----

----

|   |   | (Mark One)                                    |
|--------|--------|-----------------------------------------------|
|   | [X]    | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) |
|   |   | OF THE SECURITIES EXCHANGE ACT OF 1934        |
|   |   | For the fiscal year ended March 30, 2011      |

|   | [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)     |
|--------|----------------|-------------------------------------------------------|
|   |           | OF THE SECURITIES EXCHANGE ACT OF 1934                |
|   |           | For the transition period from ______ to ____________ |

|                                Delaware                         |                      06-6385350                                                                                                                                                     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (State or Other Jurisdiction of Organization)                                                                                                                                                                                                                                                                                                 | (I.R.S. Employer Identification No.)                                                                                                                                                                                                                                                                                                                                         |   |
|  Richman American Credit Corp.340 Pemberwick RoadGreenwich, 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)                                                                                                                                                                                                                                                                                                                              |

----

----

----

|   | · | the Extended Use Provisions; |
|--------|--------|------------------------------|

|   | · | the substantial remaining mortgage balances on the Properties, which are typically very near the initial balances as a result of the heavily subsidized debt of the Local Partnership and the lengthy (usually near 40-year) amortization period of the debt; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | poor economic conditions. |
|--------|--------|---------------------------|

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

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

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

|   | · | the inability of tenants to pay rent in light of current market conditions; |
|--------|--------|-----------------------------------------------------------------------------|

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

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

----

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

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

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

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

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

|   | · | lawsuits from tenants or guests in connection with injuries that occur on the Properties; |
|--------|--------|-------------------------------------------------------------------------------------------|

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

|   | · | changes in interest rates and the availability of financing (including changes resulting from current market conditions). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                                                                                           |   |                   |   |   |          |                           |   |                                    |   |                           |        |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|--------|---------------|--------------------------------|--------|-----------------------------------------|--------|--------------------------------|-------------|--------|
|  Name of Local PartnershipName of apartment complex                                                                       |   | Numberof rental        |   |   |  Capital |                           |   | Mortgageloans payable as ofDecember 31, |   |                           | Subsidy(see |   |
| Apartment complex location                                                                                                     |   | units                  |   |   | contribution  |                           |   | 2010                                    |   |                           | footnotes)  |   |
| ACP Housing Associates, L.P.ACP Housing ApartmentsNew York, New York                                                           |   |  28               |   |   | $             | 737,222                        |   |                                    | $      | 1,456,344                      |        |   |  (1b) |   |
| Creative Choice Homes VII, Ltd.Coral GardensHomestead, Florida                                                                 |   |  91               |   |   |          |   2,382,812               |   |                                    |   |    1,388,244         |        |   |  (1a&c) |   |
| Edgewood Manor Associates, L.P. (2)Edgewood Manor ApartmentsPhiladelphia, Pennsylvania                                         |   |  49               |   |   |          |   2,053,799               |   |                                    |   |   1,817,774               |        |   |  (1b) |   |
| Ledge/McLaren Limited PartnershipLedge/McLaren ApartmentsNashua, New Hampshire                                                 |   |  8                |   |   |          |   343,079                 |   |                                    |   |   404,479                 |        |   |  (1b) |   |
| Penn Apartment AssociatesPenn ApartmentsChester, Pennsylvania                                                                  |   |  15               |   |   |          |   852,180                 |   |                                    |   |   954,000                 |        |   |  (1b) |   |
| SB-92 Limited PartnershipShaker Boulevard GardensCleveland, Ohio                                                               |   |  73               |   |   |          |   795,255                 |   |                                    |   |   2,956,230               |        |   |  (1a,b,c&d) |   |
| St Christopher’s Associates, L.P. V   (2)Lehigh ParkPhiladelphia, Pennsylvania                            |   |      29 |   |   |          |     2,081,877        |   |                                    |   |     2,180,000        |        |   |  (1b) |   |
| St. John Housing Associates, L.P.St. John HomesGary, Indiana                                                                   |   |  144              |   |   |          |   3,546,861               |   |                                    |   |   3,280,465               |        |   |  (1a,c&d) |   |
| Starved Rock - LaSalle Manor   Limited PartnershipLaSalle ManorLaSalle, Illinois                                |   |      48 |   |   |          |     634,327          |   |                                    |   |     1,895,357        |        |   |      (1a,c&e) |   |
| Vision Limited Dividend Housing   Association Limited PartnershipHelen Odean Butler ApartmentsDetroit, Michigan |   |      97 |   |   |          |       1,410,544 |   |                                    |   |       3,164,138 |        |   |  (1b) |   |
|                                                                                                                           |   |                   |   |   | $             | 14,837,956                     |   |                                    | $      | 19,497,031                     |        |   |   |   |

|   | (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 contract and debt structure under applicable HUD guidelines in 2005. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The Local Partnership entered into a restructuring agreement of its Section 8 contract and debt structure under applicable HUD guidelines in 2007. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Capital contribution includes voluntary advances made to the Local Partnership. |
|--------|-----|---------------------------------------------------------------------------------|

----

| First closing     |     |   | Second closing   |   |     |    Third closing |
|-------------------|----------|--------|------------------|--------|----------|----------------------------|
| November 29, 1993 |     |   | January 28, 1994 |   |     | May 25, 1994               |
|              |     |   |             |   |     |                       |
| $                 | 1,377.87 |   |             | $      | 1,375.59 |                       |   | $ | 1,363.07 |

----

----

----

|   | · | Registrant accounts for its investment in local partnerships in accordance with the equity method of accounting. |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

----

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

|   | · | If the book value of Registrant’s investment in a Local Partnership exceeds the estimated value derived by management, Registrant reduces its investment in any such Local Partnership and includes such reduction in equity in loss of investment in local partnerships.  Registrant makes such assessment at least annually in the fourth quarter of its fiscal year or whenever there are indications that a permanent impairment may have occurred.  A loss in value of an investment in a Local Partnership other than a temporary decline would be recorded as an impairment loss.  Impairment is measured by comparing the investment carrying amount to the estimated residual value of the investment. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Registrant does not consolidate the accounts and activities of the Local Partnerships, which are considered Variable Interest Entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because Registrant is not considered the primary beneficiary.  Registrant’s balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments.  Registrant’s exposure to loss on the Local Partnerships is mitigated by the condition and financial performance of the underlying Properties as well as the financial strength of the Local General Partners.  In addition, the Local Partnerships’ partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships’ economic success. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

----

----

|                                                                          |   |   |      |   |   |   |
|-------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                          |   | 2011   |      |   | 2010   |   |
|  ASSETS                                                                  |   |   |      |   |   |   |
|                                                                          |   |   |      |   |   |   |
| Cash and liquid investments                                                   |   |   |      |   |   |   |
|                                                                          |   |   |      |   |   |   |
| Cash and cash equivalents                                                     |   | $      | 205,400   |   |   | $      | 286,543 |   |
| Investment in Pemberwick Fund                                                 |   |   | 799,505   |   |   |   | 1,113,737 |   |
| Investment in bond                                                            |   |   | 99,873    |   |   |   |   |   |
|                                                                          |   |   |      |   |   |   |   |   |
| Total cash and liquid investments                                             |   |   | 1,104,778 |   |   |   | 1,400,280 |   |
|                                                                          |   |   |      |   |   |   |   |   |
| Interest receivable                                                           |   |   | 123       |   |   |   |   |   |
| Investment in local partnerships                                              |   |   | 2,297,912 |   |   |   | 2,126,698 |   |
|                                                                          |   |   |      |   |   |   |   |   |
|                                                                          |   | $      | 3,402,813 |   |   | $      | 3,526,978 |   |
|  LIABILITIES AND OWNERS' EQUITY (DEFICIT)                                |   |   |      |   |   |   |   |   |
|                                                                          |   |   |      |   |   |   |   |   |
| Liabilities                                                                   |   |   |      |   |   |   |   |   |
|                                                                          |   |   |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                         |   | $      | 31,628    |   |   | $      | 32,561 |   |
| Payable to manager and affiliates                                             |   |   | 808,871   |   |   |   | 959,099 |   |
|                                                                          |   |   |      |   |   |   |   |   |
|                                                                          |   |   | 840,499   |   |   |   | 991,660 |   |
|                                                                          |   |   |      |   |   |   |   |   |
| Commitments and contingencies                                                 |   |   |      |   |   |   |   |   |
|                                                                          |   |   |      |   |   |   |   |   |
| Owners' equity (deficit)                                                      |   |   |      |   |   |   |   |   |
|                                                                          |   |   |      |   |   |   |   |   |
| Manager                                                                       |   |   | (138,396  | )      |   |   | (138,529 | ) |
| Beneficial owners (18,654 units of beneficial ownership interest outstanding) |   |   | 2,687,011 |   |   |   | 2,673,847 |   |
| Accumulated other comprehensive income                                        |   |   | 13,699    |   |   |   |   |   |
|                                                                          |   |   |      |   |   |   |   |   |
|                                                                          |   |   | 2,562,314 |   |   |   | 2,535,318 |   |
|                                                                          |   |   |      |   |   |   |   |   |
|                                                                          |   | $      | 3,402,813 |   |   | $      | 3,526,978 |   |

----

|                                                                                                        |   | 2011   |      |   | 2010   |   |     | 2009   |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|----------|--------|--------|
|                                                                                                        |   |   |      |   |   |   |     |   |   |
| REVENUE                                                                                                     |   |   |      |   |   |   |     |   |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |
| Interest                                                                                                    |   | $      | 21,728    |   |   | $      | 751      |   |   | $ | 15,736 |   |
| Other income from local partnerships                                                                        |   |   | 2,500     |   |   |   |     |   |   |   | 750 |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| TOTAL REVENUE                                                                                               |   |   | 24,228    |   |   |   | 751      |   |   |   | 16,486 |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| EXPENSES                                                                                                    |   |   |      |   |   |   |     |   |   |   |   |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| Management fee - affiliate                                                                                  |   |   | 192,141   |   |   |   | 192,141  |   |   |   | 192,141 |   |
| Professional fees                                                                                           |   |   | 37,251    |   |   |   | 42,659   |   |   |   | 51,333 |   |
| Printing, postage and other                                                                                 |   |   | 12,986    |   |   |   | 6,887    |   |   |   | 4,243 |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| TOTAL EXPENSES                                                                                              |   |   | 242,378   |   |   |   | 241,687  |   |   |   | 247,717 |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
|                                                                                                        |   |   | (218,150  | )      |   |   | (240,936 | )      |   |   | (231,231 | ) |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| Equity in income of investment in local partnerships                                                        |   |   | 231,447   |   |   |   | 103,033  |   |   |   | 79,327 |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| NET INCOME (LOSS)                                                                                           |   |   | 13,297    |   |   |   | (137,903 | )      |   |   | (151,904 | ) |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| Other comprehensive income (loss)                                                                           |   |   | 13,699    |   |   |   |     |   |   |   | (903 | ) |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| COMPREHENSIVE INCOME (LOSS)                                                                                 |   | $      | 26,996    |   |   | $      | (137,903 | )      |   | $ | (152,807 | ) |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| NET INCOME (LOSS) ATTRIBUTABLE TO                                                                           |   |   |      |   |   |   |     |   |   |   |   |   |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| Manager                                                                                                     |   | $      | 133       |   |   | $      | (1,379   | )      |   | $ | (1,519 | ) |
| Beneficial owners                                                                                           |   |   | 13,164    |   |   |   | (136,524 | )      |   |   | (150,385 | ) |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
|                                                                                                        |   | $      | 13,297    |   |   | $      | (137,903 | )      |   | $ | (151,904 | ) |
|                                                                                                        |   |   |      |   |   |   |     |   |   |   |   |   |
| NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest) |   | $      |  .71 |   |   | $      | (7.32    | )      |   | $ | (8.06 | ) |

----

|                                     |   |    Manager |     |   |   BeneficialOwners |   |      | Accumulated Other Comprehensive Income (Loss) |   |   |    Total |   |
|------------------------------------------|--------|---------------------------|----------|--------|------------------------------|--------|-----------|----------------------------------------------------|--------|--------|-------------------------|--------|
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |
| Owners' equity (deficit), March 30, 2008 |   | $                         | (135,631 | )      |                         | $      | 2,960,756 |                                               |   | $      | 903                     |   |   | $ | 2,826,028 |   |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Net loss                                 |   |                      | (1,519   | )      |                         |   | (150,385  | )                                                  |   |   |                    |   |   |   | (151,904 | ) |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Other comprehensive loss                 |   |                      |     |   |                         |   |      |                                               |   |   | (903                    | )      |   |   | (903 | ) |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Owners' equity (deficit), March 30, 2009 |   |                      | (137,150 | )      |                         |   | 2,810,371 |                                               |   |   |                    |   |   |   | 2,673,221 |   |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Net loss                                 |   |                      | (1,379   | )      |                         |   | (136,524  | )                                                  |   |   |                    |   |   |   | (137,903 | ) |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Owners' equity (deficit), March 30, 2010 |   |                      | (138,529 | )      |                         |   | 2,673,847 |                                               |   |   |                    |   |   |   | 2,535,318 |   |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Net income                               |   |                      | 133      |   |                         |   | 13,164    |                                               |   |   |                    |   |   |   | 13,297 |   |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Other comprehensive income               |   |                      |     |   |                         |   |      |                                               |   |   | 13,699                  |   |   |   | 13,699 |   |
|                                     |   |                      |     |   |                         |   |      |                                               |   |   |                    |   |   |   |   |   |
| Owners' equity (deficit), March 30, 2011 |   | $                         | (138,396 | )      |                         | $      | 2,687,011 |                                               |   | $      | 13,699                  |   |   | $ | 2,562,314 |   |

----

|                                                                   |   | 2011   |     |   | 2010   |   |       | 2009   |   |
|------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|------------|--------|--------|
|                                                                   |   |   |     |   |   |   |       |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                   |   |   |     |   |   |   |       |   |   |
|                                                                   |   |   |     |   |   |   |       |   |   |
| Interest received (paid)                                               |   | $      | 25,402   |   |   | $      | (2,257     | )      |   | $ | 11,042 |   |
| Cash paid for                                                          |   |   |     |   |   |   |       |   |   |   |   |   |
| Management fee                                                         |   |   | (342,369 | )      |   |   | (59,076    | )      |   |   | (189,924 | ) |
| Professional fees                                                      |   |   | (38,274  | )      |   |   | (50,533    | )      |   |   | (46,726 | ) |
| Printing, postage and other expenses                                   |   |   | (12,896  | )      |   |   | (6,332     | )      |   |   | (14,981 | ) |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Net cash used in operating activities                                  |   |   | (368,137 | )      |   |   | (118,198   | )      |   |   | (240,589 | ) |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                   |   |   |     |   |   |   |       |   |   |   |   |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Voluntary advances made to local partnerships                          |   |   |     |   |   |   | (6,092     | )      |   |   |   |   |
| Distributions received from local partnerships                         |   |   | 62,733   |   |   |   | 60,233     |   |   |   | 56,190 |   |
| Investments in Pemberwick Fund                                         |   |   | (13,444  | )      |   |   | (1,114,401 | )      |   |   |   |   |
| Redemptions from Pemberwick Fund                                       |   |   | 338,645  |   |   |   | 664        |   |   |   |   |   |
| Investment in bond                                                     |   |   | (100,940 | )      |   |   |       |   |   |   |   |   |
| Transfer from restricted cash                                          |   |   |     |   |   |   | 3,008      |   |   |   | 6,227 |   |
| Proceeds from maturities/redemptions and sales of investments in bonds |   |   |     |   |   |   |       |   |   |   | 59,276 |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                    |   |   | 286,994  |   |   |   | (1,056,588 | )      |   |   | 121,693 |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Net decrease in cash and cash equivalents                              |   |   | (81,143  | )      |   |   | (1,174,786 | )      |   |   | (118,896 | ) |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Cash and cash equivalents at beginning of year                         |   |   | 286,543  |   |   |   | 1,461,329  |   |   |   | 1,580,225 |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT END OF YEAR                               |   | $      | 205,400  |   |   | $      | 286,543    |   |   | $ | 1,461,329 |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES                 |   |   |     |   |   |   |       |   |   |   |   |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Unrealized gain on investment in Pemberwick Fund                       |   | $      | 10,969   |   |   |   |       |   |   |   |   |   |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |
| Unrealized gain (loss) on investments in bonds                         |   | $      | 2,730    |   |   |   |       |   |   | $ | (903 | ) |
|                                                                   |   |   |     |   |   |   |       |   |   |   |   |   |

----

|                                                                                |   | 2011   |     |   | 2010   |   |     | 2009   |   |
|-------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                |   |   |     |   |   |   |     |
| RECONCILIATION OF NET INCOME (LOSS) TO NETCASH USED IN OPERATING ACTIVITIES         |   |   |     |   |   |   |     |
|                                                                                |   |   |     |   |   |   |     |   |   |
| Net income (loss)                                                                   |   | $      | 13,297   |   |   | $      | (137,903 | )      |   | $ | (151,904 | ) |
|                                                                                |   |   |     |   |   |   |     |   |   |   |   |   |
| Adjustments to reconcile net income (loss) to net cash used in operating activities |   |   |     |   |   |   |     |   |   |   |   |   |
|                                                                                |   |   |     |   |   |   |     |   |   |   |   |   |
| Equity in income of investment in local partnerships                                |   |   | (231,447 | )      |   |   | (103,033 | )      |   |   | (79,327 | ) |
| Other income from local partnerships                                                |   |   | (2,500   | )      |   |   |     |   |   |   | (750 | ) |
| Accrued interest purchased at date of investment in bond                            |   |   | 1,750    |   |   |   |     |   |   |   |   |   |
| Amortization of premium on investment in bond                                       |   |   | 2,047    |   |   |   |     |   |   |   |   |   |
| Gain on sale of investments in bonds                                                |   |   |     |   |   |   |     |   |   |   | (158 | ) |
| Decrease (increase) in interest receivable                                          |   |   | (123     | )      |   |   |     |   |   |   | 1,691 |   |
| Decrease in accounts payable and accrued expenses                                   |   |   | (933     | )      |   |   | (7,319   | )      |   |   | (6,131 | ) |
| Increase (decrease) in payable to manager and affiliates                            |   |   | (150,228 | )      |   |   | 133,065  |   |   |   | 2,217 |   |
| Decrease in interest payable                                                        |   |   |     |   |   |   | (3,008   | )      |   |   | (6,227 | ) |
|                                                                                |   |   |     |   |   |   |     |   |   |   |   |   |
| NET CASH USED IN OPERATING ACTIVITIES                                               |   | $      | (368,137 | )      |   | $      | (118,198 | )      |   | $ | (240,589 | ) |

----

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

----

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

|   | · | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions as there is little, if any, related market activity. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

----

| 4. | Investment in Pemberwick Fund |
|----|-------------------------------|

| 5. | Investment in Bond |
|----|--------------------|

|   Description and maturity |   | Amortizedcost |   |   | Grossunrealized gain |   |   | Grossunrealized loss |   |   | Estimatedfair value |   |
|--------------------------------------|--------|---------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|---------------------|--------|
|                                 |   |          |   |   |                 |   |   |                 |   |   |                |   |
| Corporate debt security              |   |          |   |   |                 |   |   |                 |   |   |                |   |
| Callable in September 2013           |   | $             | 97,143 |   |                 | $      | 2,730  |                 |   | $      | --                  |   |   | $ | 99,873 |   |
|                                 |   |          |   |   |                 |   |   |                 |   |   |                |   |   |   |   |   |

----

| 6. | Investment in Local Partnerships |
|----|----------------------------------|

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

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|              |   | 2010   |      |   | 2009   |   |
|-------------------|--------|--------|-----------|--------|--------|--------|
|              |   |   |      |   |   |   |
| Total assets      |   | $      | 5,769,162 |   |   | $      | 5,794,519 |   |
|              |   |   |      |   |   |   |   |   |
| Total liabilities |   | $      | 3,482,169 |   |   | $      | 3,680,470 |   |
|              |   |   |      |   |   |   |   |   |
| Revenue           |   | $      | 1,430,713 |   |   | $      | 1,393,140 |   |
|              |   |   |      |   |   |   |   |   |
| Net income        |   | $      | 233,785   |   |   | $      | 110,227 |   |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|                                                                                        |   | 2010   |       |   | 2009   |   |
|---------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                                        |   |   |       |   |   |   |
| ASSETS                                                                                      |   |   |       |   |   |   |
|                                                                                        |   |   |       |   |   |   |
| Cash and cash equivalents                                                                   |   | $      | 821,860    |   |   | $      | 427,374 |   |
| Rents receivable                                                                            |   |   | 71,782     |   |   |   | 70,342 |   |
| Escrow deposits and reserves                                                                |   |   | 1,934,303  |   |   |   | 1,982,368 |   |
| Land                                                                                        |   |   | 1,213,303  |   |   |   | 1,213,303 |   |
| Buildings and improvements (net of accumulated depreciation of $17,738,375 and $16,718,268) |   |   | 17,222,078 |   |   |   | 18,204,730 |   |
| Intangible assets (net of accumulated amortization of $179,568 and $193,618)                |   |   | 225,773    |   |   |   | 238,362 |   |
| Other assets                                                                                |   |   | 469,815    |   |   |   | 457,981 |   |
|                                                                                        |   |   |       |   |   |   |   |   |
|                                                                                        |   | $      | 21,958,914 |   |   | $      | 22,594,460 |   |
|                                                                                        |   |   |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT)                                                  |   |   |       |   |   |   |   |   |
|                                                                                        |   |   |       |   |   |   |   |   |
| Liabilities                                                                                 |   |   |       |   |   |   |   |   |
|                                                                                        |   |   |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                       |   | $      | 739,419    |   |   | $      | 743,491 |   |
| Due to related parties                                                                      |   |   | 2,547,157  |   |   |   | 2,616,670 |   |
| Mortgage loans                                                                              |   |   | 19,497,031 |   |   |   | 20,046,007 |   |
| Notes payable                                                                               |   |   | 100,000    |   |   |   | 100,000 |   |
| Accrued interest                                                                            |   |   | 4,455,768  |   |   |   | 4,119,368 |   |
| Other liabilities                                                                           |   |   | 146,928    |   |   |   | 144,733 |   |
|                                                                                        |   |   |       |   |   |   |   |   |
|                                                                                        |   |   | 27,486,303 |   |   |   | 27,770,269 |   |
|                                                                                        |   |   |       |   |   |   |   |   |
| Partners' equity (deficit)                                                                  |   |   |       |   |   |   |   |   |
|                                                                                        |   |   |       |   |   |   |   |   |
| American Tax Credit Trust, Series I                                                         |   |   |       |   |   |   |   |   |
| Capital contributions, net of distributions                                                 |   |   | 13,795,233 |   |   |   | 13,855,466 |   |
| Cumulative loss                                                                             |   |   | (9,829,373 | )      |   |   | (10,060,820 | ) |
|                                                                                        |   |   |       |   |   |   |   |   |
|                                                                                        |   |   | 3,965,860  |   |   |   | 3,794,646 |   |
|                                                                                        |   |   |       |   |   |   |   |   |
| General partners and other limited partners                                                 |   |   |       |   |   |   |   |   |
| Capital contributions, net of distributions                                                 |   |   | 471,617    |   |   |   | 472,225 |   |
| Cumulative loss                                                                             |   |   | (9,964,866 | )      |   |   | (9,442,680 | ) |
|                                                                                        |   |   |       |   |   |   |   |   |
|                                                                                        |   |   | (9,493,249 | )      |   |   | (8,970,455 | ) |
|                                                                                        |   |   |       |   |   |   |   |   |
|                                                                                        |   |   | (5,527,389 | )      |   |   | (5,175,809 | ) |
|                                                                                        |   |   |       |   |   |   |   |   |
|                                                                                        |   | $      | 21,958,914 |   |   | $      | 22,594,460 |   |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|                                                                                                                             |   | 2010   |      |   | 2009   |   |      | 2008   |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
|                                                                                                                             |   |   |      |   |   |   |      |   |   |
| REVENUE                                                                                                                          |   |   |      |   |   |   |      |   |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |
| Rental                                                                                                                           |   | $      | 4,790,746 |   |   | $      | 4,558,362 |   |   | $ | 4,381,951 |   |
| Interest and other                                                                                                               |   |   | 263,948   |   |   |   | 309,213   |   |   |   | 1,041,420 |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
| TOTAL REVENUE                                                                                                                    |   |   | 5,054,694 |   |   |   | 4,867,575 |   |   |   | 5,423,371 |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
| EXPENSES                                                                                                                         |   |   |      |   |   |   |      |   |   |   |   |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
| Administrative                                                                                                                   |   |   | 1,110,818 |   |   |   | 1,071,204 |   |   |   | 1,023,796 |   |
| Utilities                                                                                                                        |   |   | 732,869   |   |   |   | 743,172   |   |   |   | 856,384 |   |
| Operating and maintenance                                                                                                        |   |   | 1,147,203 |   |   |   | 1,224,343 |   |   |   | 1,095,304 |   |
| Taxes and insurance                                                                                                              |   |   | 454,494   |   |   |   | 470,561   |   |   |   | 555,088 |   |
| Financial                                                                                                                        |   |   | 810,922   |   |   |   | 842,269   |   |   |   | 741,004 |   |
| Depreciation and amortization                                                                                                    |   |   | 1,089,127 |   |   |   | 1,115,729 |   |   |   | 1,119,777 |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
| TOTAL EXPENSES                                                                                                                   |   |   | 5,345,433 |   |   |   | 5,467,278 |   |   |   | 5,391,353 |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
| NET INCOME (LOSS)                                                                                                                |   | $      | (290,739  | )      |   | $      | (599,703  | )      |   | $ | 32,018 |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
| NET INCOME (LOSS) ATTRIBUTABLE TO                                                                                                |   |   |      |   |   |   |      |   |   |   |   |   |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
| American Tax Credit Trust, Series I                                                                                              |   | $      | 231,447   |   |   | $      | 103,033   |   |   | $ | 79,327 |   |
| General partners and other limited partners (includes $519,259, $696,720 and $47,615 of Trust loss in excess of investment) |   |   | (522,186  | )      |   |   | (702,736  | )      |   |   | (47,309 | ) |
|                                                                                                                             |   |   |      |   |   |   |      |   |   |   |   |   |
|                                                                                                                             |   | $      | (290,739  | )      |   | $      | (599,703  | )      |   | $ | 32,018 |   |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|        Name of Local Partnership |   | Investment in Local Partnership balance as of March 30,2010 |      |   | Investments (voluntary advances) during the year endedMarch 30,2011 |   |   | Trust'sequity in income for the year endedMarch 30,2011 |   |   | Cash distributions received during the year ended March 30,2011 (2) |   |   | Investment in Local Partnership balance as of March 30, 2011 |    |
|---------------------------------------------------------------------|--------|------------------------------------------------------------------|-----------|--------|-------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------|---------|
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |
| ACP Housing Associates, L.P.                                        |   | $                                                                | --        |   |                                                                          | $      | --     |                                                         |   | $      | --                                                                       | (1)    |   | $                                                                                | --      |   |   | $ | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| Creative Choice Homes VII, Ltd.                                     |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| Edgewood Manor Associates, L.P.                                     |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| Ledge/McLaren Limited Partnership                                   |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| Penn Apartment Associates                                           |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| SB-92 Limited Partnership                                           |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| St. Christopher’s Associates, L.P. V                          |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| St. John Housing Associates, L.P.                                   |   |                                                             | 2,126,698 |   |                                                                          |   | --     |                                                         |   |   | 231,447                                                                  |   |   |                                                                             | (60,233 | ) |   |   | 2,297,912 |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| Starved Rock - LaSalle Manor Limited Partnership                    |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
| Vision Limited Dividend Housing Association Limited Partnership     |   |                                                             | --        |   |                                                                          |   | --     |                                                         |   |   | --                                                                       | (1)    |   |                                                                             | --      |   |   |   | -- |   |
|                                                                |   |                                                             |      |   |                                                                          |   |   |                                                         |   |   |                                                                     |   |   |                                                                             |    |   |   |   |   |   |
|                                                                |   | $                                                                | 2,126,698 |   |                                                                          | $      | --     |                                                         |   | $      | 231,447                                                                  |   |   | $                                                                                | (60,233 | ) |   | $ | 2,297,912 |   |

|   | (1) | 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 |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Does not include $2,500 classified as other income from local partnerships. |
|--------|-----|-----------------------------------------------------------------------------|

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|        Name of Local Partnership |   |   Investment in LocalPartnership balance as of March 30, 2009 |      |   | Investments (voluntary advances) during the year endedMarch 30,2010 |   |   | Trust'sequity inincome (loss) for the year endedMarch 30,2010 |   |   |  Cash distributions received during the year ended March 30,2010 |   |   |  Investment in Local Partnership balance as of March 30, 2010 |    |
|---------------------------------------------------------------------|--------|------------------------------------------------------------------------------|-----------|--------|-------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|---------|
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |
| ACP Housing Associates, L.P.                                        |   | $                                                                            | --        |   |                                                                          | $      | --     |                                                          |   | $      | --                                                                    | (1)    |   | $                                                                       | --      |   |   | $ | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| Creative Choice Homes VII, Ltd.                                     |   |                                                                         | --        |   |                                                                          |   | --     |                                                          |   |   | --                                                                    | (1)    |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| Edgewood Manor Associates, L.P.                                     |   |                                                                         | --        |   |                                                                          |   | --     |                                                          |   |   | --                                                                    | (1)    |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| Ledge/McLaren Limited Partnership                                   |   |                                                                         | --        |   |                                                                          |   | --     |                                                          |   |   | --                                                                    | (1)    |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| Penn Apartment Associates                                           |   |                                                                         | --        |   |                                                                          |   | --     |                                                          |   |   | --                                                                    | (1)    |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| SB-92 Limited Partnership                                           |   |                                                                         | --        |   |                                                                          |   | --     |                                                          |   |   | --                                                                    | (1)    |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| St. Christopher’s Associates, L.P. V                          |   |                                                                         | --        |   |                                                                          |   | 6,092  |                                                          |   |   | (6,092                                                                | ) (2)  |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| St. John Housing Associates, L.P.                                   |   |                                                                         | 2,077,806 |   |                                                                          |   | --     |                                                          |   |   | 109,125                                                               |   |   |                                                                    | (60,233 | ) |   |   | 2,126,698 |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| Starved Rock - LaSalle Manor Limited Partnership                    |   |                                                                         | --        |   |                                                                          |   | --     |                                                          |   |   | --                                                                    | (1)    |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
| Vision Limited Dividend Housing Association Limited Partnership     |   |                                                                         | --        |   |                                                                          |   | --     |                                                          |   |   | --                                                                    | (1)    |   |                                                                    | --      |   |   |   | -- |   |
|                                                                |   |                                                                         |      |   |                                                                          |   |   |                                                          |   |   |                                                                  |   |   |                                                                    |    |   |   |   |   |   |
|                                                                |   | $                                                                            | 2,077,806 |   |                                                                          | $      | 6,092  |                                                          |   | $      | 103,033                                                               |   |   | $                                                                       | (60,233 | ) |   | $ | 2,126,698 |   |

|   | (1) | 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 |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|    Name of Local Partnership                     |   |  Mortgageloans payable |       |   |   Land |   |      |  Buildings and improvements |   |   |  Accumulated depreciation |   |
|-----------------------------------------------------------------|--------|-----------------------------|------------|--------|------------------|--------|-----------|----------------------------------|--------|--------|-------------------------------------|--------|
|                                                            |   |                        |       |   |             |   |      |                             |   |   |                                |   |
| ACP Housing Associates, L.P.                                    |   | $                           | 1,456,344  |   |             | $      | 14,000    |                             |   | $      | 2,505,364                           |   |   | $ | (977,204 | ) |
| Creative Choice Homes VII, Ltd.                                 |   |                        | 1,388,244  |   |             |   | 500,000   |                             |   |   | 4,137,851                           |   |   |   | (1,850,440 | ) |
| Edgewood Manor Associates, L.P.                                 |   |                        | 1,817,774  |   |             |   | --        |                             |   |   | 8,551                               |   |   |   | -- |   |
| Ledge/McLaren Limited Partnership                               |   |                        | 404,479    |   |             |   | 123,673   |                             |   |   | 695,545                             |   |   |   | (327,261 | ) |
| Penn Apartment Associates                                       |   |                        | 954,000    |   |             |   | 13,357    |                             |   |   | 1,841,829                           |   |   |   | (803,899 | ) |
| SB-92 Limited Partnership                                       |   |                        | 2,956,230  |   |             |   | 73,000    |                             |   |   | 4,534,111                           |   |   |   | (2,226,347 | ) |
| St. Christopher’s Associates, L.P. V                      |   |                        | 2,180,000  |   |             |   | 31,829    |                             |   |   | 2,882,473                           |   |   |   | (2,092,045 | ) |
| St. John Housing Associates, L.P.                               |   |                        | 3,280,465  |   |             |   | 74,800    |                             |   |   | 8,279,308                           |   |   |   | (3,939,504 | ) |
| Starved Rock – LaSalle Manor Limited Partnership          |   |                        | 1,895,357  |   |             |   | 202,845   |                             |   |   | 3,110,141                           |   |   |   | (1,254,997 | ) |
| Vision Limited Dividend Housing Association Limited Partnership |   |                        | 3,164,138  |   |             |   | 179,799   |                             |   |   | 6,965,280                           |   |   |   | (4,266,678 | ) |
|                                                            |   |                        |       |   |             |   |      |                             |   |   |                                |   |   |   |   |   |
|                                                            |   | $                           | 19,497,031 |   |             | $      | 1,213,303 |                             |   | $      | 34,960,453                          |   |   | $ | (17,738,375 | ) |

|    Name of Local Partnership                     |   |  Mortgageloans payable |       |   |   Land |   |      |  Buildings and improvements |   |   |  Accumulated depreciation |   |
|-----------------------------------------------------------------|--------|-----------------------------|------------|--------|------------------|--------|-----------|----------------------------------|--------|--------|--------------------------------|--------|
|                                                            |   |                        |       |   |             |   |      |                             |   |   |                           |   |
| ACP Housing Associates, L.P.                                    |   | $                           | 1,461,862  |   |             | $      | 14,000    |                             |   | $      | 2,505,364                      |   |   | $ | (916,937 | ) |
| Creative Choice Homes VII, Ltd.                                 |   |                        | 1,481,636  |   |             |   | 500,000   |                             |   |   | 4,137,851                      |   |   |   | (1,737,811 | ) |
| Edgewood Manor Associates, L.P.                                 |   |                        | 1,817,774  |   |             |   | --        |                             |   |   | 8,551                          |   |   |   | -- |   |
| Ledge/McLaren Limited Partnership                               |   |                        | 416,139    |   |             |   | 123,673   |                             |   |   | 695,545                        |   |   |   | (310,130 | ) |
| Penn Apartment Associates                                       |   |                        | 963,000    |   |             |   | 13,357    |                             |   |   | 1,839,906                      |   |   |   | (759,902 | ) |
| SB-92 Limited Partnership                                       |   |                        | 2,978,923  |   |             |   | 73,000    |                             |   |   | 4,534,111                      |   |   |   | (2,059,291 | ) |
| St. Christopher’s Associates, L.P. V                      |   |                        | 2,180,000  |   |             |   | 31,829    |                             |   |   | 2,868,893                      |   |   |   | (1,980,733 | ) |
| St. John Housing Associates, L.P.                               |   |                        | 3,456,631  |   |             |   | 74,800    |                             |   |   | 8,279,308                      |   |   |   | (3,740,696 | ) |
| Starved Rock – LaSalle Manor Limited Partnership          |   |                        | 1,938,112  |   |             |   | 202,845   |                             |   |   | 3,088,189                      |   |   |   | (1,205,629 | ) |
| Vision Limited Dividend Housing Association Limited Partnership |   |                        | 3,351,930  |   |             |   | 179,799   |                             |   |   | 6,965,280                      |   |   |   | (4,007,139 | ) |
|                                                            |   |                        |       |   |             |   |      |                             |   |   |                           |   |   |   |   |   |
|                                                            |   | $                           | 20,046,007 |   |             | $      | 1,213,303 |                             |   | $      | 34,922,998                     |   |   | $ | (16,718,268 | ) |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|                       |   | Balance as ofDecember 31,2009 |              |   | Net change during the year endedDecember 31,2010 |   |       | Balance as ofDecember 31,2010 |   |
|----------------------------|--------|-------------------------------|-------------------|--------|--------------------------------------------------|--------|------------|-------------------------------|--------|
|                       |   |                          |              |   |                                             |   |       |                          |   |
| Land                       |   | $                             | 1,213,303         |   |                                             | $      | --         |                          |   | $ | 1,213,303 |   |
| Buildings and improvements |   |                          | 34,922,998        |   |                                             |   | 37,455     |                          |   |   | 34,960,453 |   |
|                       |   |                          |              |   |                                             |   |       |                          |   |   |   |   |
|                       |   |                          | 36,136,301        |   |                                             |   | 37,455     |                          |   |   | 36,173,756 |   |
| Accumulated depreciation   |   |                          |  (16,718,268 | )      |                                             |   | (1,020,107 | )                             |   |   |  (17,738,375 | ) |
|                       |   |                          |              |   |                                             |   |       |                          |   |   |   |   |
|                       |   | $                             | 19,418,033        |   |                                             | $      | (982,652   | )                             |   | $ | 18,435,381 |   |

| 7. | Transactions with Manager and Affiliates |
|----|------------------------------------------|

----

| 8. | Taxable Loss |
|----|--------------|

|                                                                                                |   | 2011   |     |   | 2010   |   |       | 2009   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|------------|--------|--------|
|                                                                                                |   |   |     |   |   |   |       |   |   |
| Financial statement net income (loss) for the years ended March 30, 2011, 2010 and 2009             |   | $      | 13,297   |   |   | $      | (137,903   | )      |   | $ | (151,904 | ) |
|                                                                                                |   |   |     |   |   |   |       |   |   |   |   |   |
| Add (less) net transactions occurring between                                                       |   |   |     |   |   |   |       |   |   |   |   |   |
| January 1, 2008 and March 30, 2008                                                                  |   |   | --       |   |   |   | --         |   |   |   | (61,054 | ) |
| January 1, 2009 and March 30, 2009                                                                  |   |   | --       |   |   |   | (65,961    | )      |   |   | 65,961 |   |
|  January 1, 2010 and March 30, 2010                                                            |   |   | (64,011  | )      |   |   | 64,011     |   |   |   | -- |   |
|  January 1, 2011 and March 30, 2011                                                            |   |   | 56,423   |   |   |   | --         |   |   |   | -- |   |
|                                                                                                |   |   |     |   |   |   |       |   |   |   |   |   |
| Adjusted financial statement net income (loss) for the years ended December 31, 2010, 2009 and 2008 |   |   | 5,709    |   |   |   | (139,853   | )      |   |   | (146,997 | ) |
|                                                                                                |   |   |     |   |   |   |       |   |   |   |   |   |
| Adjustment to Management Fees pursuant to Internal Revenue Code Section 267                         |   |   | (150,880 | )      |   |   | (49,225    | )      |   |   | 183,496 |   |
|                                                                                                |   |   |     |   |   |   |       |   |   |   |   |   |
| Differences arising from equity in loss of investment in local partnerships                         |   |   | (607,788 | )      |   |   | (1,016,795 | )      |   |   | (368,062 | ) |
|                                                                                                |   |   |     |   |   |   |       |   |   |   |   |   |
| Other income from local partnerships                                                                |   |   | (2,500   | )      |   |   | --         |   |   |   | (750 | ) |
|                                                                                                |   |   |     |   |   |   |       |   |   |   |   |   |
| Other differences                                                                                   |   |   | 2,812    |   |   |   | 799        |   |   |   | 499 |   |
|                                                                                                |   |   |     |   |   |   |       |   |   |   |   |   |
| Tax return loss for the years ended December 31, 2010, 2009 and 2008                                |   | $      | (752,647 | )      |   | $      | (1,205,074 | )      |   | $ | (331,814 | ) |

|                                                   |   | 2010   |       |   | 2009   |   |
|--------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                   |   |   |       |   |   |   |
| Investment in local partnerships - financial reporting |   | $      | 2,297,912  |   |   | $      | 2,126,698 |   |
| Investment in local partnerships - tax                 |   |   | (4,084,567 | )      |   |   | (3,645,493 | ) |
|                                                   |   |   |       |   |   |   |   |   |
|                                                   |   | $      | 6,382,479  |   |   | $      | 5,772,191 |   |

----

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

----

----

|                 | Served in present |                         |
|----------------------|-------------------|------------------------------|
| Name                 | capacity since1   | Position held                |
|                 |              |                         |
| Richard Paul Richman | May 10, 1993      | Director                     |
| David A. Salzman     | February 1, 2001  | President                    |
| James Hussey         | January 20, 2009  | Vice President and Treasurer |
| Gina K. Dodge        | May 10, 1993      | Secretary                    |
| Charles L. Krafnick  | February 1, 2003  | Assistant Treasurer          |

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2011   |   |   | 2010   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
| Audit Fees                                                                              |   | $      | 21,600 |   |   | $      | 21,600 |   |
| Audit-Related Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | --     |   |   |   | -- |   |
| Tax Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $      | 7,200  |   |   | $      | 7,200 |   |
| All Other Fees                                                                                                                                                                                             |   |   | --     |   |   |   | -- |   |

----

|   |   |                                                                                                                       | Incorporated by                                                                           |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|
|   |   | Exhibit                                                                                                                    |   Reference to                                                             |
|   | 4.1    | Fourth Amended and Restated Agreement of Trust of Registrant                                                               | Appendix A to Registrant’s Prospectus filed September 21, 1993(File No. 33-58032)   |
|   | 10.1   | Credit Agreement dated as of December 27, 1993 between Trust and Citibank N.A.                                             | Exhibit 10.1 to Form 10-Q Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the year ended 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 Reportfor the period ended December 30, 1994(File No. 0-24600)  |

----

|   |   |                                                                                                                                                            | Incorporated by                                                                           |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|
|   |   | Exhibit                                                                                                                                                         |   Reference to                                                        |
|   | 10.10  | Penn Apartment Associates Amended and Restated Agreement of Limited Partnership                                                                                 | Exhibit 10.7 to Form 10-K Reportfor the year ended March 30, 1994(File No. 33-58032)      |
|   | 10.11  | First Amendment to Penn Apartment Associates Amended and Restated Agreement of Limited Partnership                                                              | Exhibit 10.8 to Form 10-K Reportfor the year ended 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 Reportfor the year ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 Reportfor the period ended 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 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 Reportfor the year ended March 30, 2009(File No. 0-24600)       |
|   | 99.2   | Pages 26 through 48 of Prospectus of Registrant dated September 7, 1993 filed pursuant to Rule 424 (b)(3) under the Securities Act of 1933                      | Exhibit 99.2 to Form 10-K Reportfor the year ended March 30, 2009(File No. 0-24600)       |
|   | 99.3   | Pages 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 99.3 to Form 10-K Reportfor the year ended March 30, 2009(File No. 0-24600)       |
|   | 99.4   | Supplement No. 2 dated November 16, 1993 to Prospectus of Registrant dated September 7, 1993 filed pursuant to Rule 424 (b)(3) under the Securities Act of 1933 | Exhibit 99.4 to Form 10-K Reportfor the year ended March 30, 2009(File No. 0-24600)       |
|   | 99.5   | Supplement No. 3 dated November 23, 1994 to Prospectus of Registrant dated September 7, 1993 filed pursuant to Rule 424 (b)(3) under the Securities Act of 1933 | Exhibit 99.5 to Form 10-K Reportfor the year ended March 30, 2009(File No. 0-24600)       |

----

|   |   |                                                                                                                                                            | Incorporated by                                                                      |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|
|   |   | Exhibit                                                                                                                                                         |   Reference to                                                        |
|   | 99.6   | Supplement No. 4 dated December 28, 1994 to Prospectus of Registrant dated September 7, 1993 filed pursuant to Rule 424 (b)(3) under the Securities Act of 1933 | Exhibit 99.6 to Form 10-K Reportfor the year ended March 30, 2009(File No. 0-24600)  |
|   | 99.7   | Independent Auditor’s Report of ACP Housing Associates, L.P. as of and for the year ended December 31, 2004                                               | Exhibit 99.10 to Form 10-K Reportfor the year ended March 30, 2005(File No. 0-24600) |
|   | 99.8   | Independent Auditors’ Report of Creative Choice Homes VII, Ltd. as of and for the year ended December 31, 2004                                            | Exhibit 99.11 to Form 10-K Reportfor the year ended March 30, 2005(File No. 0-24600) |
|   | 99.9   | Report of Independent Registered Public Accounting Firm of Vision L.D.H.A. Limited Partnership as of and for the year ended December 31, 2004                   | Exhibit 99.12 to Form 10-K Reportfor the year ended March 30, 2005(File No. 0-24600) |
|   | 99.10  | Report of Independent Registered Public Accounting Firm of Vision L.D.H.A. Limited Partnership as of and for the year ended December 31, 2005                   | Exhibit 99.8 to Form 10-K Reportfor the year ended March 30, 2006(File No. 0-24600)  |
|   | 99.11  | Audited Financial Statements of Creative Choice Homes VII, Ltd. as of and for the year ended December 31, 2005                                                  | Exhibit 99.9 to Form 10-K Reportfor the year ended March 30, 2006(File No. 0-24600)  |
|   | 99.12  | Audited Financial Statements of St. John Housing Associates Limited Partnership as of and for the year ended December 31, 2005                                  | Exhibit 99.10 to Form 10-K Reportfor the year ended March 30, 2006(File No. 0-24600) |
|   | 99.13  | Independent Auditors’ Report of Ledge/McLaren Limited Partnership as of and for the year ended December 31, 2006                                          | Exhibit 99.11 to Form 10-K Reportfor the year ended March 30, 2007(File No. 0-24600) |
|   | 99.14  | Audited Financial Statements of St. John Housing Associates Limited Partnership as of and for the year ended December 31, 2006                                  | Exhibit 99.12 to Form 10-K Reportfor the year ended March 30, 2007(File No. 0-24600) |
|   | 99.15  | Audited Financial Statements of Vision L.D.H.A. Limited Partnership as of and for the year ended December 31, 2006                                              | Exhibit 99.13 to Form 10-K Reportfor the year ended March 30, 2007(File No. 0-24600) |
|   | 99.16  | Deferred Fee Agreement between Registrant, the Manager and ML Fund Administrators Inc.                                                                          | Exhibit 99.16 to Form 10-K Reportfor the year ended March 30, 2009(File No. 0-24600) |

----

|                            | AMERICAN TAX CREDIT TRUST,                                                                                       |
|---------------------------------|------------------------------------------------------------------------------------------------------------------|
|                            | a Delaware statutory business trust                                                                              |
|                            | Series I                                                                                                         |
|                            |                                                                                                             |
|                            | By:  Richman American Credit Corp.,                                                                    |
|                            | The Manager                                                                                                      |
|                            |                                                                                                             |
| Dated:  June 28, 2011 | /s/David Salzman                 |
|                            | David Salzman                                                                                                    |
|                            | Chief Executive Officer                                                                                          |
|                            |                                                                                                             |
|                            |                                                                                                             |
| Dated:  June 28, 2011 | /s/James Hussey                  |
|                            | James Hussey                                                                                                     |
|                            | Chief Financial Officer                                                                                          |

| Signature                                                                                           | Title                                             | Date          |
|-----------------------------------------------------------------------------------------------------|---------------------------------------------------|---------------|
|                                                                                                |                                              |          |
|                                                                                                |                                              |          |
| /s/David Salzman                   | Chief Executive Officer of  the Manager | June 28, 2011 |
| (David Salzman)                                                                                     |                                              |          |
|                                                                                                |                                              |          |
| /s/James Hussey               | Chief Financial Officer of the Manager            | June 28, 2011 |
| (James Hussey)                                                                                      |                                              |          |
|                                                                                                |                                              |          |
| /s/Richard Paul Richman                                                              | Director of the Manager                           | June 28, 2011 |
| (Richard Paul Richman)                                                                              |                                              |          |

----