;                                                  |
| 4.     |   | Ledge/McLaren                  Limited Partnership;                                                |
| 5.     |   | Penn                  Apartment Associates;                                                        |
| 6.     |   | SB-92                  Limited Partnership;                                                        |
| 7.     |   | St.                  Christopher's Associates, L.P. V (“St. Christopher”)*;            |
| 8.     |   | St.                  John Housing Associates, L.P.;                                                |
| 9.     |   | Starved                  Rock - LaSalle Manor Limited Partnership; and                             |
| 10.    |   | Vision                  Limited Dividend Housing Association Limited                  Partnership. |

----

|   |   | *An                  affiliate of the Manager provided services to St. Christopher in                  a prior                  year. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

|                                                                                                                                     |   | **2004** |       | **2003** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| **ASSETS**                                                                                                                               |   |     |       |     |   |
|                                                                                                                                     |   |     |       |     |   |
| Cash                and cash equivalents                                                                                                 |   | $        | 382,636    |     | $      | 359,268 |   |
| Rents                receivable                                                                                                          |   |     | 37,289     |     |   | 33,831 |   |
| Capital                contributions receivable                                                                                          |   |     | 31,758     |     |   | 69,300 |   |
| Escrow                deposits and reserves                                                                                              |   |     | 1,412,395  |     |   | 1,484,588 |   |
| Land                                                                                                                                     |   |     | 1,267,153  |     |   | 1,267,153 |   |
| Buildings                and improvements (net of accumulated depreciation of $12,801,975                and                $11,640,197) |   |     | 23,787,036 |     |   | 24,870,133 |   |
| Intangible                assets (net of accumulated amortization of $190,279 and                $159,722)                               |   |     | 221,763    |     |   | 235,692 |   |
| Other                assets                                                                                                              |   |     | 330,890    |     |   | 290,366 |   |
|                                                                                                                                     |   | $        | 27,470,920 |     | $      | 28,610,331 |   |
|                                                                                                                                     |   |     |       |     |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |     |       |     |   |   |   |
|                                                                                                                                     |   |     |       |     |   |   |   |
| Liabilities                                                                                                                              |   |     |       |     |   |   |   |
|                                                                                                                                     |   |     |       |     |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $        | 830,933    |     | $      | 570,298 |   |
| Due                to related parties                                                                                                    |   |     | 628,139    |     |   | 728,779 |   |
| Mortgage                loans                                                                                                            |   |     | 20,251,559 |     |   | 20,711,183 |   |
| Notes                payable                                                                                                             |   |     | 100,000    |     |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |     | 2,566,812  |     |   | 2,276,788 |   |
| Other                liabilities                                                                                                         |   |     | 147,948    |     |   | 150,917 |   |
|                                                                                                                                     |   |     | 24,525,391 |     |   | 24,537,965 |   |
| Partners'                equity (deficit)                                                                                                |   |     |       |     |   |   |   |
|                                                                                                                                     |   |     |       |     |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |     |       |     |   |   |   |
| Capital                contributions, net of distributions (includes receivable of $31,758                and                $69,300)    |   |     | 14,043,191 |     |   | 14,136,770 |   |
| Cumulative                loss                                                                                                           |   |     | (9,603,946 | )        |   | (9,227,523 | ) |
|                                                                                                                                     |   |     | 4,439,245  |     |   | 4,909,247 |   |
| General                partners and other limited partners                                                                               |   |     |       |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 474,338    |     |   | 475,180 |   |
| Cumulative                loss                                                                                                           |   |     | (1,968,054 | )        |   | (1,312,061 | ) |
|                                                                                                                                     |   |     | (1,493,716 | )        |   | (836,881 | ) |
|                                                                                                                                     |   |     | 2,945,529  |     |   | 4,072,366 |   |
|                                                                                                                                     |   | $        | 27,470,920 |     | $      | 28,610,331 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

|                                                                                                                                                                          |   | **2004** |       | **2003** |   | **2002**   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|------------|--------|
|                                                                                                                                                                          |   |     |       |     |   |       |   |
| **REVENUE**                                                                                                                                                                   |   |     |       |     |   |       |   |
|                                                                                                                                                                          |   |     |       |     |   |       |   |
| Rental                                                                                                                                                                        |   | $        | 4,137,245  |     | $      | 4,048,502  |   | $ | 3,914,682 |   |
| Interest                and other                                                                                                                                             |   |     | 130,826    |     |   | 103,409    |   |   | 152,383 |   |
| TOTAL                REVENUE                                                                                                                                                  |   |     | 4,268,071  |     |   | 4,151,911  |   |   | 4,067,065 |   |
|                                                                                                                                                                          |   |     |       |     |   |       |   |   |   |   |
| **EXPENSES**                                                                                                                                                                  |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                          |   |     |       |     |   |       |   |   |   |   |
| Administrative                                                                                                                                                                |   |     | 943,692    |     |   | 1,028,860  |   |   | 952,577 |   |
| Utilities                                                                                                                                                                     |   |     | 751,477    |     |   | 603,409    |   |   | 576,072 |   |
| Operating                and maintenance                                                                                                                                      |   |     | 961,315    |     |   | 886,122    |   |   | 977,165 |   |
| Taxes                and insurance                                                                                                                                            |   |     | 558,553    |     |   | 562,896    |   |   | 467,204 |   |
| Financial                                                                                                                                                                     |   |     | 909,745    |     |   | 929,149    |   |   | 928,089 |   |
| Depreciation                and amortization                                                                                                                             |   |     | 1,175,705  |     |   | 1,221,396  |   |   | 1,242,350 |   |
| Loss                from impairment of long-lived assets                                                                                                                      |   |     |       |     |   | 1,080,000  |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                 |   |     | 5,300,487  |     |   | 6,311,832  |   |   | 5,143,457 |   |
| **NET                LOSS**                                                                                                                                                   |   | $        | (1,032,416 | )        | $      | (2,159,921 | )      | $ | (1,076,392 | ) |
|                                                                                                                                                                          |   |     |       |     |   |       |   |   |   |   |
|  **NET                LOSS ATTRIBUTABLE TO**                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                          |   |     |       |     |   |       |   |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                                            |   | $        | (376,423   | )        | $      | (1,198,435 | )      | $ | (1,020,423 | ) |
| General                partners and other limited partners, which                includes $645,648, $939,757 and $45,187 of Trust loss in excess of                investment |   |     | (655,993   | )        |   | (961,486   | )      |   | (55,969 | ) |
|                                                                                                                                                                          |   | $        | (1,032,416 | )        | $      | (2,159,921 | )      | $ | (1,076,392 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

| Name                of Local Partnership                                       |   | Investment                in Local Partnership balance as of March 30, 2004 |      | Trust'sequity                in income (loss) for the year ended December                31, 2004 |   | Adjustment                to carrying value during theyear                ended March                30,2005 |   | Cash                distributions received during the year ended March 30,2005 |                        | Investment                in Local Partnership balance as of March 30, 2005 |   | Capital                contributions payable as of March 30, 2005 |   |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|-----------------------------|-----------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                                                           |   |                                                                        |      |                                                                                              |   |                                                                                                         |   |                                                                           |                        |                                                                        |   |                                                              |   |
| ACP                Housing Associates, L.P.                                    |   | $                                                                           | 41,240    |                                                                                              | $      | (41,240)(2                                                                                                   | )      | $                                                                              | --                          |                                                                        | $      | --                                                                |   | $ | -- |   | $ | -- |   |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                                        | 811,148   |                                                                                              |   | (210,514                                                                                                     | )      |                                                                           | (294,000)                (1 | )                                                                           |   | --                                                                |   |   | 306,634 |   |   | -- |   |
| Edgewood                Manor Associates, L.P.                                 |   |                                                                        | 5,322     |                                                                                              |   | (5,322)(2                                                                                                    | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | -- |   |   | -- |   |
| Ledge/McLaren                Limited Partnership                               |   |                                                                        | 98,633    |                                                                                              |   | 4,436                                                                                                        |   |                                                                           | --                          |                                                                        |   | (3,750                                                            | )      |   | 99,319 |   |   | -- |   |
| Penn                Apartment Associates                                       |   |                                                                        | --        |                                                                                              |   | --                (3                                                                                         | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | -- |   |   | -- |   |
| SB-92                Limited Partnership                                       |   |                                                                        | --        |                                                                                              |   | --                (3                                                                                         | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | -- |   |   | -- |   |
| St.                Christopher’s Associates, L.P. V                      |   |                                                                        | --        |                                                                                              |   | --                (3                                                                                         | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | -- |   |   | 31,758 |   |
| St.                John Housing Associates, L.P.                               |   |                                                                        | 2,292,382 |                                                                                              |   | (11,676                                                                                                      | )      |                                                                           | --                          |                                                                        |   | (83,328                                                           | )      |   | 2,197,378 |   |   | -- |   |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                                                        | 351,674   |                                                                                              |   | (42,450                                                                                                      | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | 309,224 |   |   | -- |   |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                                        | 439,848   |                                                                                              |   | (69,657                                                                                                      | )      |                                                                           | (17,000)                (1  | )                                                                           |   | (5,000                                                            | )      |   | 348,191 |   |   | -- |   |
|                                                                           |   | $                                                                           | 4,040,247 |                                                                                              | $      | (376,423                                                                                                     | )      | $                                                                              | (311,000                    | )                                                                           | $      | (92,078                                                           | )      | $ | 3,260,746 |   | $ | 31,758 |   |
|                                                                           |   |                                                                        |      |                                                                                              |   |                                                                                                         |   |                                                                           |                        |                                                                        |   |                                                              |   |   |   |   |   |   |   |

----

|  | (1) | The                  Trust has adjusted the investment’s carrying value in accordance with                  applicable accounting                  guidelines. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                  Trust’s equity in loss of an investment in a Local Partnership is limited                  to the remaining investment                  balance. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Additional                  equity in loss of investment is not allocated to the Trust until                  equity in                  income is earned or additional investment is made by the                  Trust. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

|  Name                of Local Partnership                                 |   | Investment                in Local Partnership balance as of March 30, 2003 |      | Trust'sequity                in loss for the year ended December                31, 2003 |   | Adjustment                to carrying value during theyear                ended March                30,2004 |   | Cash                distributions received during the year ended March 30,2004 |                        | Investment                in Local Partnership balance as of March 30, 2004 |   | Capital                contributions payable as of March 30, 2004 |   |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|-----------------------------|-----------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |                        |                                                                        |   |                                                              |   |
| ACP                Housing Associates, L.P.                                    |   | $                                                                           | 123,804   |                                                                                     | $      | (82,564                                                                                                      | )      | $                                                                              | --                          |                                                                        | $      | --                                                                |   | $ | 41,240 |   | $ | -- |   |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                                        | 991,307   |                                                                                     |   | (180,159                                                                                                     | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | 811,148 |   |   | -- |   |
| Edgewood                Manor Associates, L.P.                                 |   |                                                                        | 339,369   |                                                                                     |   | (182,047                                                                                                     | )      |                                                                           | (152,000)                (1 | )                                                                           |   | --                                                                |   |   | 5,322 |   |   | -- |   |
| Ledge/McLaren                Limited Partnership                               |   |                                                                        | 158,117   |                                                                                     |   | (29,984                                                                                                      | )      |                                                                           | (28,000)                (1  | )                                                                           |   | (1,500                                                            | )      |   | 98,633 |   |   | -- |   |
| Penn                Apartment Associates                                       |   |                                                                        | --        |                                                                                     |   | --                (3                                                                                         | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | -- |   |   | -- |   |
| SB-92                Limited Partnership                                       |   |                                                                        | 78,517    |                                                                                     |   | (78,517)(2                                                                                                   | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | -- |   |   | -- |   |
| St.                Christopher’s Associates, L.P. V                      |   |                                                                        | 502,152   |                                                                                     |   | (502,152)(2                                                                                                  | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | -- |   |   | 69,300 |   |
| St.                John Housing Associates, L.P.                               |   |                                                                        | 2,416,427 |                                                                                     |   | (53,706                                                                                                      | )      |                                                                           | --                          |                                                                        |   | (70,339                                                           | )      |   | 2,292,382 |   |   | -- |   |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                                                        | 364,996   |                                                                                     |   | (13,322                                                                                                      | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | 351,674 |   |   | -- |   |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                                        | 515,832   |                                                                                     |   | (75,984                                                                                                      | )      |                                                                           | --                          |                                                                        |   | --                                                                |   |   | 439,848 |   |   | -- |   |
|                                                                           |   | $                                                                           | 5,490,521 |                                                                                     | $      | (1,198,435                                                                                                   | )      | $                                                                              | (180,000                    | )                                                                           | $      | (71,839                                                           | )      | $ | 4,040,247 |   | $ | 69,300 |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |                        |                                                                        |   |                                                              |   |   |   |   |   |   |   |

----

|  | (1) | The                Trust has adjusted the investment’s carrying value in accordance with                applicable accounting guidelines. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The                Trust’s equity in loss of an investment in a Local Partnership is limited                to the remaining investment                balance. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Additional                equity in loss of investment is not allocated to the Trust until                equity in                income is earned or additional investment is made by the                Trust. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

| Name                of Local Partnership                                       |   | Mortgage                loans                payable |       | Land   |   | Buildings                and improvements |   | Accumulated                depreciation |       |
|--------------------------------------------------------------------------------|--------|------------------------------------------------------|------------|--------|--------|-------------------------------------------|--------|-----------------------------------------|------------|
|                                                                           |   |                                                 |       |   |   |                                      |   |                                    |       |
| ACP                Housing Associates, L.P.                                    |   | $                                                    | 1,483,872  |   | $      | 14,000                                    |   | $                                       | 2,505,364  |   | $ | (615,602 | ) |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                 | 1,846,418  |   |   | 500,000                                   |   |                                    | 4,137,851  |   |   | (1,149,156 | ) |
| Edgewood                Manor Associates, L.P.                                 |   |                                                 | 1,827,168  |   |   | 53,850                                    |   |                                    | 3,682,905  |   |   | (1,511,681 | ) |
| Ledge/McLaren                Limited Partnership                               |   |                                                 | 443,241    |   |   | 123,673                                   |   |                                    | 692,445    |   |   | (203,301 | ) |
| Penn                Apartment Associates                                       |   |                                                 | 963,000    |   |   | 13,357                                    |   |                                    | 1,784,922  |   |   | (526,695 | ) |
| SB-92                Limited Partnership                                       |   |                                                 | 1,848,579  |   |   | 73,000                                    |   |                                    | 3,095,670  |   |   | (1,266,105 | ) |
| St.                Christopher’s Associates,                L.P. V       |   |                                                 | 2,180,000  |   |   | 31,829                                    |   |                                    | 2,784,550  |   |   | (1,429,936 | ) |
| St.                John Housing Associates,                L.P.                |   |                                                 | 3,793,543  |   |   | 74,800                                    |   |                                    | 8,279,308  |   |   | (2,709,671 | ) |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                                 | 1,602,496  |   |   | 202,845                                   |   |                                    | 2,744,150  |   |   | (755,950 | ) |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                 | 4,263,242  |   |   | 179,799                                   |   |                                    | 6,881,846  |   |   | (2,633,878 | ) |
|                                                                           |   | $                                                    | 20,251,559 |   | $      | 1,267,153                                 |   | $                                       | 36,589,011 |   | $ | (12,801,975 | ) |

| Name                of Local Partnership                                       |   | Mortgageloans                payable |       | Land   |   | Buildings                and improvements |   | Accumulated                depreciation |       |
|--------------------------------------------------------------------------------|--------|--------------------------------------|------------|--------|--------|-------------------------------------------|--------|-----------------------------------------|------------|
|                                                                           |   |                                 |       |   |   |                                      |   |                                    |       |
| ACP                Housing Associates, L.P.                                    |   | $                                    | 1,486,837  |   | $      | 14,000                                    |   | $                                       | 2,505,364  |   | $ | (555,335 | ) |
| Creative                Choice Homes VII, Ltd.                                 |   |                                 | 1,902,600  |   |   | 500,000                                   |   |                                    | 4,137,851  |   |   | (1,027,680 | ) |
| Edgewood                Manor Associates, L.P.                                 |   |                                 | 1,830,826  |   |   | 53,850                                    |   |                                    | 3,682,905  |   |   | (1,376,359 | ) |
| Ledge/McLaren                Limited Partnership                               |   |                                 | 446,354    |   |   | 123,673                                   |   |                                    | 689,848    |   |   | (181,956 | ) |
| Penn                Apartment Associates                                       |   |                                 | 963,000    |   |   | 13,357                                    |   |                                    | 1,784,922  |   |   | (482,541 | ) |
| SB-92                Limited Partnership                                       |   |                                 | 1,893,510  |   |   | 73,000                                    |   |                                    | 3,079,858  |   |   | (1,144,600 | ) |
| St.                Christopher’s Associates,                L.P. V       |   |                                 | 2,180,000  |   |   | 31,829                                    |   |                                    | 2,758,354  |   |   | (1,327,477 | ) |
| St.                John Housing Associates,                L.P.                |   |                                 | 3,928,708  |   |   | 74,800                                    |   |                                    | 8,279,308  |   |   | (2,507,152 | ) |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                 | 1,639,246  |   |   | 202,845                                   |   |                                    | 2,734,234  |   |   | (676,309 | ) |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                 | 4,440,102  |   |   | 179,799                                   |   |                                    | 6,857,686  |   |   | (2,360,788 | ) |
|                                                                           |   | $                                    | 20,711,183 |   | $      | 1,267,153                                 |   | $                                       | 36,510,330 |   | $ | (11,640,197 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

|                                      |   | Balance                as ofDecember                31,2003 |        | Net                change during the year endedDecember                31,2004 |   | Balance                as ofDecember                31,2004 |   |
|-------------------------------------------|--------|-------------------------------------------------------------|-------------|--------------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|
|                                      |   |                                                        |        |                                                                           |   |                                                        |   |
| Land                                      |   | $                                                           | 1,267,153   |                                                                           | $      | --                                                          |   | $ | 1,267,153 |   |
| Buildings                and improvements |   |                                                        | 36,510,330  |                                                                           |   | 78,681                                                      |   |   | 36,589,011 |   |
|                                      |   |                                                        | 37,777,483  |                                                                           |   | 78,681                                                      |   |   | 37,856,164 |   |
| Accumulated                depreciation   |   |                                                        | (11,640,197 | )                                                                              |   | (1,161,778                                                  | )      |   | (12,801,975 | ) |
|                                      |   | $                                                           | 26,137,286  |                                                                           | $      | (1,083,097                                                  | )      | $ | 25,054,189 |   |

| **6.** | **Transactions                with Manager and                Affiliates** |
|--------|----------------------------------------------------------------------------|

|                                       |   |  2005 |    |  2004 |   |  2003 |   |
|--------------------------------------------|--------|------------|---------|------------|--------|------------|--------|
|                                       |   | Paid       |    | Incurred   |   | Paid       |   | Incurred |   | Paid |   | Incurred |   |
|                                       |   |       |    |       |   |       |   |   |   |   |   |   |   |
| Management                fee (see Note 8) |   | $          | 146,603 |       | $      | 192,141    |   | $ | 171,026 |   | $ | 192,141 |   | $ | 170,972 |   | $ | 192,141 |   |
|                                       |   |       |    |       |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

|                                                                                                                                    |   | 2005   |       | 2004   |   | 2003       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Financial                statement net loss for the years ended March 30, 2005, 2004 and                2003                            |   | $      | (862,968   | )      | $      | (1,532,141 | )      | $ | (1,585,759 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Add                (less) net transactions occurring between                                                                            |   |   |       |   |   |       |   |   |   |   |
| January                1, 2002 and March 30, 2002                                                                                       |   |   | --         |   |   | --         |   |   | (22,279 | ) |
| January                1, 2003 and March 30, 2003                                                                                       |   |   | --         |   |   | (23,894    | )      |   | 23,894 |   |
| January                1, 2004 and March 30, 2004                                                                                       |   |   | (42,837    | )      |   | 42,837     |   |   | -- |   |
| January                1, 2005 and March 30, 2005                                                                                       |   |   | 41,716     |   |   | --         |   |   | -- |   |
| Adjusted                financial statement net loss for the years ended December 31, 2004,                2003                and 2002 |   |   | (864,089   | )      |   | (1,513,198 | )      |   | (1,584,844 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjustment                to management fee pursuant to Internal Revenue Code Section                267                                |   |   | 18,467     |   |   | 21,115     |   |   | 21,145 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Differences                arising from equity in loss of investment in local                partnerships                               |   |   | (522,482   | )      |   | 59,909     |   |   | 163,231 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Other                differences                                                                                                        |   |   | 1,041      |   |   | 918        |   |   | -- |   |
| Tax                return net loss for the years ended December 31, 2004, 2003 and                2002                                  |   | $      | (1,367,063 | )      | $      | (1,431,256 | )      | $ | (1,400,468 | ) |

|                                                                  |   | 2004   |      | 2003   |   |
|-----------------------------------------------------------------------|--------|--------|-----------|--------|--------|
|                                                                  |   |   |      |   |   |
| Investment                in local partnerships - financial reporting |   | $      | 3,260,746 |   | $      | 4,041,747 |   |
| Investment                in local partnerships - tax                 |   |   | 2,070,540 |   |   | 3,374,023 |   |
|                                                                  |   | $      | 1,190,206 |   | $      | 667,724 |   |
|                                                                  |   |   |      |   |   |   |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2005, 2004 AND 2003**

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

|                                                              |   | First   |     | Second  |   | Third    |   | Fourth  |     |
|-------------------------------------------------------------------|--------|---------|----------|---------|--------|----------|--------|---------|----------|
|                                                              |   | Quarter |     | Quarter |   | Quarter  |   | Quarter |     |
|                                                              |   |    |     |    |   |     |   |    |     |
| 2005                                                              |   |    |     |    |   |     |   |    |     |
| Total                revenue                                      |   | $       | 22,199   |    | $      | 16,832   |   | $       | 13,893   |   | $ | 15,123 |   |
| Expenses                                                          |   |    | (63,976  | )       |   | (63,003  | )      |    | (59,774  | ) |   | (56,839 | ) |
| Equity                in loss of investment in local partnerships |   |    | (99,563  | )       |   | (159,028 | )      |    | (66,592  | ) |   | (362,240 | ) |
| Net                loss                                           |   |    | (141,340 | )       |   | (205,199 | )      |    | (112,473 | ) |   | (403,956 | ) |
| Net                loss per unit of beneficial ownership interest |   |    | (7.50    | )       |   | (10.89   | )      |    | (5.97    | ) |   | (21.44 | ) |
|                                                              |   |    |     |    |   |     |   |    |     |   |   |   |   |
| 2004                                                              |   |    |     |    |   |     |   |    |     |   |   |   |   |
| Total                revenue                                      |   | $       | 25,734   |    | $      | 26,024   |   | $       | 26,809   |   | $ | 27,877 |   |
| Expenses                                                          |   |    | (58,471  | )       |   | (56,586  | )      |    | (74,379  | ) |   | (70,714 | ) |
| Equity                in loss of investment in local partnerships |   |    | (190,516 | )       |   | (178,326 | )      |    | (112,147 | ) |   | (897,446 | ) |
| Net                loss                                           |   |    | (223,253 | )       |   | (208,888 | )      |    | (159,717 | ) |   | (940,283 | ) |
| Net                loss per unit of beneficial ownership interest |   |    | (11.85   | )       |   | (11.08   | )      |    | (8.48    | ) |   | (49.90 | ) |
|                                                              |   |    |     |    |   |     |   |    |     |   |   |   |   |
| 2003                                                              |   |    |     |    |   |     |   |    |     |   |   |   |   |
| Total                revenue                                      |   | $       | 30,781   |    | $      | 31,436   |   | $       | 30,435   |   | $ | 31,992 |   |
| Expenses                                                          |   |    | (60,332  | )       |   | (54,914  | )      |    | (61,362  | ) |   | (55,872 | ) |
| Equity                in loss of investment in local partnerships |   |    | (237,996 | )       |   | (211,390 | )      |    | (239,316 | ) |   | (789,221 | ) |
| Net                loss                                           |   |    | (267,547 | )       |   | (234,868 | )      |    | (270,243 | ) |   | (813,101 | ) |
| Net                loss per unit of beneficial ownership interest |   |    | (14.20   | )       |   | (12.46   | )      |    | (14.35   | ) |   | (43.15 | ) |

----

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

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

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

**PART      III**

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

|                                |   | Served                in present     |   |                                        |
|-------------------------------------|--------|--------------------------------------|--------|---------------------------------------------|
| Name                                |   | capacity                since 1 |   | Position                held                |
|                                |   |                                 |   |                                        |
| Richard                Paul Richman |   | May                10, 1993          |   | Director                                    |
| David                A. Salzman     |   | February                1, 2001      |   | President                                   |
| Stephen                B. Smith     |   | May                10, 1993          |   | Executive                Vice President     |
| Neal                Ludeke          |   | May                10, 1993          |   | Vice                President and Treasurer |
|                                |   |                                 |   |                                        |

----

**Richard      Paul Richman**

**Stephen      B. Smith**

**David      A. Salzman, **

**Neal      Ludeke**

----

**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**

----

**PART      IV**

**Item      15. **
**Exhibits,      Financial Statement Schedules, and Reports on Form 8-K**

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

|  | **(1)** | **Financial                Statements** |
|--|---------|-----------------------------------------|

|  | **(2)** | **Financial                Statement Schedules** |
|--|---------|--------------------------------------------------|

|  | **(3)** | **Exhibits** |
|--|---------|--------------|

|   |                                                                                                                                                                    |   | Incorporated                by                                                                                           |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                                                                                 |   | Reference                to                                                                                    |
| 10.1   | Credit                Agreement dated as of December 27, 1993 between Trust and Citibank                N.A.                                                            |   | Exhibit                10.1 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 10.2   | Security                and Pledge Agreement dated as of December 27, 1993 between Trust                and                Citibank N.A.                                |   | Exhibit                10.2 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 10.3   | Cash                Collateral Agreement dated as of December 27, 1993 between Trust                and                Citibank N.A.                                    |   | Exhibit                10.3 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 10.4   | Promissory                Note dated December 27, 1993 from Trust to Citibank N.A.                                                                                      |   | Exhibit                10.4 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 10.5   | Tri-Party                Agreement dated as of December 27, 1993 between Trust, Citibank N.A.                and                United States Trust Company of New York |   | Exhibit                10.5 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 10.6   | ACP                Housing Associates, L.P. Amended and Restated Agreement of Limited                Partnership                                                        |   | Exhibit                10.1 to Form 10-Q Report dated                September 29, 1995(File                No. 0-24600) |
| 10.7   | Creative                Choice Homes VII, Ltd. Amended and Restated Agreement of Limited                Partnership                                                     |   | Exhibit                10.1 to Form 10-Q Report dated                December 30, 1994(File                No. 0-24600)  |
| 10.8   | Edgewood                Manor Associates, L.P. Amended and Restated Agreement of Limited                Partnership                                                     |   | Exhibit                10.6 to Form 10-K Report dated                March 30, 1994 (File                No. 33-58032)   |
| 10.9   | Ledge                / McLaren Limited Partnership Amended and Restated Agreement of Limited                Partnership                                                 |   | Exhibit                10.2 to Form 10-Q Report dated                December 30, 1994 (File                No. 0-24600) |
| 10.10  | Penn                Apartment Associates Amended and Restated Agreement of Limited                Partnership                                                           |   | Exhibit                10.7 to Form 10-K Report dated                March 30, 1994 (File                No. 33-58032)   |

----

|   |                                                                                                                                                                                                                     |   | Incorporated                by                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                                                                                                                                  |   | Reference                to                                                                                              |
| 10.11  | First                Amendment to Penn Apartment Associates Amended and Restated Agreement                of                Limited Partnership                                                                          |   | Exhibit                10.8 to Form 10-K Report dated                March 30, 1994(File                No. 33-58032)    |
| 10.12  | Second                Amendment to Penn Apartment Associates Amended and Restated Agreement                of                Limited Partnership                                                                         |   | Exhibit                10.9 to Form 10-K Report dated                March 30, 1994(File                No. 33-58032)    |
| 10.13  | SB-92                Limited Partnership Amended and Restated Agreement of Limited                Partnership                                                                                                            |   | Exhibit                10.6 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 10.14  | St.                Christopher's Associates, L.P. V Amended and Restated Agreement of                Limited                Partnership                                                                                  |   | Exhibit                10.1 to Form 10-Q Report dated                June 29, 1994(File                No. 33-58032)     |
| 10.15  | St.                John Housing Associates, L.P. Amended and Restated Agreement of Limited                Partnership                                                                                                    |   | Exhibit                10.7 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 10.16  | Starved                Rock - LaSalle Manor Limited Partnership Amended and Restated Agreement                of                Limited Partnership                                                                      |   | Exhibit                10.2 to Form 10-Q Report dated                September 29, 1995(File                No. 0-24600) |
| 10.17  | Vision                Limited Dividend Housing Association Limited Partnership Amended                and                Restated Agreement of Limited Partnership                                                       |   | Exhibit                10.3 to Form 10-Q Report dated                December 30, 1994(File                No. 0-24600)  |
| 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.                                                                                                                                                     |   |                                                                                                                     |
| 99.1   | Pages                11 through 21, 26 through 48 and 63 through 65 of Prospectus of Registrant                dated September 7, 1993 filed pursuant to Rule 424 (b)(3) under the                Securities Act of 1933 |   | Exhibit                99.1 to Form 10-K Report dated                March 30, 1994 (File                No. 33-58032)   |
| 99.2   | Supplement                No. 2 dated November 16, 1993 to Prospectus                                                                                                                                                    |   | Exhibit                28.1 to Form 10-Q Reportdated                December 30, 1993(File                No. 33-58032)  |
| 99.3   | Supplement                No. 3 dated November 23, 1994 to Prospectus                                                                                                                                                    |   | Exhibit                99.3 to Form 10-K Report dated                March 30, 1995 (File                No. 0-24600)    |
| 99.4   | Supplement                No. 4 dated December 28, 1994 to Prospectus                                                                                                                                                    |   | Exhibit                99.4 to Form 10-K Report dated                March 30, 1995 (File                No. 0-24600)    |
| 99.5   | December                31, 1995 financial statements ofSt.                John Housing Associates, L.P. pursuant to Title 17, Code of Federal                Regulations, Section                210.3-9                |   | Exhibit                99.5 to Form 10-K Report dated                March 30, 1996 (File                No. 0-24600)    |

----

|   |                                                                                                                                                                       |   | Incorporated                by                                                                                        |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|
|        | Exhibit                                                                                                                                                                    |   | Reference                to                                                                                           |
| 99.6   | December                31, 1996 financial statements of St.                John Housing Associates, L.P. pursuant to Title 17, Code of Federal                Regulations |   | Exhibit                99.6 to Form 10-K Report dated                March 30, 1997 (File                No. 0-24600) |
| 99.7   | December                31, 1997 financial statements of St.                John Housing Associates, L.P. pursuant to Title 17, Code of Federal                Regulations |   | Exhibit                99.7 to Form 10-K Report dated                March 30, 1998 (File                No. 0-24600) |
| 99.8   | December                31, 1998 financial statements of St.                John Housing Associates, L.P. pursuant to Title 17, Code of Federal                Regulations |   | Exhibit                99.8 to Form 10-K Report dated                March 30, 1999 (File                No. 0-24600) |
| 99.9   | December                31, 1999 financial statements of St.                John Housing Associates, L.P. pursuant to Title 17, Code of Federal                Regulations |   | Exhibit                99.9 to Form 10-K Report dated                March 30, 2000 (File                No. 0-24600) |
| 99.10  | Independent                Auditor’s Report of ACP Housing Associates, L.P.                                                                                          |   |                                                                                                                  |
| 99.11  | Independent                Auditors’ Report of Creative Choice Homes VII, LTD                                                                                        |   |                                                                                                                  |
| 99.12  | Report                of Independent Registered Public Accounting Firm of Vision L.D.H.A.                Limited Partnership                                               |   |                                                                                                                  |

|  | **(b)** | **Exhibits** |
|--|---------|--------------|

|  | **(c)** | **Financial                Statement Schedules** |
|--|---------|--------------------------------------------------|

----

**SIGNATURES**

|         |                                                                                                         |                                                        |
|--------------|--------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|
|         | **AMERICAN                  TAX CREDIT TRUST,**a Delaware statutory business trust Series                  I |
|    |                                                                                                    |                                                   |
|         | By:                                                                                                | Richman                  American Credit Corp., The Manager |
|         |                                                                                                              |

|                                      |                                                                   |                                  |
|-------------------------------------------|------------------------------------------------------------------------|---------------------------------------|
| Date: August                11, 2005 |                                | /s/ David                Salzman |
|                                      |                                                                        |
|                                      | David                  SalzmanChief Executive                  Officer |

|                                      |                                                |                                |
|-------------------------------------------|-----------------------------------------------------|-------------------------------------|
| Date: August                11, 2005 |             | /s/ Neal                Ludeke |
|                                      |                                                     |
|                                      | Neal                  LudekeChief Financial Officer |
|                                      |                                                |

| Signature                        |   | Title                                                 |   | Date                           |
|----------------------------------|--------|-------------------------------------------------------|--------|--------------------------------|
|                             |   |                                                  |   |                           |
|                             |   |                                                  |   |                           |
| /s/                David Salzman |   | Chief                Executive Officer of the Manager |   | August                11, 2005 |
| (David                Salzman)   |   |                                                  |   |                           |
|                             |   |                                                  |   |                           |
| /s/                Neal Ludeke   |   | Chief                Financial Officer of the Manager |   | August                11, 2005 |
| (Neal                Ludeke)     |   |                                                  |   |                           |
|                             |   |                                                  |   |                           |
|                             |   |                                                  |   |                           |
|                             |   |                                                  |   |                           |

----