**FORM      10-K**

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

**March      30, 2008**

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

** 0-24600 **

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

**Series      I**

| **Delaware**                                                 |   | **06-6385350**                                      |
|--------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction of organization) |   | (I.R.S.                Employer Identification No.) |

| **Richman                American Credit Corp.****340                Pemberwick Road****Greenwich,                Connecticut** |   | **06831           ** |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|
| (Address                of principal executive offices)                                                                         |   | (Zip                Code)                |

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

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

**Units      of Beneficial Ownership Interest**

----

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**PART      I**

**Item          1. **
**Business**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

***Failure      to remain in compliance with various requirements may result in such Local      Partnership losing its eligibility for Low-income Tax Credits, which would      result in additional tax liability to holders of the Units of Ownership Interest      of the Registrant.***

*by      unit holders at the time of the recapture event*

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

***Beneficial      Owners may not be able to use all of the carried forward Low-income Tax      Credits.***

----

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

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

***Under      certain circumstances, Beneficial Owners of Registrant may incur out-of-pocket      tax costs.***

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

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

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

----

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

----

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

| Name                of Local PartnershipName of apartment complex                                                                                         |   | Numberof rental |   | Capital      |   | Mortgageloans payable as ofDecember 31, |   | Subsidy(see |       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|--------------|--------|-------------------------------------------------------------|--------|-------------|------------|
| Apartment complex location                                                                                                                                     |   | units                |   | contribution |   | 2007                                                        |   | footnotes)  |       |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |
| ACP                Housing Associates, L.P.ACP                Housing ApartmentsNew                York, New York                                                        |   |                 | 28     |         | $      | 737,222                                                     |   | $           | 1,471,944  |   |   | (1b | ) |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |   |   |   |   |
| Creative                Choice Homes VII, Ltd.Coral                GardensHomestead,                Florida                                                              |   |                 | 91     |         |   | 2,382,812                                                   |   |        | 1,646,281  |   |   | (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                                                     |   |        | 425,492    |   |   | (1b | ) |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |   |   |   |   |
| Penn                Apartment AssociatesPenn                ApartmentsChester,                Pennsylvania                                                               |   |                 | 15     |         |   | 852,180                                                     |   |        | 963,000    |   |   | (1b | ) |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |   |   |   |   |
| SB-92                Limited PartnershipShaker                Boulevard GardensCleveland,                Ohio                                                            |   |                 | 73     |         |   | 795,255                                                     |   |        | 3,020,460  |   |   | (1a,b,c                & d | ) |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |   |   |   |   |
| St.                Christopher’s Associates, L.P. VLehigh                ParkPhiladelphia,                Pennsylvania                                             |   |                 | 29     |         |   | 2,075,785                                                   |   |        | 2,180,000  |   |   | (1b | ) |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |   |   |   |   |
| St.                John Housing Associates, L.P.St.                John HomesGary,                Indiana                                                                |   |                 | 144    |         |   | 3,546,861                                                   |   |        | 3,776,802  |   |   | (1a,                c & d | ) |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |   |   |   |   |
| Starved                Rock - LaSalle Manor Limited                PartnershipLaSalle                ManorLaSalle,                Illinois                               |   |                 | 48     |         |   | 634,327                                                     |   |        | 1,972,046  |   |   | (1a,                c & e | ) |
|                                                                                                                                                                     |   |                 |   |         |   |                                                        |   |        |       |   |   |   |   |
| Vision                Limited Dividend HousingAssociation                Limited PartnershipHelen                Odean Butler ApartmentsDetroit,                Michigan |   |                 | 97     |         |   | 1,410,544                                                   |   |        | 3,721,929  |   |   | (1b | ) |
|                                                                                                                                                                     |   |                 |   |         | $      | 14,831,864                                                  |   | $           | 20,995,728 |   |   |   |   |

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

----

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

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

**Item          3. **
**Legal          Proceedings**

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

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**PART      II**

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

|                                            |   | First closing          |     | Second closing        |   | Third closing     |                     |
|-------------------------------------------------|--------|-----------------------------|----------|----------------------------|--------|------------------------|--------------------------|
|                                            |   | November 29, 1993 |     | January 28, 1994 |   | May 25, 1994 |                     |
| Low-income                  Tax Credits:        |   |                        |     |                       |   |                   |                     |
| Tax                year ended December 31, 2007 |   | $                           | —  |                       | $      | —                |                     | $ | — |   |
| Tax                year ended December 31, 2006 |   | $                           | 4.68     |        | $      | 4.68                   |      | $ | 4.68 |   |
|                                            |   |                        |     |                       |   |                   |                     |   |   |   |
| Cumulative                totals                |   | $                           | 1,394.36 |                       | $      | 1,392.18               |                     | $ | 1,379.66 |   |

----

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

|                                                                                            |   | Years                Ended March 30, |     |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------|----------|
|                                                                                            |   | 2008                                 |     | 2007 |   | 2006 |   | 2005 |   | 2004 |   |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |
| Interest                revenue                                                                 |   | $                                    | 70,435   |   | $ | 92,139 |   | $ | 78,858 |   | $ | 68,047 |   | $ | 106,444 |   |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in loss of investment in local partnerships                               |   | $                                    | (248,296 | ) | $ | (171,435 | ) | $ | (708,952 | ) | $ | (687,423 | ) | $ | (1,378,435 | ) |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                         |   | $                                    | (428,175 | ) | $ | (317,604 | ) | $ | (880,402 | ) | $ | (862,968 | ) | $ | (1,532,141 | ) |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss per unit of beneficial ownership interest (18,654                Units) |   | $                                    | (22.72   | ) | $ | (16.86 | ) | $ | (46.72 | ) | $ | (45.80 | ) | $ | (81.31 | ) |

|                        |   | As                of March 30, |      |
|-----------------------------|--------|--------------------------------|-----------|
|                        |   | 2008                           |      | 2007 |   | 2006 |   | 2005 |   | 2004 |   |
|                        |   |                           |      |   |   |   |   |   |   |   |   |
| Total                assets |   | $                              | 3,705,091 |   | $ | 4,156,265 |   | $ | 4,360,412 |   | $ | 5,285,303 |   | $ | 6,184,227 |   |

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

----

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

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

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

|                                                     |   | Total  |    | <                  1 year |   | 1                  -                  3 years |   | 3                  -                  5 years |    | >                  5 years |   |
|----------------------------------------------------------|--------|--------|---------|------------------------------|--------|-----------------------------------------------|--------|-----------------------------------------------|---------|-------------------------------|--------|
|                                                     |   |   |    |                         |   |                                          |   |                                          |    |                          |   |
| Other                  Long Term Liabilities:            |   |   |    |                         |   |                                          |   |                                          |    |                          |   |   |   |   |   |   |
| Interest                  Payable (1)                    |   | $      | 9,235   |                         | $      | 9,235                                         |   | $                                             | — |                          | $      | — |   | $ | — |   |
|                                                     |   |   |    |                         |   |                                          |   |                                          |    |                          |   |   |   |   |   |   |
| Payable                    to Manager and Affiliates (2) |   |   | 823,817 |                         |   | 823,817                                       |   |                                          | — |                          |   | — |   |   | — |   |
|                                                     |   |   |    |                         |   |                                          |   |                                          |    |                          |   |   |   |   |   |   |
|                                                     |   | $      | 833,052 |                         | $      | 833,052                                       |   | $                                             | — |                          | $      | — |   | $ | — |   |

|   | (1) | As                a result of ongoing operating deficits of St. Christopher, such amount                is                expected to be paid within one                year. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | · | Registrant                accounts for its investment in local partnerships in accordance with                the                equity method of accounting since Registrant does not control the                operations of a Local Partnership. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | Registrant                does not consolidate the accounts and activities of the Local                Partnerships, which are considered Variable Interest Entities under                FASB                Interpretation No. 46 - Revised, “Consolidation of Variable Interest                Entities,” because Registrant is not considered the primary beneficiary.                Registrant’s balance in investment in local partnerships, plus the risk of                recapture of tax credits previously recognized on such investments,                represents the maximum exposure to loss in connection with such                investments. Registrant's exposure to loss on the Local Partnerships                is                mitigated by the condition and financial performance of the underlying                Properties as well as the strength of the Local General Partners                and their                guarantees against credit                recapture. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

| **Table                  of Contents**                                   |   | **Page** |   |
|--------------------------------------------------------------------------|--------|----------|--------|
|                                                                     |   |     |   |
| Report                  of Independent Registered Public Accounting Firm |   |     | 17     |   |
|                                                                     |   |     |   |   |
| Balance                  Sheets                                          |   |     | 18     |   |
|                                                                     |   |     |   |   |
| Statements                  of Operations                                |   |     | 19     |   |
|                                                                     |   |     |   |   |
| Statements                  of Changes in Owners' Equity (Deficit)       |   |     | 20     |   |
|                                                                     |   |     |   |   |
| Statements                  of Cash Flows                                |   |     | 21     |   |
|                                                                     |   |     |   |   |
| Notes                  to Financial Statements                           |   |     | 23     |   |

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**BALANCE      SHEETS**

**MARCH      30, 2008 AND 2007**

|                                                                                                        |   |      |   |     |   |      |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|-----------|--------|
|                                                                                                        |   | **Notes** |   | **2008** |   | **2007**  |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| **ASSETS**                                                                                                  |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Cash                and cash equivalents                                                                    |   |      | 3,9    |     | $      | 1,580,225 |   | $ | 1,642,515 |   |
| Restricted                cash                                                                              |   |      | 3,5,9  |     |   | 9,235     |   |   | 62,635 |   |
| Investments                in bonds                                                                         |   |      | 4,9    |     |   | 60,021    |   |   | 127,457 |   |
| Investment                in local partnerships                                                             |   |      | 5,8    |     |   | 2,053,919 |   |   | 2,321,070 |   |
| Interest                receivable                                                                          |   |      | 9      |     |   | 1,691     |   |   | 2,588 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     | $      | 3,705,091 |   | $ | 4,156,265 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| **LIABILITIES                AND OWNERS' EQUITY (DEFICIT)**                                                 |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Liabilities                                                                                                 |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |   |      |   |     | $      | 46,011    |   | $ | 44,449 |   |
| Payable                to manager and affiliates                                                            |   |      | 6,8    |     |   | 823,817   |   |   | 793,186 |   |
| Interest                payable                                                                             |   |      | 5,9    |     |   | 9,235     |   |   | 62,635 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   | 879,063   |   |   | 900,270 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Commitments                and contingencies                                                                |   |      | 5,8    |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Owners'                equity (deficit)                                                                     |   |      | 2,4    |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Manager                                                                                                     |   |      |   |     |   | (135,631  | )      |   | (131,349 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |   |      |   |     |   | 2,960,756 |   |   | 3,384,649 |   |
| Accumulated                other comprehensive income, net                                                  |   |      |   |     |   | 903       |   |   | 2,695 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   | 2,826,028 |   |   | 3,255,995 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     | $      | 3,705,091 |   | $ | 4,156,265 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

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

|                                                                                                                                               |   | **Notes** |   | **2008** |   | **2007** |   | **2006** |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|----------|--------|----------|----------|
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |
| **REVENUE**                                                                                                                                        |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Interest                                                                                                                                           |   |      |   |     | $      | 70,435   |   | $        | 92,139   |   | $ | 78,858 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| TOTAL                REVENUE                                                                                                                       |   |      |   |     |   | 70,435   |   |     | 92,139   |   |   | 78,858 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
|  **EXPENSES**                                                                                                                                 |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Management                fee - affiliate                                                                                                          |   |      | 6,8    |     |   | 192,141  |   |     | 192,141  |   |   | 192,141 |   |
| Professional                fees                                                                                                                   |   |      |   |     |   | 42,819   |   |     | 38,458   |   |   | 40,219 |   |
| Printing,                postage and other                                                                                                         |   |      |   |     |   | 15,354   |   |     | 7,709    |   |   | 17,948 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                      |   |      |   |     |   | 250,314  |   |     | 238,308  |   |   | 250,308 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |   | (179,879 | )      |     | (146,169 | ) |   | (171,450 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                  |   |      | 5      |     |   | (248,296 | )      |     | (171,435 | ) |   | (708,952 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS**                                                                                                                        |   |      |   |     |   | (428,175 | )      |     | (317,604 | ) |   | (880,402 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Other                comprehensive loss, net                                                                                                       |   |      | 4      |     |   | (1,792   | )      |     | (3,453   | ) |   | (11,524 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **COMPREHENSIVE                LOSS**                                                                                                              |   |      |   |     | $      | (429,967 | )      | $        | (321,057 | ) | $ | (891,926 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                        |   |      | 2      |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Manager                                                                                                                                            |   |      |   |     | $      | (4,282   | )      | $        | (3,176   | ) | $ | (8,804 | ) |
| Beneficial                owners                                                                                                                   |   |      |   |     |   | (423,893 | )      |     | (314,428 | ) |   | (871,598 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     | $      | (428,175 | )      | $        | (317,604 | ) | $ | (880,402 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS**per                unit of beneficial ownership interest (18,654 units of beneficial                ownership interest) |   |      |   |     | $      | (22.72   | )      | $        | (16.86   | ) | $ | (46.72 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

|                                                    |   |  **Manager** |     |  **Beneficial****Owners** |   | **Accumulated                Other Comprehensive Income (Loss), Net** |   |  **Total** |    |
|---------------------------------------------------------|--------|-------------------|----------|--------------------------------|--------|-----------------------------------------------------------------------|--------|-----------------|---------|
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |
| Owners'                equity (deficit), March 30, 2005 |   | $                 | (119,369 | )                              | $      | 4,570,675                                                             |   | $               | 17,672  |   | $ | 4,468,978 |   |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Net                loss                                 |   |              | (8,804   | )                              |   | (871,598                                                              | )      |            |    |   |   | (880,402 | ) |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Other                comprehensive loss, net            |   |              |     |                           |   |                                                                  |   |            | (11,524 | ) |   | (11,524 | ) |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2006 |   |              | (128,173 | )                              |   | 3,699,077                                                             |   |            | 6,148   |   |   | 3,577,052 |   |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Net                loss                                 |   |              | (3,176   | )                              |   | (314,428                                                              | )      |            |    |   |   | (317,604 | ) |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Other                comprehensive loss, net            |   |              |     |                           |   |                                                                  |   |            | (3,453  | ) |   | (3,453 | ) |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2007 |   |              | (131,349 | )                              |   | 3,384,649                                                             |   |            | 2,695   |   |   | 3,255,995 |   |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Net                loss                                 |   |              | (4,282   | )                              |   | (423,893                                                              | )      |            |    |   |   | (428,175 | ) |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Other                comprehensive loss, net            |   |              |     |                           |   |                                                                  |   |            | (1,792  | ) |   | (1,792 | ) |
|                                                    |   |              |     |                           |   |                                                                  |   |            |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2008 |   | $                 | (135,631 | )                              | $      | 2,960,756                                                             |   | $               | 903     |   | $ | 2,826,028 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

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

|                                                                   |   | **2008** |      | **2007** |   | **2006**  |    |
|------------------------------------------------------------------------|--------|----------|-----------|----------|--------|-----------|---------|
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |   |     |      |     |   |      |    |   |   |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| Interest                received                                       |   | $        | 19,576    |     | $      | 93,110    |    | $ | 85,871 |   |
| Cash                paid for                                           |   |     |      |     |   |      |    |   |   |   |
| Management                fee                                          |   |     | (161,510  | )        |   | (83,677   | )       |   | (195,214 | ) |
| Professional                fees                                       |   |     | (52,018   | )        |   | (25,206   | )       |   | (38,826 | ) |
| Printing,                postage and other expenses                    |   |     | (4,593    | )        |   | (7,709    | )       |   | (17,998 | ) |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| Net                cash used in operating activities                   |   |     | (198,545  | )        |   | (23,482   | )       |   | (166,167 | ) |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |   |     |      |     |   |      |    |   |   |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| Capital                contributions paid to local partnerships        |   |     |      |     |   |      |    |   | (31,758 | ) |
| Voluntary                advances made to local partnerships           |   |     | (45,000   | )        |   | (45,000   | )       |   |  |   |
| Cash                distributions from local partnerships              |   |     | 63,855    |     |   | 64,350    |    |   | 39,939 |   |
| Transfer                from restricted cash                           |   |     | 53,400    |     |   | 4,806     |    |   | 31,235 |   |
| Proceeds                from maturities/redemptions and sales of bonds |   |     | 64,000    |     |   | 138,000   |    |   | 200,000 |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| Net                cash provided by investing activities               |   |     | 136,255   |     |   | 162,156   |    |   | 239,416 |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| Net                increase (decrease) in cash and cash equivalents    |   |     | (62,290   | )        |   | 138,674   |    |   | 73,249 |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| Cash                and cash equivalents at beginning of year          |   |     | 1,642,515 |     |   | 1,503,841 |    |   | 1,430,592 |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF YEAR**            |   | $        | 1,580,225 |     | $      | 1,642,515 |    | $ | 1,503,841 |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**           |   |     |      |     |   |      |    |   |   |   |
|                                                                   |   |     |      |     |   |      |    |   |   |   |
| Unrealized                loss on investments in bonds, net            |   | $        | (1,792    | )   | $      | (3,453    | )  | $ | (11,524 | ) |

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

|                                                                                                     |   | **2008** |     | **2007** |   | **2006** |    |
|----------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|----------|---------|
|                                                                                                     |   |     |     |     |
| **RECONCILIATION                OF NET LOSS TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |     |     |     |   |     |    |   |   |   |
|                                                                                                     |   |     |     |     |   |     |    |   |   |   |
| Net                loss                                                                                  |   | $        | (428,175 | )   | $      | (317,604 | )  | $ | (880,402 | ) |
|                                                                                                     |   |     |     |     |   |     |    |   |   |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |     |     |     |   |     |    |   |   |   |
|                                                                                                     |   |     |     |     |   |     |    |   |   |   |
| Equity                in loss of investment in local partnerships                                        |   |     | 248,296  |     |   | 171,435  |    |   | 708,952 |   |
| Amortization                of net premium on investments in bonds                                       |   |     | 1,644    |     |   | 2,794    |    |   | 3,810 |   |
| Decrease                in interest receivable                                                           |   |     | 897      |     |   | 2,983    |    |   | 2,680 |   |
| Increase                in accounts payable and accrued expenses                                         |   |     | 1,562    |     |   | 13,252   |    |   | 1,343 |   |
| Increase                (decrease) in payable to manager and affiliates                                  |   |     | 30,631   |     |   | 108,464  |    |   | (3,073 | ) |
| Increase                (decrease) in interest payable                                                   |   |     | (53,400  | )        |   | (4,806   | )       |   | 523 |   |
|                                                                                                     |   |     |     |     |   |     |    |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                 |   | $        | (198,545 | )        | $      | (23,482  | )       | $ | (166,167 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

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

| Description                and maturity          |   | Amortizedcost |   | Grossunrealizedgains |   | Grossunrealizedlosses |   | Estimatedfair value |    |
|--------------------------------------------------|--------|---------------|--------|----------------------|--------|-----------------------|--------|--------------------------|---------|
|                                             |   |          |   |                 |   |                  |   |                     |    |
| Corporate                debt securities         |   |          |   |                 |   |                  |   |                     |    |   |   |   |   |
| Within                one year                   |   | $             | 56,000 |                 | $      | 533                   |   | $                        | — |   | $ | 56,533 |   |
| After                one year through five years |   |          | 3,118  |                 |   | 370                   |   |                     | — |   |   | 3,488 |   |
|                                             |   |          |   |                 |   |                  |   |                     |    |   |   |   |   |
|                                             |   | $             | 58,118 |                 | $      | 903                   |   | $                        | — |   | $ | 60,021 |   |

| Description                and maturity          |   | Amortizedcost |    | Grossunrealizedgains |   | Grossunrealizedlosses |   | Estimatedfair value |    |
|--------------------------------------------------|--------|---------------|---------|----------------------|--------|-----------------------|--------|--------------------------|---------|
|                                             |   |          |    |                 |   |                  |   |                     |    |
| Corporate                debt securities         |   |          |    |                 |   |                  |   |                     |    |   |   |   |   |
| Within                one year                   |   | $             | 64,327  |                 | $      | 612                   |   | $                        | — |   | $ | 64,939 |   |
| After                one year through five years |   |          | 60,435  |                 |   | 2,083                 |   |                     | — |   |   | 62,518 |   |
|                                             |   |          |    |                 |   |                  |   |                     |    |   |   |   |   |
|                                             |   | $             | 124,762 |                 | $      | 2,695                 |   | $                        | — |   | $ | 127,457 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

| **5.** | **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;                                           |
| 8.  |   | St.                John Housing Associates, L.P.;                                              |
| 9.  |   | Starved                Rock - LaSalle Manor Limited Partnership; and                           |
| 10. |   | Vision                Limited Dividend Housing Association Limited                Partnership. |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|                                                                                                                                     |   | **2007** |        | **2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
|                                                                                                                                     |   |     |        |     |   |
| **ASSETS**                                                                                                                               |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Cash                and cash equivalents                                                                                                 |   | $        | 324,274     |     | $      | 386,275 |   |
| Rents                receivable                                                                                                          |   |     | 73,674      |     |   | 61,039 |   |
| Escrow                deposits and reserves                                                                                              |   |     | 1,988,832   |     |   | 1,545,848 |   |
| Land                                                                                                                                     |   |     | 1,213,303   |     |   | 1,213,303 |   |
| Buildings                and improvements (net of accumulated depreciation of $15,119,286                and                $13,396,892) |   |     | 19,601,674  |     |   | 20,997,017 |   |
| Intangible                assets (net of accumulated amortization of $165,245 and                $155,452)                               |   |     | 266,735     |     |   | 249,863 |   |
| Other                assets                                                                                                              |   |     | 541,385     |     |   | 593,655 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 24,009,877  |     | $      | 25,047,000 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Liabilities                                                                                                                              |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $        | 1,326,147   |     | $      | 1,021,581 |   |
| Due                to related parties                                                                                                    |   |     | 2,284,389   |     |   | 2,826,188 |   |
| Mortgage                loans                                                                                                            |   |     | 20,995,728  |     |   | 20,977,035 |   |
| Notes                payable                                                                                                             |   |     | 100,000     |     |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |     | 3,397,891   |     |   | 3,046,533 |   |
| Other                liabilities                                                                                                         |   |     | 403,097     |     |   | 398,090 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 28,507,252  |     |   | 28,369,427 |   |
| Partners'                equity (deficit)                                                                                                |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 13,965,047  |     |   | 13,963,902 |   |
| Cumulative                loss                                                                                                           |   |     | (10,243,181 | )        |   | (10,200,983 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 3,721,866   |     |   | 3,762,919 |   |
| General                partners and other limited partners                                                                               |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 473,393     |     |   | 471,037 |   |
| Cumulative                loss                                                                                                           |   |     | (8,692,634  | )        |   | (7,556,383 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (8,219,241  | )        |   | (7,085,346 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (4,497,375  | )   |   | (3,322,427 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 24,009,877  |     | $      | 25,047,000 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|                                                                                                                                                                  |   | **2007** |       | **2006** |   | **2005**   |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|------------|---------|
|                                                                                                                                                                  |   |     |       |     |   |       |    |
| **REVENUE**                                                                                                                                                           |   |     |       |     |   |       |    |   |   |   |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| Rental                                                                                                                                                                |   | $        | 4,339,971  |     | $      | 4,138,282  |    | $ | 4,186,679 |   |
| Interest                and other                                                                                                                                     |   |     | 201,100    |     |   | 216,516    |    |   | 190,055 |   |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| TOTAL                REVENUE                                                                                                                                          |   |     | 4,541,071  |     |   | 4,354,798  |    |   | 4,376,734 |   |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| **EXPENSES**                                                                                                                                                          |   |     |       |     |   |       |    |   |   |   |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| Administrative                                                                                                                                                        |   |     | 1,072,012  |     |   | 1,040,257  |    |   | 1,038,334 |   |
| Utilities                                                                                                                                                             |   |     | 865,125    |     |   | 830,845    |    |   | 829,485 |   |
| Operating                and maintenance                                                                                                                              |   |     | 1,278,158  |     |   | 1,115,652  |    |   | 1,157,361 |   |
| Taxes                and insurance                                                                                                                                    |   |     | 584,747    |     |   | 549,679    |    |   | 538,122 |   |
| Financial                                                                                                                                                             |   |     | 781,769    |     |   | 823,071    |    |   | 874,580 |   |
| Depreciation                and amortization                                                                                                                     |   |     | 1,137,709  |     |   | 1,101,322  |    |   | 1,243,226 |   |
| Loss                from impairment of long-lived assets                                                                                                              |   |     | —    |     |   | 1,645,703  |    |   | 2,129,261 |   |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| TOTAL                EXPENSES                                                                                                                                         |   |     | 5,719,520  |     |   | 7,106,529  |    |   | 7,810,369 |   |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| **NET                LOSS**                                                                                                                                           |   | $        | (1,178,449 | )        | $      | (2,751,731 | )       | $ | (3,433,635 | ) |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                           |   |     |       |     |   |       |    |   |   |   |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                                    |   | $        | (42,198    | )        | $      | (129,085   | )       | $ | (467,952 | ) |
| General                partners and other limited partners, which includes $1,124,445, $2,595,108                and $2,931,323 of Trust loss in excess of investment |   |     | (1,136,251 | )        |   | (2,622,646 | )       |   | (2,965,683 | ) |
|                                                                                                                                                                  |   |     |       |     |   |       |    |   |   |   |
|                                                                                                                                                                  |   | $        | (1,178,449 | )   | $      | (2,751,731 | )  | $ | (3,433,635 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|     Name                of Local Partnership               |   | Investment in Local Partnership balance as of March 30, 2007 |      | Investments(voluntaryadvances) during the year ended March 30,2008 |   | Trust'sequity in income (loss) for the year ended December 31, 2007 |   | Adjustment to carrying value during theyear ended March 30,2008 (1) |    | Cash distributions received during the year ended March 30,2008 |   | Investment in Local Partnership balance as of March 30, 2008 |   |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|--------|
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |
| ACP                Housing Associates, L.P.                                    |   | $                                                                                                         | —   |                                                                                             | $      | —                                                                                                               |   | $                                                                                                                | — | (3)                                                                                           | $      | —                                                                                                   |   | $ | — |   | $ | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                                                                      | —   |                                                                                             |   | —                                                                                                               |   |                                                                                                             | — | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Edgewood                Manor Associates, L.P.                                 |   |                                                                                                      | —   |                                                                                             |   | 45,000                                                                                                                |   |                                                                                                             | (45,000 | )(2)                                                                                                    |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Ledge/McLaren                Limited Partnership                               |   |                                                                                                      | —   |                                                                                             |   | —                                                                                                               |   |                                                                                                             | — | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Penn                Apartment Associates                                       |   |                                                                                                      | —   |                                                                                             |   | —                                                                                                               |   |                                                                                                             | — | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| SB-92                Limited Partnership                                       |   |                                                                                                      | —   |                                                                                             |   | —                                                                                                               |   |                                                                                                             | — | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| St.                Christopher’s Associates, L.P. V                      |   |                                                                                                      | —   |                                                                                             |   | —                                                                                                               |   |                                                                                                             | — | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| St.                John Housing Associates, L.P.                               |   |                                                                                                      | 2,085,812 |                                                                                             |   | —                                                                                                               |   |                                                                                                             | 31,962  |                                                                                                    |   | —                                                                                                   |   |   | (63,855 | ) |   | 2,053,919 |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                                                                                      | 235,258   |                                                                                             |   | —                                                                                                               |   |                                                                                                             | (29,160 | )                                                                                                       |   | (206,098                                                                                                  | )      |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                                                                      | —   |                                                                                             |   | —                                                                                                               |   |                                                                                                             | — | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                             |   |                                                                                                                  |   |                                                                                                             |    |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
|                                                                           |   | $                                                                                                         | 2,321,070 |                                                                                             | $      | 45,000                                                                                                                |   | $                                                                                                                | (42,198 | )                                                                                                       | $      | (206,098                                                                                                  | )      | $ | (63,855 | ) | $ | 2,053,919 |   |

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|      Name                of Local Partnership         |   | Investment in Local Partnership balance as of March 30, 2006 |      |  Investments(voluntaryadvances) during the year ended March 30,2007 |   | Trust'sequity in income (loss) for the year ended December 31, 2006 |   | Adjustment to carrying value during theyear ended March 30,2007 (1) |     | Cash distributions received during the year ended March 30,2007 |   | Investment in Local Partnership balance as of March 30, 2007 |   |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|--------|
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |
| ACP                Housing Associates, L.P.                                    |   | $                                                                                                         | —   |                                                                                                   | $      | —                                                                                                               |   | $                                                                                                                | —  | (3)                                                                                           | $      | —                                                                                                   |   | $ | — |   | $ | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                                                                      | —   |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | —  | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Edgewood                Manor Associates, L.P.                                 |   |                                                                                                      | —   |                                                                                                   |   | 45,000                                                                                                                |   |                                                                                                             | (45,000  | )(2)                                                                                                    |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Ledge/McLaren                Limited Partnership                               |   |                                                                                                      | 47,378    |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | (5,828   | )                                                                                                       |   | (41,550                                                                                                   | )      |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Penn                Apartment Associates                                       |   |                                                                                                      | —   |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | —  | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| SB-92                Limited Partnership                                       |   |                                                                                                      | —   |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | —  | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| St.                Christopher’s Associates, L.P. V                      |   |                                                                                                      | —   |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | —  | (3)                                                                                                     |   | —                                                                                                   |   |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| St.                John Housing Associates, L.P.                               |   |                                                                                                      | 2,101,051 |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | 49,111   |                                                                                                    |   | —                                                                                                   |   |   | (64,350 | ) |   | 2,085,812 |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Starved                Rock – LaSalle Manor Limited Partnership     |   |                                                                                                      | 275,668   |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | (40,410  | )                                                                                                       |   | —                                                                                                   |   |   | — |   |   | 235,258 |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                                                                      | 87,758    |                                                                                                   |   | —                                                                                                               |   |                                                                                                             | (86,958  | )                                                                                                       |   | (800                                                                                                      | )      |   | — |   |   | — |   |
|                                                                           |   |                                                                                                      |      |                                                                                                   |   |                                                                                                                  |   |                                                                                                             |     |                                                                                                    |   |                                                                                                      |   |   |   |   |   |   |   |
|                                                                           |   | $                                                                                                         | 2,511,855 |                                                                                                   | $      | 45,000                                                                                                                |   | $                                                                                                                | (129,085 | )                                                                                                       | $      | (42,350                                                                                                   | )      | $ | (64,350 | ) | $ | 2,321,070 |   |

|   | (1) | The                Trust has adjusted certain investments’ carrying values in accordance with                applicable accounting guidelines. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|  Name                of Local Partnership                                 |   |   | Mortgage                loans payable |   |   | Land      |   |   | Buildings                and improvements |   |   | Accumulated                depreciation |   |
|--------------------------------------------------------------------------------|--------|--------|--------------------------------------------|--------|--------|-----------|--------|--------|-------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                                           |   |   |                                       |   |   |      |   |   |                                      |   |   |                                    |   |
| ACP                Housing Associates, L.P.                                    |   | $      | 1,471,944                                  |   | $      | 14,000    |   | $      | 2,505,364                                 |   | $      | (796,403                                | )      |
| Creative                Choice Homes VII, Ltd.                                 |   |   | 1,646,281                                  |   |   | 500,000   |   |   | 4,137,851                                 |   |   | (2,120,703                              | )      |
| Edgewood                Manor Associates, L.P.                                 |   |   | 1,817,774                                  |   |   | —   |   |   | 8,551                                     |   |   | —                                 |   |
| Ledge/McLaren                Limited Partnership                               |   |   | 425,492                                    |   |   | 123,673   |   |   | 695,545                                   |   |   | (267,543                                | )      |
| Penn                Apartment Associates                                       |   |   | 963,000                                    |   |   | 13,357    |   |   | 1,824,356                                 |   |   | (661,282                                | )      |
| SB-92                Limited Partnership                                       |   |   | 3,020,460                                  |   |   | 73,000    |   |   | 4,497,938                                 |   |   | (1,717,214                              | )      |
| St.                Christopher’s Associates,                L.P. V       |   |   | 2,180,000                                  |   |   | 31,829    |   |   | 2,861,952                                 |   |   | (1,756,438                              | )      |
| St.                John Housing Associates,                L.P.                |   |   | 3,776,802                                  |   |   | 74,800    |   |   | 8,279,308                                 |   |   | (3,328,286                              | )      |
| Starved                Rock – LaSalle Manor Limited Partnership     |   |   | 1,972,046                                  |   |   | 202,845   |   |   | 2,944,815                                 |   |   | (997,734                                | )      |
| Vision                Limited Dividend Housing Association Limited Partnership |   |   | 3,721,929                                  |   |   | 179,799   |   |   | 6,965,280                                 |   |   | (3,473,683                              | )      |
|                                                                           |   |   |                                       |   |   |      |   |   |                                      |   |   |                                    |   |
|                                                                           |   | $      | 20,995,728                                 |   | $      | 1,213,303 |   | $      | 34,720,960                                |   | $      | (15,119,286                             | )      |

| Name                of Local Partnership                                       |   | Mortgage                loans payable |       |  Land |   | Buildings                and improvements |   | Accumulated                depreciation |       |
|--------------------------------------------------------------------------------|--------|--------------------------------------------|------------|------------|--------|-------------------------------------------|--------|-----------------------------------------|------------|
|                                                                           |   |                                       |       |       |   |                                      |   |                                    |       |
| ACP                Housing Associates, L.P.                                    |   | $                                          | 1,476,547  |       | $      | 14,000                                    |   | $                                       | 2,505,364  |   | $ | (736,136 | ) |
| Creative                Choice Homes VII, Ltd.                                 |   |                                       | 1,718,717  |       |   | 500,000                                   |   |                                    | 4,137,851  |   |   | (1,392,108 | ) |
| Edgewood                Manor Associates, L.P.                                 |   |                                       | 1,823,490  |       |   | —                                   |   |                                    | 8,551      |   |   | — |   |
| Ledge/McLaren                Limited Partnership                               |   |                                       | 429,291    |       |   | 123,673                                   |   |                                    | 692,445    |   |   | (245,991 | ) |
| Penn                Apartment Associates                                       |   |                                       | 963,000    |       |   | 13,357                                    |   |                                    | 1,824,356  |   |   | (616,151 | ) |
| SB-92                Limited Partnership                                       |   |                                       | 3,039,452  |       |   | 73,000                                    |   |                                    | 4,368,801  |   |   | (1,539,360 | ) |
| St.                Christopher’s Associates,                L.P. V  |   |                                       | 2,180,000  |       |   | 31,829                                    |   |                                    | 2,852,062  |   |   | (1,644,767 | ) |
| St.                John Housing Associates,                L.P.                |   |                                       | 3,922,150  |       |   | 74,800                                    |   |                                    | 8,279,308  |   |   | (3,122,081 | ) |
| Starved                Rock – LaSalle Manor Limited Partnership     |   |                                       | 1,520,215  |       |   | 202,845                                   |   |                                    | 2,764,661  |   |   | (904,933 | ) |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                       | 3,904,173  |       |   | 179,799                                   |   |                                    | 6,960,510  |   |   | (3,195,365 | ) |
|                                                                           |   |                                       |       |       |   |                                      |   |                                    |       |   |   |   |   |
|                                                                           |   | $                                          | 20,977,035 |       | $      | 1,213,303                                 |   | $                                       | 34,393,909 |   | $ | (13,396,892 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|                                      |   |  Balance                as ofDecember                31,2006 |        | Net change during                the year endedDecember 31,2007 |   |  Balance                as ofDecember                31,2007 |   |
|-------------------------------------------|--------|-------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                      |   |                                                              |        |                                                                                     |   |                                                              |   |
| Land                                      |   | $                                                                 | 1,213,303   |                                                                                     | $      | —                                                           |   | $ | 1,213,303 |   |
| Buildings                and improvements |   |                                                              | 34,393,909  |                                                                                     |   | 327,051                                                           |   |   | 34,720,960 |   |
|                                      |   |                                                              | 35,607,212  |                                                                                     |   | 327,051                                                           |   |   | 35,934,263 |   |
| Accumulated                depreciation   |   |                                                              | (13,396,892 | )                                                                                        |   | (1,722,394                                                        | )      |   | (15,119,286 | ) |
|                                      |   | $                                                                 | 22,210,320  |                                                                                     | $      | (1,395,343                                                        | )      | $ | 20,814,977 |   |

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

|                                       |   | 2008   |    | 2007     |   | 2006    |   |
|--------------------------------------------|--------|--------|---------|----------|--------|---------|--------|
|                                       |   | Paid   |    | Incurred |   | Paid    |   | Incurred |   | Paid |   | Incurred |   |
|                                       |   |   |    |     |   |    |   |   |   |   |   |   |   |
| Management                fee (see Note 8) |   | $      | 161,510 |     | $      | 192,141 |   | $ | 83,677 |   | $ | 192,141 |   | $ | 195,214 |   | $ | 192,141 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|                                                                                                                                    |   | 2008   |       | 2007   |   | 2006       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
|                                                                                                                                    |   |   |       |   |   |       |   |
| Financial                statement net loss for the years ended March 30, 2008, 2007 and                2006                            |   | $      | (428,175   | )      | $      | (317,604   | )      | $ | (880,402 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Add                (less) net transactions occurring between                                                                            |   |   |       |   |   |       |   |   |   |   |
| January                1, 2005 and March 30, 2005                                                                                       |   |   | —    |   |   | —    |   |   | (41,716 | ) |
| January                1, 2006 and March 30, 2006                                                                                       |   |   | —    |   |   | (37,423    | )      |   | 37,423 |   |
| January                1, 2007 and March 30, 2007                                                                                       |   |   | (36,415    | )      |   | 36,415     |   |   | — |   |
| January                1, 2008 and March 30, 2008                                                                                       |   |   | 61,054     |   |   | —    |   |   | — |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjusted                financial statement net loss for the years ended December 31, 2007,                2006                and 2005 |   |   | (403,536   | )      |   | (318,612   | )      |   | (884,695 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjustment                to management fee pursuant to Internal Revenue Code Section                267                                |   |   | 30,631     |   |   | 21,860     |   |   | 22,260 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Differences                arising from equity in loss of investment in local                partnerships                               |   |   | (1,553,847 | )      |   | (1,092,375 | )      |   | (454,063 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Other                differences                                                                                                        |   |   | (99        | )      |   | (137       | )      |   | (351 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Tax                return net loss for the years ended December 31, 2007, 2006 and                2005                                  |   | $      | (1,926,851 | )      | $      | (1,389,264 | )      | $ | (1,316,849 | ) |

|                                                                  |   | 2007   |       | 2006   |   |
|-----------------------------------------------------------------------|--------|--------|------------|--------|--------|
|                                                                  |   |   |       |   |   |
| Investment                in local partnerships - financial reporting |   | $      | 2,053,919  |   | $      | 2,301,070 |   |
| Investment                in local partnerships - tax                 |   |   | (2,326,574 | )      |   | (460,575 | ) |
|                                                                  |   |   |       |   |   |   |   |
|                                                                  |   | $      | 4,380,633  |   | $      | 2,761,645 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

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

|                                                                       |   | First   |    | Second  |   | Third   |   | Fourth  |    |
|----------------------------------------------------------------------------|--------|---------|---------|---------|--------|---------|--------|---------|---------|
|                                                                       |   | Quarter |    | Quarter |   | Quarter |   | Quarter |    |
|                                                                       |   |    |    |    |   |    |   |    |    |
| 2008                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Total                revenue                                               |   | $       | 23,121  |    | $      | 19,720  |   | $       | 16,460  |   | $ | 11,134 |   |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Expenses                                                                   |   |    | (57,892 | )       |   | (57,591 | )      |    | (62,643 | ) |   | (72,188 | ) |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Equity                in income (loss) of investment in local partnerships |   |    | (62,250 | )       |   | 12,295  |   |    | 13,062  |   |   | (211,403 | ) |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Net                loss                                                    |   |    | (97,021 | )       |   | (25,576 | )      |    | (33,121 | ) |   | (272,457 | ) |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Net                loss per unit of beneficial ownership interest          |   |    | (5.15   | )       |   | (1.36   | )      |    | (1.75   | ) |   | (14.46 | ) |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| 2007                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Total                revenue                                               |   | $       | 22,037  |    | $      | 23,787  |   | $       | 23,951  |   | $ | 22,364 |   |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Expenses                                                                   |   |    | (61,111 | )       |   | (57,881 | )      |    | (60,537 | ) |   | (58,779 | ) |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Equity                in income (loss) of investment in local partnerships |   |    | (28,967 | )       |   | (29,384 | )      |    | 56,800  |   |   | (169,884 | ) |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Net                income (loss)                                           |   |    | (68,041 | )       |   | (63,478 | )      |    | 20,214  |   |   | (206,299 | ) |
|                                                                       |   |    |    |    |   |    |   |    |    |   |   |   |   |
| Net                income (loss) per unit of beneficial ownership interest |   |    | (3.61   | )       |   | (3.37   | )      |    | 1.07    |   |   | (10.95 | ) |

----

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

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

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

*Internal      Control - Integrated Framework*

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

----

**PART      III**

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

|                                |   | Served                in present     |   |                                        |
|-------------------------------------|--------|--------------------------------------|--------|---------------------------------------------|
| Name                                |   | capacity                since 1 |   | Position                held                |
|                                |   |                                 |   |                                        |
| Richard                Paul Richman |   | May                10, 1993          |   | Director                                    |
| David                A. Salzman     |   | February                1, 2001      |   | President                                   |
| Neal                Ludeke          |   | May                10, 1993          |   | Vice                President and Treasurer |
| Gina                K. Dodge        |   | May                10, 1993          |   | Secretary                                   |

----

**Richard      Paul Richman**

**David      A. Salzman, **

**Neal      Ludeke**

**Gina      K. Dodge**

----

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

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

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

----

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

|                              |   | 2008   |    | 2007   |   |
|-----------------------------------|--------|--------|---------|--------|--------|
|                              |   |   |    |   |   |
| Audit                Fees         |   | $      | 28,500  |   | $      | 25,800 |   |
| Audit-Related                Fees |   |   | — |   |   | — |   |
| Tax                Fees           |   | $      | 5,000   |   | $      | 5,000 |   |
| All                Other Fees     |   |   | — |   |   | — |   |

----

**PART      IV**

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

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

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

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

**(3)      **
**Exhibits**

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

----

|   |   |                                                                                                                                                                                                                                                             |   | Incorporated                  by                                                                                               |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|   |   | Exhibit                                                                                                                                                                                                                                                          |   |   Reference                  to                                                                            |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 10.11  |   | First                  Amendment to Penn Apartment Associates Amended and Restated Agreement                  of                  Limited Partnership                                                                                                            |   | Exhibit                  10.8 to Form 10-K Report dated                  March 30, 1994(File                  No. 33-58032)    |
| 10.12  |   | Second                  Amendment to Penn Apartment Associates Amended and Restated Agreement                  of                  Limited Partnership                                                                                                           |   | Exhibit                  10.9 to Form 10-K Report dated                  March 30, 1994(File                  No. 33-58032)    |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 10.13  |   | SB-92                  Limited Partnership Amended and Restated Agreement of Limited                  Partnership                                                                                                                                                |   | Exhibit                  10.6 to Form 10-Q Reportdated                  December 30, 1993(File                  No. 33-58032)  |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 10.14  |   | St.                  Christopher's Associates, L.P. V Amended and Restated Agreement                  of Limited                  Partnership                                                                                                                    |   | Exhibit                  10.1 to Form 10-Q Report dated                  June 29, 1994(File                  No. 33-58032)     |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 10.15  |   | St.                  John Housing Associates, L.P. Amended and Restated Agreement of                  Limited                  Partnership                                                                                                                       |   | Exhibit                  10.7 to Form 10-Q Reportdated                  December 30, 1993(File                  No. 33-58032)  |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 10.16  |   | Starved                  Rock - LaSalle Manor Limited Partnership Amended and Restated Agreement                  of                  Limited Partnership                                                                                                        |   | Exhibit                  10.2 to Form 10-Q Report dated                  September 29, 1995(File                  No. 0-24600) |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 10.17  |   | Vision                  Limited Dividend Housing Association Limited Partnership Amended                  and                  Restated Agreement of Limited Partnership                                                                                         |   | Exhibit                  10.3 to Form 10-Q Report dated                  December 30, 1994(File                  No. 0-24600)  |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| *31.1  |   | Rule                  13a-14(a)/15d-14(a) Certification of Chief Executive                  Officer                                                                                                                                                              |   |                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| *31.2  |   | Rule                  13a-14(a)/15d-14(a) Certification of Chief Financial                  Officer.                                                                                                                                                             |   |                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| *32.1  |   | Section                  1350 Certification of Chief Executive Officer.                                                                                                                                                                                          |   |                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| *32.2  |   | Section                  1350 Certification of Chief FinancialOfficer.                                                                                                                                                                                           |   |                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 99.1   |   | Pages                  11 through 21, 26 through 48 and 63 through 65 of Prospectus of                  Registrant                  dated September 7, 1993 filed pursuant to Rule 424 (b)(3) under                  the                  Securities Act of 1933 |   | Exhibit                  99.1 to Form 10-K Report dated                  March 30, 1994 (File                  No. 33-58032)   |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 99.2   |   | Supplement                  No. 2 dated November 16, 1993 to Prospectus                                                                                                                                                                                          |   | Exhibit                  28.1 to Form 10-Q Reportdated                  December 30, 1993(File                  No. 33-58032)  |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 99.3   |   | Supplement                  No. 3 dated November 23, 1994 to Prospectus                                                                                                                                                                                          |   | Exhibit                  99.3 to Form 10-K Report dated                  March 30, 1995 (File                  No. 0-24600)    |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 99.4   |   | Supplement                  No. 4 dated December 28, 1994 to Prospectus                                                                                                                                                                                          |   | Exhibit                  99.4 to Form 10-K Report dated                  March 30, 1995 (File                  No. 0-24600)    |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                           |
| 99.5   |   | 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 Report dated                  March 30, 2005 (File                  No. 0-24600)   |

----

|   |   |                                                                                                                                                                                             |   | Incorporated                  by                                                                                             |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------|
|   |   | Exhibit                                                                                                                                                                                          |   |   Reference                  to                                                                          |
|   |   |                                                                                                                                                                                             |   |                                                                                                                         |
| 99.6   |   | 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 Report dated                  March 30, 2005 (File                  No. 0-24600) |
|   |   |                                                                                                                                                                                             |   |                                                                                                                         |
| 99.7   |   | 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 Report dated                  March 30, 2005 (File                  No. 0-24600) |
|   |   |                                                                                                                                                                                             |   |                                                                                                                         |
| 99.8   |   | 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 Report dated                  March 30, 2006 (File                  No. 0-24600)  |
|   |   |                                                                                                                                                                                             |   |                                                                                                                         |
| 99.9   |   | 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 Report dated                  March 30, 2006 (File                  No. 0-24600)  |
|   |   |                                                                                                                                                                                             |   |                                                                                                                         |
| 99.10  |   | 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 Report dated                  March 30, 2006 (File                  No. 0-24600) |
|   |   |                                                                                                                                                                                             |   |                                                                                                                         |
| 99.11  |   | 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 Report dated                  March 30, 2007 (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, 2006                |   | Exhibit                  99.12 to Form 10-K Report dated                  March 30, 2007 (File                  No. 0-24600) |
|   |   |                                                                                                                                                                                             |   |                                                                                                                         |
| 99.13  |   | 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 Report dated                  March 30, 2007 (File                  No. 0-24600) |

**(b)      **
**Exhibits**

**(c)      **
**Financial      Statement Schedules**

----

**SIGNATURES**

|                                | **AMERICAN                TAX CREDIT TRUST,**      |
|-------------------------------------|----------------------------------------------------|
|                                | a                Delaware statutory business trust |
|                                | Series                I                            |
|                                |                                               |   |
|                                | By:                                                | Richman                American Credit Corp., |
|                                |                                               | The                Manager |
|                                |                                               |   |
| Dated:                July 10, 2008 |                                               | /s/                David Salzman |
|                                |                                               | David                Salzman |
|                                |                                               | Chief                Executive Officer |
|                                |                                               |   |
| Dated:                July 10, 2008 |                                               | /s/                Neal Ludeke |
|                                |                                               | Neal                Ludeke |
|                                |                                               | Chief                Financial Officer |

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

----