UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K
                                   (Mark One)
                [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
           OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year
                              ended March 30, 1999

                                       OR

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

                                     0-24600
                             ----------------------
                            (Commission File Number)

         American Tax Credit Trust, a Delaware statutory business trust
                                    Series I
      (Exact name of registrant as specified in its governing instruments)

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

Richman American Credit Corp.
599 West Putnam Avenue, 3rd floor
Greenwich, Connecticut                                      06830
-------------------------------------------------------------------------------
(Address of principal executive offices)                  (Zip Code)

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

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

Securities registered pursuant to Section 12(g) of the Act:

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

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirement for the past 90 days. Yes X No


Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge, in a definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X

Registrant has no voting stock.

Documents incorporated by reference:

Part I - pages 11 through 21 and 30 through 48 of the prospectus dated September
7, 1993, as  supplemented by Supplement No. 1, Supplement No. 2, Supplement No.3
and Supplement No. 4 dated  September 7, 1993,  November 16, 1993,  November 23,
1994 and December 28, 1994, respectively, filed pursuant to Rule 424(b)(3) under
the Securities Act of 1933.

<PAGE>

                                     PART I

Item 1. Business

Formation

American Tax Credit Trust,  a Delaware  statutory  business trust (the "Trust"),
was formed on  February  4, 1993 to invest  primarily  in  leveraged  low-income
multifamily residential complexes (the "Property" or "Properties") which qualify
for the  low-income  tax credit in  accordance  with  Section 42 of the Internal
Revenue Code (the  "Low-income Tax Credit"),  through the acquisition of limited
partnership equity interests in partnerships (the "Local  Partnership" or "Local
Partnerships")  that are the owners of the  Properties.  The Trust considers its
activity to constitute a single industry segment.

Richman  American  Credit Corp. (the  "Manager"),  a Delaware  corporation,  was
formed on April 5, 1993,  under Chapter 1, Title 8 of the Delaware  Code, to act
as the manager of the Trust. The Manager is wholly-owned by Richard Paul Richman
and is an affiliate of The Richman Group,  Inc.  ("Richman  Group"),  a Delaware
corporation founded by Richard Paul Richman in 1988.

The  Amendment No. 4 to the  Registration  Statement on Form S-11 was filed with
the Securities and Exchange  Commission  (the  "Commission")  on August 25, 1993
pursuant to the Securities Act of 1933 under Registration Statement No. 33-58032
and  was  declared  effective  on  August  26,  1993.  Reference  is made to the
prospectus  dated  September  7, 1993,  as  supplemented  by  Supplement  No. 1,
Supplement No. 2, Supplement No. 3 and Supplement No. 4 dated September 7, 1993,
November 16, 1993, November 23, 1994 and December 28, 1994, respectively,  filed
with the Commission  pursuant to Rule 424(b)(3) under the Securities Act of 1933
(the  "Prospectus").  Pursuant to Rule 12b-23 of the Commission's  General Rules
and  Regulations  promulgated  under the  Securities  Exchange  Act of 1934,  as
amended (the "Exchange Act"), the description of Registrant's business set forth
under the heading "Investment Objectives and Policies" at pages 30 through 48 of
the Prospectus is incorporated herein by reference.

On September 13, 1993,  the Trust  commenced,  through  Merrill  Lynch,  Pierce,
Fenner & Smith  Incorporated  ("Merrill  Lynch")  and  PaineWebber  Incorporated
("PaineWebber"),  the offering of up to 150,000  units of  beneficial  ownership
interest ("Unit") at $1,000 per Unit to investors  ("Beneficial Owners") in from
one to twenty  series (each a "Series").  This filing is presented  for Series I
only and as used herein, the term Registrant refers to Series I of the Trust. On
November  29,  1993,  January 28, 1994 and May 25, 1994 the  closings for 8,460,
4,909  and  5,285  Units,  respectively,  took  place,  amounting  to  aggregate
Beneficial Owners' capital contributions of $18,654,000.

Competition

Pursuant  to Rule  12b-23 of the  Commission's  General  Rules  and  Regulations
promulgated under the Exchange Act, the description of Registrant's competition,
general risks, tax risks and partnership risks set forth under the heading "Risk
Factors"  at pages 11 through 21 of the  Prospectus  is  incorporated  herein by
reference.

Employees

Registrant  employs no personnel  and incurs no payroll  costs.  All  management
activities  of  Registrant  are  conducted by the  Manager.  An affiliate of the
Manager employs individuals who perform the management activities of Registrant.
This entity also performs similar services for other affiliates of the Manager.



<PAGE>


Item 1.  Business (continued)

Tax Reform Act of 1986, Revenue Act of 1987, Technical and Miscellaneous Revenue
--------------------------------------------------------------------------------
Act  of  1988,  Omnibus  Budget  Reconciliation  Act  of  1989,  Omnibus  Budget
--------------------------------------------------------------------------------
Reconciliation   Act  of  1990,  Tax  Extension  Act  of  1991,  Omnibus  Budget
--------------------------------------------------------------------------------
Reconciliation Act of 1993, Uruguay Round Agreements Act and Taxpayer Relief Act
--------------------------------------------------------------------------------
of 1997 (collectively the "Tax Acts")
-------------------------------------

Registrant  is organized as a limited  partnership  and is a "pass  through" tax
entity which does not, itself,  pay federal income tax.  However,  the owners of
Registrant  who are  subject to federal  income tax may be  affected  by the Tax
Acts.  Registrant will consider the effect of certain aspects of the Tax Acts on
the owners when making decisions regarding its investments.  Registrant does not
anticipate  that the Tax Acts will currently  have a material  adverse impact on
Registrant's business operations, capital resources and plans or liquidity.


Item 2.  Properties

The  executive  offices of  Registrant  and the  Manager are located at 599 West
Putnam Avenue, 3rd floor, Greenwich,  Connecticut 06830. Registrant does not own
or lease any  properties.  Registrant pays no rent; all charges for leased space
are borne by an affiliate of the Manager.

Registrant's   primary  objective  is  to  provide  Low-income  Tax  Credits  to
Beneficial  Owners  generally  over a ten year period.  The  relevant  state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low- income Tax Credits,  which are  generally  available  for a ten year period
from the year the Property is placed in service.  The required holding period of
each Property,  in order to avoid  Low-income Tax Credit  recapture,  is fifteen
years from the year in which the  Low-income  Tax  Credits  commence on the last
building of the Property (the "Compliance Period"). In addition,  certain of the
Local  Partnerships  have entered into  agreements  with the relevant  state tax
credit  agencies  whereby the Local  Partnerships  must maintain the  low-income
nature of the  Properties  for a period  which  exceeds the  Compliance  Period,
regardless  of any sale of the  Properties by the Local  Partnerships  after the
Compliance  Period. The Properties must satisfy various  requirements  including
rent  restrictions  and tenant income  limitations  (the  "Low-income Tax Credit
Requirements")  in order to  maintain  eligibility  for the  recognition  of the
Low-income  Tax Credit at all times during the Compliance  Period.  Once a Local
Partnership has become eligible for the Low-income Tax Credit,  it may lose such
eligibility  and suffer an event of recapture if its Property fails to remain in
compliance  with the Low-income Tax Credit  Requirements.  Through  December 31,
1998,  none of the Local  Partnerships  have  suffered an event of  recapture of
Low-income Tax Credits.

Certain of the Local  Partnerships  receive rental subsidy  payments,  including
payments  under Section 8 of Title II of the Housing and  Community  Development
Act of 1974 ("Section 8") (see descriptions of subsidies on page 4). The subsidy
agreements  expire at various times during and after the  Compliance  Periods of
the Local  Partnerships.  In  October  1997,  Congress  passed  the  Multifamily
Assisted  Housing and Reform and  Affordability  Act,  whereby the United States
Department of Housing and Urban  Development  ("HUD") was given the authority to
renew certain  project based  Section 8 contracts  expiring  during HUD's fiscal
year  1998,  where  requested  by an  owner,  for an  additional  one year  term
generally at or below  current rent levels,  subject to certain  guidelines.  In
October  1998,  HUD  issued a  directive  related  to  project  based  Section 8
contracts   expiring  during  HUD's  fiscal  year  1999  which  defines  owners'
notification  responsibilities,  advises  owners  of  project  based  Section  8
properties  of what  their  options  are  regarding  the  renewal  of  Section 8
contracts,  provides  guidance  and  procedures  to owners,  management  agents,
contract administrators and HUD staff on renewing Section 8 contracts,  provides
guidance on setting  renewal  rents and  handling  renewal  rent  increases  and
provides the  requirements  and procedures for opting-out of a Section 8 project
based contract. Registrant cannot reasonably predict legislative initiatives and
governmental  budget  negotiations,  the  outcome  of which  could  result  in a
reduction  in funds  available  for the various  federal and state  administered
housing programs  including the Section 8 program.  Such changes could adversely
affect the future net  operating  income and debt  structure of any or all Local
Partnerships currently receiving such subsidy or similar subsidies.  Three Local
Partnerships' Section 8 contracts are scheduled to expire in 1999.

Registrant owns a 98.9%-99%  limited  partnership  interest ("Local  Partnership
Interest") in ten Local Partnerships reflected on page 4.

<PAGE>


Item 2.  Properties (continued)

<TABLE>
<CAPTION>
   <S>                                      <C>          <C>                         <C>                      <C>

                                                          Capital contribution
                                                                obligation                Mortgage
   Name of Local Partnership                 Number        as of March 30, 1999      loans payable as of       Subsidy
   Name of apartment complex                of rental   --------------------------       December 31,            (see
   Apartment complex location                 units        Total          Paid              1998              footnotes)
   ----------------------------            ----------   -----------    -----------   -------------------     -----------

   ACP Housing Associates, L.P.
   ACP Housing Apartments
   New York, New York                          28       $   737,222    $   737,222       $ 1,503,781              (1b)

   Creative Choice Homes VII, Ltd.
   Coral Gardens
   Homestead, Florida                          91         2,382,812      2,382,812         2,122,043         (1a & 1c)

   Edgewood Manor Associates, L.P.
   Edgewood Manor Apartments
   Philadelphia, Pennsylvania                  49         1,963,799      1,963,799         1,856,702              (1b)

   Ledge / McLaren Limited Partnership
   Ledge / McLaren Apartments
   Nashua, New Hampshire                       8            343,079        343,079           458,804              (1b)

   Penn Apartment Associates
   Penn Apartments
   Chester, Pennsylvania                       15           852,180        852,180           963,000              (1b)

   SB-92 Limited Partnership
   Shaker Boulevard Gardens
   Cleveland, Ohio                             73           795,255        795,255         2,074,031              (1b)

   St. Christopher's Associates, L.P. V
   Lehigh Park
   Philadelphia, Pennsylvania                  29         2,075,785      1,998,985         2,180,000              (1b)

   St. John Housing Associates, L.P.
   St. John Homes
   Gary, Indiana                              144         3,546,861      3,546,861         4,476,604         (1a & 1c)

   Starved Rock - LaSalle Manor
      Limited Partnership
   LaSalle Manor
   LaSalle, Illinois                           48           634,327        634,327         1,786,897         (1a & 1c)

   Vision Limited Dividend Housing
      Association Limited Partnership
   Helen Odean Butler Apartments
   Detroit, Michigan                           97         1,429,721      1,139,904         5,298,365              (1b)
                                                        -----------    -----------      ------------

                                                        $14,761,041    $14,394,424      $ 22,720,227
                                                        ===========    ===========      ============
</TABLE>

       (1) Description of subsidies:

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

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

           (c) The Local  Partnership's  Section 8 contracts  are  scheduled  to
               expire in 1999.


<PAGE>


Item 3.  Legal Proceedings

Registrant is not aware of any material legal proceedings.


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

There were no matters submitted to a vote of the Beneficial Owners of Registrant
during the fourth quarter of the fiscal year covered by this report.

<PAGE>


                                     PART II

Item 5.  Market for Registrant's Common Equity
         and Related Security Holder Matters


Market Information and Holders

There  is  no  established   public  trading  market  for  Registrant's   Units.
Accordingly,  accurate information as to the market value of a Unit at any given
date is not  available.  The number of  Beneficial  Owners of Units as of May 1,
1999 was 930, holding 18,654 Units.

Merrill Lynch and PaineWebber follow internal guidelines for providing estimated
values of limited  partnerships and other direct investments  reported on client
account  statements.  Pursuant to such guidelines,  estimated values for limited
partnership  interests  reported on Merrill Lynch and PaineWebber client account
statements (such as Registrant's Units) are separately provided to Merrill Lynch
and PaineWebber by independent  valuation  services.  These estimated values are
based on financial and other information  available to the independent  services
(1) on the prior August 15th for reporting on December  year-end and  subsequent
client account  statements  through the following May's month-end client account
statements  and (2) on March 31st for reporting on June month-end and subsequent
client  account   statements  through  the  November  month-end  client  account
statements of the same year. In addition,  Registrant may provide an estimate of
value to Unit holders from time to time in  Registrant's  reports to  Beneficial
Owners.   The  estimated  values  provided  by  the  independent   services  and
Registrant,  which may differ, are not market values and Unit holders may not be
able to sell their Units or realize either amount upon a sale of their Units. In
addition,   Unit  holders  may  not  realize  such  estimated  values  upon  the
liquidation of Registrant.

Distributions

Registrant owns a limited  partnership  interest in Local  Partnerships that are
the owners of Properties which are leveraged and receive  government  assistance
in various forms of rental and debt service subsidies.  The distribution of cash
flow generated by the Local  Partnerships  may be  restricted,  as determined by
each  Local  Partnership's   financing  and  subsidy  agreements.   Accordingly,
Registrant   does  not  anticipate  that  it  will  provide   significant   cash
distributions  to its  owners.  There were no cash  distributions  to the owners
during the years ended March 30, 1999 and 1998.

Low-income Tax Credits, which are subject to various limitations, may be used by
Beneficial  Owners to offset federal income tax liabilities.  The Low-income Tax
Credits per Unit for each of the three  closings,  generated by  Registrant  and
allocated to the Beneficial Owners for the tax years ended December 31, 1998 and
1997 and the cumulative  Low-income Tax Credits allocated from inception through
December 31, 1998 are as follows:
<TABLE>
<CAPTION>
<S>                                     <C>                 <C>                <C>

                                          First closing      Second closing    Third closing
                                        November 29, 1993   January 28, 1994    May 25, 1994
                                        -----------------   ----------------   --------------
Low-income Tax Credits:
-----------------------
Tax year ended December 31, 1998           $   138.81          $   138.81        $   138.81
Tax year ended December 31, 1997               138.81              138.81            138.81

Cumulative totals                          $   559.95          $   557.77        $   545.25

</TABLE>

Notwithstanding future circumstances which may give rise to recapture or loss of
future benefits (see Part I, Item 2 Properties,  herein),  Registrant expects to
generate total Low-income Tax Credits from investments in Local  Partnerships of
approximately $1,390 per Unit through December 31, 2006.

<PAGE>

Item 6.  Selected Financial Data

The information set forth below presents selected  financial data of Registrant.
Additional detailed financial  information is set forth in the audited financial
statements included under Part II, Item 8 herein.
<TABLE>
<CAPTION>
<S>                              <C>                <C>             <C>               <C>              <C>


                                                              Years Ended March 30,
                                -----------------------------------------------------------------------------------
                                     1999              1998             1997              1996              1995
                                ------------      ------------     -------------      -----------      ------------

  Interest revenue              $    135,553      $    141,902     $     156,201      $   268,044      $    250,570
                                ============      ============     =============      ===========      ============
  Equity in loss of
   investment in local          $(1,059,127)      $(1,023,224)     $ (1,070,651)      $  (590,457)     $   (391,691)
   partnerships                 ============      ============     =============      ============     ============

  Net loss                      $(1,170,347)      $(1,119,287)     $ (1,170,580)      $  (590,132)     $   (387,896)
                                ============      ============     =============      ============     ============
  Net loss per unit of
   beneficial ownership
   interest *                   $    (62.11)      $    (59.40)     $     (62.12)      $    (31.32)     $     (21.52)
                                ============      ============     =============      ============     ============

*Net loss per unit of beneficial  ownership interest was based upon 18,654 Units
for the years  ended  March 30,  1999,  1998,  1997 and 1996 and upon a weighted
average number of Units of 17,843 for the year ended March 30, 1995.


                                                                 As of March 30,
                                ------------------------------------------------------------------------------------
                                    1999              1998             1997              1996             1995
                                -----------       -----------      -----------        -----------      -------------

  Total assets                  $12,715,649       $14,089,314      $15,071,351        $17,438,812      $  19,721,810
                                ===========       ===========      ===========        ===========      =============

</TABLE>

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

As used herein,  the term  Registrant  refers to Series I of American Tax Credit
Trust, a Delaware  statutory  business trust,  (the "Trust").  References to any
right,  obligation,  action,  asset or  liability  of Series I means such right,
obligation, action, asset or liability of the Trust in connection with Series I.

Capital Resources and Liquidity

Registrant  admitted  beneficial  owners  (the  "Beneficial  Owners")  in  three
closings with aggregate Beneficial Owners' capital contributions of $18,654,000.
In connection  with the offering of the sale of units of  beneficial  ownership,
Registrant incurred organization and offering costs of approximately  $2,331,000
and  established a working  capital  reserve of  approximately  $1,287,000.  The
remaining net proceeds of  approximately  $15,036,000  (the "Net Proceeds") were
available to be applied to the acquisition of limited  partnership  interests in
local partnerships (the "Local  Partnerships") which own low-income  multifamily
residential  complexes (the  "Property" or  "Properties")  which qualify for the
low-income tax credit in accordance with Section 42 of the Internal Revenue Code
(the  "Low-income  Tax  Credit").  Registrant  has  utilized the Net Proceeds in
acquiring an interest in ten Local Partnerships.  Restricted cash in the balance
sheet as of March 30, 1999 represents  outstanding capital contributions payable
to  Local   Partnerships  and  accrued   interest  on  an  outstanding   capital
contribution, which are payable in installments upon certain Local Partnerships'
satisfaction of specified conditions related to operations.


<PAGE>


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

As of March 30, 1999,  Registrant has unrestricted cash and cash equivalents and
investments  in bonds  totaling  $1,935,527,  which is available  for  operating
expenses of Registrant and circumstances  which may arise in connection with the
Local  Partnerships.  As of March 30, 1999,  Registrant's  investments  in bonds
represent  corporate bonds of $998,384 with various  maturity dates ranging from
2003 to 2016.  Registrant  acquired such investments in bonds with the intention
of  utilizing  proceeds  generated  by  such  investments  to  meet  its  annual
obligations.  Future  sources of Registrant  funds are expected  primarily  from
interest  earned on working  capital and limited cash  distributions  from Local
Partnerships.

During the year ended March 30, 1999,  Registrant  received  cash from  interest
revenue  and  distributions  from  Local  Partnerships  and  utilized  cash  for
operating expenses and a capital  contribution to a Local Partnership.  Cash and
cash equivalents and investments in bonds  available-for-sale  increased, in the
aggregate,  by approximately $99,000 during the year ended March 30, 1999 (which
includes a net unrealized gain on investments in bonds of  approximately  $2,000
and the  amortization  of net premium on investments  in bonds of  approximately
$4,000) and restricted cash decreased by approximately  $301,000  primarily as a
result of a capital  contribution paid to a Local  Partnership.  Notwithstanding
circumstances that may arise in connection with the Properties,  Registrant does
not expect to realize  significant  gains or losses on its investments in bonds,
if any.

During the year ended  March 30,  1999,  the  investment  in Local  Partnerships
decreased as a result of Registrant's equity in the Local Partnerships' net loss
for the year  ended  December  31,  1998 of  $1,059,127  and cash  distributions
received  from  Local  Partnerships  of  $102,497.  Payable  to  manager  in the
accompanying  balance sheet as of March 30, 1999 represents  accrued  management
fees.

Results of Operations

Registrant's  operating  results are dependent upon the operating results of the
Local  Partnerships and are  significantly  impacted by the Local  Partnerships'
policies. In addition, the operating results herein are not necessarily the same
for tax reporting.  Registrant accounts for its investment in Local Partnerships
in accordance with the equity method of accounting.  Accordingly, the investment
is carried at cost which includes capital contributions payable, and is adjusted
for Registrant's share of each Local Partnership's  results of operations and by
cash  distributions  received.  Equity  in  loss  of each  investment  in  Local
Partnership  allocated to Registrant is recognized to the extent of Registrant's
investment  balance  in each  Local  Partnership.  Equity  in loss in  excess of
Registrant's  investment  balance in a Local  Partnership  is allocated to other
partners'  capital  in any such Local  Partnership.  As a result,  the  reported
equity in loss of  investment in Local  Partnerships  is expected to decrease as
Registrant's  investment  balances in the respective Local  Partnerships  become
zero. As of March 30, 1999, no investment in any Local Partnership has reached a
zero balance.

Registrant's  operations  for the  years  ended  March 30,  1999,  1998 and 1997
resulted in net losses of $1,170,347,  $1,119,287 and $1,170,580,  respectively.
The operations of Registrant and the Local  Partnerships were consistent between
1998 and 1999 and 1997 and 1998.

The Local Partnerships' net loss of approximately  $1,068,000 for the year ended
December  31,  1998   includes   depreciation   and   amortization   expense  of
approximately  $1,396,000 and interest on  non-mandatory  debt of  approximately
$300,000,  and does not include  principal  payments on  permanent  mortgages of
approximately  $349,000.  The  Local  Partnerships'  net  loss of  approximately
$1,032,000  for the year ended  December  31,  1997  includes  depreciation  and
amortization  expense of approximately  $1,439,000 and interest on non-mandatory
debt of  approximately  $309,000,  and does not  include  principal  payments on
permanent mortgages of approximately  $330,000. The Local Partnerships' net loss
of  approximately  $1,082,000  for the year ended  December  31,  1996  includes
depreciation and amortization  expense of approximately  $1,337,000 and interest
on non-mandatory debt of approximately  $266,000, and does not include principal
payments  on  permanent   mortgages  and  construction  loans  of  approximately
$786,000. The results of operations of the Local Partnerships for the year ended
December  31, 1998 are not  necessarily  indicative  of the results  that may be
expected in future periods.

<PAGE>


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

Local Partnership Matters

The Properties are principally  comprised of subsidized and leveraged low-income
multifamily  residential  complexes  located  throughout the United States.  The
rents of the  Properties,  certain  of which  receive  rental  subsidy  payments
pursuant to subsidy agreements ("HAP Contracts"),  are subject to specific laws,
regulations  and  agreements  with  federal  and  state  agencies.  Three  Local
Partnerships'  HAP Contracts  are scheduled to expire in 1999. In addition,  the
Local Partnerships have various financing  structures which include (i) required
debt service payments  ("Mandatory Debt Service") and (ii) debt service payments
which  are  payable  only from  available  cash  flow  subject  to the terms and
conditions of the notes, which may be subject to specific laws,  regulations and
agreements  with  appropriate  federal and state agencies  ("Non-Mandatory  Debt
Service or Interest").  In the event rents are not sufficient to cover operating
expenses, Mandatory Debt Service requirements and other charges, certain general
partners of the Local  Partnerships (the "Local General Partners") are obligated
to provide advances to cover deficits for a certain period of time up to certain
amounts (the "Deficit  Guarantee").  A Local General  Partner's  funding of such
Deficit  Guarantee  is  dependent  on its  liquidity  or  ability  to borrow the
required funds. During the year ended December 31, 1998, revenue from operations
of the Local  Partnerships  have  generally been  sufficient to cover  operating
expenses and Mandatory Debt Service. All of the Local Partnerships have achieved
full operational  status and substantially  all are effectively  operating at or
near  break  even  levels,   although  certain  Local  Partnerships'   operating
information  reflects operating deficits that do not represent cash deficits due
to their mortgage and financing  structure and the required deferral of property
management fees. However, as discussed below, one Local Partnership's  operating
information  indicates  an  operating  deficit  after  taking  into  account its
mortgage  and  financing   structure  and  any  required  deferral  of  property
management fees.

The terms of the  partnership  agreement of ACP Housing  Associates,  L.P. ("ACP
Housing") require the Local General Partners to advance funds to cover operating
deficits  through  October  2003  and to  cause  the  management  agent to defer
property  management  fees in order to avoid a default under the  mortgage.  ACP
Housing  incurred an  operating  deficit of  approximately  $27,000 for the year
ended  December  31,  1998,   which  includes   property   management   fees  of
approximately  $9,000.  As of December 31, 1998, the Local General Partners have
advanced  approximately  $14,000 under their Deficit  Guarantee  obligation  and
payments on the  mortgage and real estate  taxes are  current.  Of  Registrant's
total annual  Low-income  Tax Credits,  approximately  5% is allocated  from ACP
Housing.

Inflation

Inflation  is not  expected to have a material  adverse  impact on  Registrant's
operations during its period of ownership of the Local Partnership Interests.

Adoption of Accounting Standards

Registrant has adopted Statement of Financial  Accounting  Standard ("SFAS") No.
130, "Reporting  Comprehensive  Income." SFAS No. 130 establishes  standards for
reporting  and display of  comprehensive  income and its  components  (revenues,
expenses,  gains  and  losses)  in  a  full  set  of  general-purpose  financial
statements.  Other comprehensive income (loss) in the accompanying statements of
operations  resulted from net unrealized  gains (losses) on investments in bonds
available-for-sale.  Accumulated other comprehensive  income in the accompanying
balance  sheets  reflects  the net  unrealized  gain  on  investments  in  bonds
available-for-sale.  The  statements of operations for the years ended March 30,
1998 and 1997 include certain  reclassifications to reflect the adoption of SFAS
No. 130.

Registrant  has  adopted  SFAS  No.  131,  "Disclosures  about  Segments  of  an
Enterprise and Related  Information," which establishes  standards for reporting
information about operating segments and related  disclosures about products and
services,  geographic areas and major  customers.  Registrant is in one business
segment and follows the requirements of SFAS No. 131.

<PAGE>


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

Year 2000 Compliance

The   inability   of   computers,   software  and  other   equipment   utilizing
microprocessors  to recognize and properly process data fields  containing a two
digit year is commonly referred to as the year 2000 compliance ("Y2K") issue. As
the year 2000  approaches,  such  systems  may be unable to  accurately  process
certain  data-based  information.  Many businesses may need to upgrade  existing
systems or purchase new ones to correct the Y2K issue.  Registrant has performed
an assessment of its computer software and hardware and believes it has made the
necessary upgrades in an effort to ensure compliance.  However,  there can be no
assurance  that the  systems  of other  entities  on  which  Registrant  relies,
including the Local  Partnerships which report to Registrant on a periodic basis
for the  purpose of  Registrant's  reporting  to its  investors,  will be timely
converted.  Registrant has  corresponded  with the Local  Partnerships to ensure
their  awareness  of the Y2K issue and has  requested  details  regarding  their
efforts to ensure compliance.  The total cost associated with Y2K implementation
is not expected to materially impact Registrant's  financial position or results
of  operations  in any given year.  However,  there can be no  assurance  that a
failure to convert by  Registrant  or another  entity  would not have a material
adverse impact on Registrant.

Item 7a.  Quantitative and Qualitative Disclosure About Market Risk

The market value of Registrant's  investments in bonds is subject to fluctuation
based upon  changes in interest  rates  relative to each  investment's  maturity
date.  Since  Registrant's  investments  in bonds have  various  maturity  dates
through  2016,  the value of such  investments  may be adversely  impacted in an
environment  of  rising  interest  rates  in the  event  Registrant  decides  to
liquidate  any  such  investment  prior  to  its  maturity.  Because  Registrant
presently  intends  to hold such  investments  to their  respective  maturities,
Registrant  does not anticipate any material  adverse impact in connection  with
such investments.

The  Properties  are generally  located  where there is a demand for  low-income
housing.  Accordingly,  there is a significant  likelihood  that new  properties
could  be built in the  general  vicinity  of the  respective  Properties.  As a
result, the respective  Properties'  ability to operate at high occupancy levels
is subject to competition from newly built low-income housing.


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I


Item 8.  Financial Statements and Supplementary Data


                              Table of Contents                             Page

Auditors' Report..............................................................12

Balance Sheets................................................................13

Statements of Operations......................................................14

Statements of Changes in Owners' Equity (Deficit).............................15

Statements of Cash Flows......................................................16

Notes to Financial Statements.................................................18



No financial  statement  schedules  are  included  because of the absence of the
conditions  under which they are required or because the information is included
in the financial statements or the notes thereto.

<PAGE>

                          Independent Auditors' Report


To the Manager and Beneficial Owners
American Tax Credit Trust,
a Delaware statutory business trust Series I

         We have audited the accompanying  balance sheets of American Tax Credit
Trust,  a Delaware  statutory  business  trust Series I as of March 30, 1999 and
1998,  and the  related  statements  of  operations,  changes in owners'  equity
(deficit)  and cash flows for each of the three years in the period  ended March
30, 1999.  These  financial  statements  are the  responsibility  of the trust's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

         We conducted our audits in accordance with generally  accepted auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material respects,  the financial position of American Tax Credit
Trust,  a Delaware  statutory  business  trust Series I as of March 30, 1999 and
1998, and the results of its operations and its cash flows for each of the three
years in the period ended March 30, 1999, in conformity with generally  accepted
accounting principles.


/s/ Reznick Fedder & Silverman

Bethesda, Maryland
May 13, 1999


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                                 BALANCE SHEETS
                             MARCH 30, 1999 AND 1998

<TABLE>
<CAPTION>
<S>                                                                  <C>            <C>                <C>
                                                                      Notes            1999                1998
                                                                     -------        -----------        -----------
ASSETS

Cash and cash equivalents                                               3,9         $   937,143        $   837,174
Restricted cash                                                        3,5,9            410,767            711,505
Investments in bonds available-for-sale                                 4,9             998,384            999,656
Investment in local partnerships                                        5,8          10,353,629         11,515,253
Interest receivable                                                      9               15,726             15,726
Organization costs (less accumulated amortization of
  $75,000 and $65,000)                                                   2                                  10,000
                                                                                    -----------        -----------

                                                                                    $12,715,649        $14,089,314
                                                                                    ===========        ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                                             $    25,380        $    22,500
  Payable to manager                                                    6,8             473,920            381,682
  Capital contributions payable                                         5,9             366,617            673,050
  Interest payable                                                      5,9              44,150             38,455
                                                                                    -----------        -----------

                                                                                        910,067          1,115,687
                                                                                    -----------        -----------

Commitments and contingencies                                           5,8

Owners' equity (deficit)                                                2,4

   Manager                                                                              (45,900)           (34,197)
   Beneficial owners (18,654 units of beneficial ownership interest
     outstanding)                                                                    11,844,092         13,002,736
   Accumulated other comprehensive income, net                                            7,390              5,088
                                                                                    -----------        -----------

                                                                                     11,805,582         12,973,627

                                                                                    -----------        -----------
                                                                                    $12,715,649        $14,089,314
                                                                                    ===========        ===========
</TABLE>

                       See Notes to Financial Statements.
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF OPERATIONS
                    YEARS ENDED MARCH 30, 1999, 1998 AND 1997

<TABLE>
<CAPTION>
<S>                                                 <C>            <C>                   <C>                  <C>

                                                     Notes              1999                1998                1997
                                                    -------         -----------          -----------         ----------

REVENUE

Interest                                                            $   135,553          $   141,902         $   156,201
                                                                    -----------          -----------         -----------

TOTAL REVENUE                                                           135,553              141,902             156,201
                                                                    -----------          -----------         -----------

EXPENSES

Management fee                                       6,8                192,238              193,819             194,348
Professional fees                                                        30,454               16,477              30,566
Printing, postage and other                                              14,081               12,669              16,216
Amortization                                                             10,000               15,000              15,000
                                                                    -----------          -----------         -----------

TOTAL EXPENSES                                                          246,773              237,965             256,130
                                                                    -----------          -----------         -----------

Loss from operations                                                   (111,220)             (96,063)            (99,929)

Equity in loss of investment in local
    partnerships                                      5              (1,059,127)          (1,023,224)         (1,070,651)
                                                                    -----------          -----------         -----------

NET LOSS                                                             (1,170,347)          (1,119,287)         (1,170,580)

Other comprehensive income (loss)                     4                   2,302               70,325             (20,824)
                                                                    -----------          -----------         -----------

COMPREHENSIVE LOSS                                                  $(1,168,045)         $(1,048,962)        $(1,191,404)
                                                                    ===========          ===========         ===========


                                                      2
NET LOSS ATTRIBUTABLE TO

    Manager                                                         $   (11,703)         $   (11,193)        $   (11,706)
    Beneficial owners                                                 1,158,644)          (1,108,094)         (1,158,874)
                                                                    -----------          -----------         -----------

                                                                    $ 1,170,347)         $(1,119,287)        $(1,170,580)
                                                                    ===========          ===========         ===========


NET LOSS per unit of beneficial ownership
    interest (18,654 units of beneficial
    ownership interest)                                             $    (62.11)         $    (59.40)        $    (62.12)
                                                                    ===========          ===========         ===========


</TABLE>

                       See Notes to Financial Statements.


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIT)
                    YEARS ENDED MARCH 30, 1999, 1998 AND 1997


<TABLE>
<CAPTION>
<S>                                                    <C>                <C>              <C>                   <C>
                                                                                        Accumulated
                                                                                           Other
                                                                                       Comprehensive
                                                                      Beneficial       Income (Loss),
                                                       Manager          Owners              Net              Total
                                                    ------------      -----------      -------------      -----------

Owners' equity (deficit), March 30, 1996            $    (11,298)     $15,269,704      $    (44,413)      $15,213,993

Net loss                                                 (11,706)      (1,158,874)                         (1,170,580)

Other comprehensive loss, net                                                               (20,824)          (20,824)
                                                    ------------      -----------      ------------       -----------
Owners' equity (deficit), March 30, 1997                 (23,004)      14,110,830           (65,237)       14,022,589

Net loss                                                 (11,193)      (1,108,094)                         (1,119,287)



Other comprehensive income, net                                                              70,325            70,325
                                                    ------------      -----------      ------------       -----------


Owners' equity (deficit), March 30, 1998                 (34,197)      13,002,736             5,088        12,973,627

Net loss                                                 (11,703)      (1,158,644)                         (1,170,347)

Other comprehensive income, net                                                               2,302             2,302

                                                    ------------      -----------      ------------       -----------
Owners' equity (deficit), March 30, 1999            $    (45,900)     $11,844,092      $      7,390       $11,805,582
                                                    ============      ===========      ============       ===========
</TABLE>

                       See Notes to Financial Statements.


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                    YEARS ENDED MARCH 30, 1999, 1998 AND 1997
<TABLE>
<CAPTION>
<S>                                                            <C>                <C>               <C>

                                                                   1999               1998              1997
                                                               ------------       ------------      ------------
CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                                              $    144,822       $    148,210      $    165,368
Cash paid for
  management fee                                                   (100,000)          (125,000)          (75,000)
  professional fees                                                 (29,574)           (23,777)          (30,016)
  printing, postage and other expenses                              (12,081)           (12,830)          (17,853)
                                                               ------------       ------------      ------------

Net cash provided by (used in) operating activities                   3,167            (13,397)           42,499
                                                               ------------       ------------      ------------


CASH FLOWS FROM INVESTING ACTIVITIES


Cash distributions from local partnerships                          102,497            124,338
Transfer from (to) restricted cash                                  300,738             (5,567)        1,294,318
Investment in local partnerships                                   (306,433)                          (1,075,535)
Investments in bonds (includes $282 of accrued interest)                               (98,490)
                                                               ------------       ------------      ------------

Net cash provided by investing activities                            96,802             20,281           218,783
                                                               ------------       ------------      ------------

Net increase in cash and cash equivalents                            99,969              6,884           261,282

Cash and cash equivalents at beginning of year                      837,174            830,290           569,008
                                                               ------------       ------------      ------------

CASH AND CASH EQUIVALENTS AT END OF YEAR                       $    937,143       $    837,174      $    830,290
                                                               ============       ============      ============


SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain (loss) on investments in bonds
    available-for-sale, net                                    $      2,302       $     70,325      $    (20,824)
                                                               ============       ============      ============

Decrease in capital contributions payable, net                                                      $   (224,298)
                                                                                                    ============


See  reconciliation  of net loss to net cash  provided  by (used  in)  operating
activities on page 17.

</TABLE>

                       See Notes to Financial Statements.

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                    YEARS ENDED MARCH 30, 1999, 1998 AND 1997

<TABLE>
<CAPTION>
<S>                                                                             <C>                   <C>             <C>

                                                                                    1999              1998             1997
                                                                                -----------       -----------       -----------

RECONCILIATION OF NET LOSS TO NET CASH
  PROVIDED BY (USED IN) OPERATING ACTIVITIES


Net loss                                                                        $(1,170,347)      $(1,119,287)      $(1,170,580)

Adjustments to reconcile net loss to net cash provided by (used in)
  operating activities

       Equity in loss of investment in local partnerships                         1,059,127         1,023,224         1,070,651
       Amortization of organization costs                                            10,000            15,000            15,000
       Amortization of net premium on investments in bonds                            3,574             3,574             3,511
       Decrease (increase) in interest receivable                                                      (2,833)              141
       Increase (decrease) in accounts payable and accrued expenses                   2,880            (7,461)           (1,087)
       Increase in payable to manager                                                92,238            68,819           119,348
       Increase in interest payable                                                   5,695             5,567             5,515
                                                                                -----------       -----------       -----------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
                                                                                $     3,167       $   (13,397)      $    42,499
                                                                                ===========       ===========       ===========
</TABLE>

                       See Notes to Financial Statements.

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                          MARCH 30, 1999, 1998 AND 1997


1.   Organization, Purpose and Summary of Significant Accounting Policies

American Tax Credit Trust, a Delaware statutory business trust (the "Trust") was
formed on February 4, 1993 under  Chapter 38 of Title 12 of the  Delaware  Code.
There was no operating  activity until  admission of the investors  ("Beneficial
Owners") on  November  29,  1993.  The Trust was formed to invest  primarily  in
leveraged  low-income  multifamily  residential  complexes  (the  "Property"  or
"Properties")  which qualify for the  low-income  tax credit in accordance  with
Section 42 of the Internal Revenue Code (the  "Low-income Tax Credit"),  through
the acquisition of limited  partnership equity interests (the "Local Partnership
Interests") in partnerships  (the "Local  Partnership" or "Local  Partnerships")
that are the  owners of the  Properties.  Richman  American  Credit  Corp.  (the
"Manager") was formed on April 5, 1993 to act as the manager of the Trust.

On September  13, 1993,  the Trust  commenced  the offering for sale of units of
beneficial  ownership  ("Units") to  Beneficial  Owners in one to twenty  series
("Series  I  through  Series  XX";  each  a  "Series").   These  notes  and  the
accompanying financial statements are presented for Series I only.

Basis of Accounting and Fiscal Year

The Trust's  records are  maintained on the accrual basis of accounting for both
financial  reporting and tax purposes.  For financial  reporting  purposes,  the
Trust's  fiscal  year  ends  March  30 and its  quarterly  periods  end June 29,
September 29 and December 30. The Local  Partnerships  have a calendar  year for
financial reporting  purposes.  The Trust and the Local Partnerships each have a
calendar year for income tax purposes.

The Trust accounts for its investment in Local  Partnerships  in accordance with
the equity method of  accounting,  under which the investment is carried at cost
which includes capital  contributions  payable,  and is adjusted for the Trust's
share  of  each  Local   Partnership's   results  of  operations   and  by  cash
distributions  received.  Equity in loss of each investment in Local Partnership
allocated  to the Trust is  recognized  to the extent of the Trust's  investment
balance  in each  Local  Partnership.  Equity in loss in  excess of the  Trust's
investment  balance  in a Local  Partnership  is  allocated  to other  partners'
capital in any such Local Partnership. Previously unrecognized equity in loss of
any Local Partnership is recognized in the fiscal year in which equity in income
is earned by such Local Partnership.  Distributions  received  subsequent to the
elimination  of an  investment  balance  for  any  such  investment  in a  Local
Partnership are recorded as other income from local partnerships.

The Partnership regularly assesses the carrying value of its investment in Local
Partnerships. If the carrying value is considered to exceed the value derived by
management  (which  contemplates  remaining  Low-income Tax Credits and residual
value, among other things),  the Partnership  reduces its investment in any such
Local Partnership and includes such reduction in equity in loss of investment in
local partnerships.

Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of
contingent assets and liabilities as of the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.

Adoption of Accounting Standards

The Trust has adopted  Statement of Financial  Accounting  Standard ("SFAS") No.
130, "Reporting  Comprehensive  Income." SFAS No. 130 establishes  standards for
reporting  and display of  comprehensive  income and its  components  (revenues,
expenses,  gains  and  losses)  in  a  full  set  of  general-purpose  financial
statements.  Other comprehensive income (loss) in the accompanying statements of
operations  resulted from net unrealized  gains (losses) on investments in bonds
available-for-sale.  Accumulated other comprehensive  income in the accompanying
balance  sheets  reflects  the net  unrealized  gain  on  investments  in  bonds
available-for-sale. The statements of



<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


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

operations  for the  years  ended  March  30,  1998  and  1997  include  certain
reclassifications to reflect the adoption of SFAS No. 130.

The Trust has adopted SFAS No. 131, "Disclosures about Segments of an Enterprise
and Related  Information," which establishes standards for reporting information
about operating  segments and related  disclosures  about products and services,
geographic areas and major  customers.  The Trust is in one business segment and
follows the requirements of SFAS No. 131.

Cash and Cash Equivalents

The Trust  considers all highly liquid  investments  purchased  with an original
maturity  of  three  months  or  less  at the  date  of  acquisition  to be cash
equivalents.  Cash and cash  equivalents  are stated at cost which  approximates
market value.

Restricted Cash

Restricted cash is set aside to make the Trust's required capital  contributions
to Local Partnerships (see Notes 3 and 5).

Investments in Bonds Available-For-Sale

Investments in bonds classified as available-for-sale represent investments that
the Trust intends to hold for an indefinite  period of time but not  necessarily
to maturity. Any decision to sell an investment classified as available-for-sale
would be based on various factors,  including  significant movements in interest
rates and liquidity needs.  Investments in bonds  available-for-sale are carried
at estimated fair value and unrealized  gains or losses are included as items of
comprehensive  income (loss) and are reported as a separate component of owners'
equity (deficit).

Premiums and discounts on investments in bonds  available-for-sale are amortized
(accreted)  using  the  straight-line  method  over the life of the  investment.
Amortized premiums offset interest revenue, while the accretion of discounts and
zero coupon  bonds are  included in interest  revenue.  Realized  gain (loss) on
redemption or sale of investments in bonds  available-for-sale  are included in,
or offset  against,  interest  revenue on the basis of the adjusted cost of each
specific investment redeemed or sold.

Interest on Capital Contributions Payable to Local Partnerships

Pursuant to agreements with certain Local  Partnerships,  interest is accrued on
certain  installments of capital  contributions.  Such amounts are recorded as a
liability and an offset to interest revenue.

Organization Costs

Organization costs were amortized on a straight-line  basis over five (5) years;
such costs became fully amortized during the year ended March 30, 1999.

Income Taxes

No provision  for income taxes has been made because all income,  losses and tax
credits  are  allocated  to the owners for  inclusion  in their  respective  tax
returns.  In accordance  with SFAS No. 109,  "Accounting  for Income Taxes," the
Trust has included in Note 7 disclosures  related to differences in the book and
tax bases of accounting.


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


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

Acquisition Fees

Acquisition  fees are recorded as investments in Local  Partnerships and capital
contributions payable when incurred.


2.   Capital Contributions

On September 13, 1993, the Trust commenced the offering of Units through Merrill
Lynch,  Pierce,  Fenner & Smith  Incorporated and PaineWebber  Incorporated (the
"Selling  Agents").  On November  29,  1983,  January 28, 1994 and May 25, 1994,
under the terms of the Fourth  Amended and  Restated  Agreement  of Trust of the
Trust (the "Trust  Agreement"),  the Manager admitted  Beneficial  Owners to the
Trust in three closings. At these closings,  subscriptions for a total of 18,654
Units representing  $18,654,000 in Beneficial Owners' capital contributions were
accepted.  In  connection  with  the  offering  of  Units,  the  Trust  incurred
organization and offering costs of $2,330,819,  of which $75,000 was capitalized
as  organization  costs and  $2,255,819  was charged to the  Beneficial  Owners'
equity as syndication  costs. The Trust received a capital  contribution of $100
from the Manager.

Net loss is  allocated  99% to the  Beneficial  Owners and 1% to the  Manager in
accordance with the Trust Agreement.


3.   Cash and Cash Equivalents and Restricted Cash

As of March 30, 1999,  the Trust has cash and cash  equivalents  and  restricted
cash in the  aggregate of  $1,347,910  which are  deposited in  interest-bearing
accounts  with an  institution  which  is not  insured  by the  Federal  Deposit
Insurance Corporation.


4.   Investments in Bonds Available-For-Sale

The Trust carries its  investments in bonds as  available-for-sale  because such
investments  are used to  facilitate  and  provide  flexibility  for the Trust's
obligations,  including  resolving  circumstances  which may arise in connection
with  the  Local  Partnerships.  Investments  in  bonds  available-for-sale  are
reflected in the accompanying balance sheets at estimated fair value.

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


4.   Investments in Bonds Available-For-Sale (continued)

As of March  30,  1999,  certain  information  concerning  investments  in bonds
available-for-sale is as follows:
<TABLE>
<CAPTION>
<S>                                        <C>               <C>               <C>                 <C>

                                                                Gross            Gross
                                            Amortized         unrealized       unrealized          Estimated
Description and maturity                      cost              gains            losses            fair value
------------------------                   -----------       -----------       ----------          -----------
Corporate debt securities
After one year through five years          $    98,806       $     3,105       $       --          $   101,911
After five years through ten years             690,081             9,317           (2,681)             696,717
After ten years                                202,107               158           (2,509)             199,756
                                           -----------       -----------       ----------          -----------

                                           $   990,994       $    12,580       $   (5,190)         $   998,384
                                           ===========       ===========       ==========          ===========

As of March  30,  1998,  certain  information  concerning  investments  in bonds
available-for-sale is as follows:


                                                                Gross            Gross
                                            Amortized         unrealized       unrealized          Estimated
Description and maturity                      cost              gains            losses            fair value
------------------------                   -----------       -----------       ----------          -----------

Corporate debt securities
After five years through ten years         $   619,702       $     6,564       $   (1,639)         $   624,627
After ten years                                374,866             1,446           (1,283)             375,029
                                           -----------       -----------       ----------          -----------

                                           $   994,568       $     8,010       $   (2,922)         $   999,656
                                           ===========       ===========       ==========          ===========

</TABLE>

5.   Investment in Local Partnerships

As of March 30, 1999, the Trust owns a 98.9%-99% limited partnership interest in
the following Local Partnerships:

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

     *  Affiliates of the Manager provide services to the Local Partnership.

The Properties are principally  comprised of subsidized and leveraged low-income
multifamily  residential  complexes  located  throughout the United States.  The
required  holding  period of each  Property,  in order to avoid  Low-income  Tax
Credit  recapture,  is fifteen years from the year in which the  Low-income  Tax
Credits commence on the last building of the Property (the "Compliance Period").
The rents of the  Properties  are  controlled  by  federal  and  state  agencies
pursuant to

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


5.   Investment in Local Partnerships (continued)

applicable  laws  and  regulations.  Under  the  terms  of  each  of  the  Local
Partnership's  partnership  agreements,  the Trust has committed to make capital
contribution payments in the aggregate amount of $14,761,041, of which the Trust
has paid  $14,394,424 and $366,617 are payable as of March 30, 1999.  Restricted
cash in the  accompanying  balance  sheet as of March 30, 1999  represents  such
outstanding  capital  contributions along with accrued interest of $44,150 on an
outstanding  capital  contribution.  The outstanding  capital  contributions are
payable  in  installments  upon  certain  Local  Partnerships'  satisfaction  of
specified  conditions related to operations.  As of December 31, 1998, the Local
Partnerships  have  outstanding  mortgage loans payable  totaling  approximately
$22,720,000 and accrued  interest  payable on such loans totaling  approximately
$980,000,  which are secured by security  interests and liens common to mortgage
loans on the Local Partnerships' real property and other assets.

The combined  balance sheets of the Local  Partnerships  as of December 31, 1998
and 1997 and the combined statements of operations of the Local Partnerships for
the years ended  December 31, 1998,  1997 and 1996 are reflected on pages 23 and
24, respectively.


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


5.   Investment in Local Partnerships (continued)

The combined  balance sheets of the Local  Partnerships  as of December 31, 1998
and 1997 are as follows:
<TABLE>
<CAPTION>
<S>                                                                             <C>                  <C>

                                                                                    1998                 1997
                                                                                ------------         ------------
ASSETS

Cash and cash equivalents                                                       $    487,409         $    431,906
Rents receivable                                                                      35,870               58,175
Capital contributions receivable                                                     366,617              673,050
Escrow deposits and reserves                                                       1,538,075            1,527,756
Land                                                                               1,267,153            1,267,153
Buildings and improvements (net of accumulated depreciation of
  $5,525,125and $4,163,615)                                                       31,464,189           32,771,397
Intangible assets (net of accumulated amortization of
  $140,093 and $106,629)                                                             353,547              388,011
Other                                                                                257,139              232,920
                                                                                ------------         ------------
                                                                                $ 35,769,999         $ 37,350,368
                                                                                ============         ============


LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                                         $    311,095         $    377,440
  Due to related parties                                                           1,078,506            1,135,319
  Mortgage loans                                                                  22,720,227           23,356,717
  Notes payable                                                                      100,000              100,000
  Accrued interest                                                                   979,948              761,838
  Other                                                                              147,844              138,975
                                                                                ------------         ------------
                                                                                  25,337,620           25,870,289
                                                                                ------------         ------------
Partners' equity (deficit)

  American Tax Credit Trust, Series I
    Capital contributions, net of distributions (includes receivable of
      $366,617 and $673,050)                                                      14,534,206           14,638,203
    Cumulative loss                                                               (4,177,577)          (3,118,450)
                                                                                ------------         ------------
                                                                                  10,356,629           11,519,753
                                                                                ------------         ------------
  General partners and other limited partners
      Capital contributions, net of distributions                                    341,718              217,360
      Cumulative loss                                                               (265,968)            (257,034)
                                                                                ------------         ------------
                                                                                      75,750              (39,674)

                                                                                  10,432,379           11,480,079
                                                                                ------------         ------------
                                                                                $ 35,769,999         $ 37,350,368
                                                                                ============         ============
</TABLE>
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


5.   Investment in Local Partnerships (continued)

The combined  statements of operations of the Local  Partnerships  for the years
ended December 31, 1998, 1997 and 1996 are as follows:
<TABLE>
<CAPTION>
<S>                                                                  <C>                <C>                  <C>

                                                                        1998                1997                1996
                                                                     -----------        -----------          -----------
REVENUE

Rental                                                               $ 3,737,970        $ 3,730,675          $ 3,500,347
Interest and other                                                       160,274            142,800              104,402
                                                                     -----------        -----------          -----------
TOTAL REVENUE                                                          3,898,244          3,873,475            3,604,749

                                                                    -----------        -----------          -----------
EXPENSES

Administrative                                                           721,849            695,834              677,879
Utilities                                                                480,467            477,870              427,767
Operating, maintenance and other                                         934,059            814,082              800,537
Taxes and insurance                                                      453,325            472,030              499,944
Financial (including amortization of $34,464, $35,478
  and $38,194)                                                         1,015,095          1,041,730              981,169
Depreciation                                                           1,361,510          1,403,541            1,299,076
                                                                     -----------        -----------          -----------


TOTAL EXPENSES                                                         4,966,305          4,905,087            4,686,372
                                                                     -----------        -----------          -----------

NET LOSS                                                             $(1,068,061)       $(1,031,612)         $(1,081,623)
                                                                     ===========        ===========          ===========

NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust, Series I                                $(1,059,127)       $(1,023,224)         $(1,070,651)

  General partners and other limited partners, which
    includes specially allocated items of revenue to
    certain general partners of $1,883 in 1998 and
    $2,094 in 1997                                                        (8,934)            (8,388)             (10,972)
                                                                     -----------        -----------          -----------
                                                                     $(1,068,061)       $(1,031,612)         $(1,081,623)
                                                                     ===========        ===========          ===========
</TABLE>

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


5.   Investment in Local Partnerships (continued)

Investment  and  capital  contribution  activity  with  respect  to  each  Local
Partnership for the year ended March 30, 1999 is as follows:
<TABLE>
<CAPTION>
<S>                                         <C>              <C>                <C>               <C>              <C>
                                              Investment                             Cash             Investment
                                               in Local         Trust's            distributions       in Local           Capital
                                             Partnership   equity in loss for    received during     Partnership      contributions
                                              balance as     the year ended       the year ended      balance as        payable as
                                             of March 30,     December 31,           March 30,       of March 30,      of March 30,
Name of Local Partnership                        1998             1998                  1999              1999              1999
-------------------------                    -----------   ------------------    ---------------     ------------     -------------

ACP Housing Associates, L.P.                 $   552,217       $   (98,435)     $         --         $    453,782      $       --

Creative Choice Homes VII, Ltd.                2,053,801          (251,202)               --            1,802,599              --

Edgewood Manor Associates, L.P.                1,353,728          (135,597)               --            1,218,131              --

Ledge / McLaren Limited Partnership              304,052            (8,331)               --              295,721              --


Penn Apartment Associates                        449,492           (91,706)               --              357,786              --

SB-92 Limited Partnership                        573,532           (83,763)           (3,000)             486,769              --

St. Christopher's Associates, L.P. V           1,552,057          (138,789)               --            1,413,268          76,800

St. John Housing Associates, L.P.              3,077,839          (106,200)          (99,497)           2,872,142              --

Starved Rock - LaSalle Manor
  Limited Partnership                            498,033           (30,680)               --              467,353              --

Vision Limited Dividend Housing
  Association Limited Partnership              1,100,502          (114,424)               --              986,078         289,817
                                             -----------       -----------      ------------         ------------     -----------
                                             $11,515,253       $(1,059,127)     $   (102,497)        $ 10,353,629     $   366,617
                                             ===========       ===========      ============         ============     ===========
</TABLE>

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


5.   Investment in Local Partnerships (continued)

Investment  and  capital  contribution  activity  with  respect  to  each  Local
Partnership for the year ended March 30, 1998 is as follows:

<TABLE>
<CAPTION>
<S>                                          <C>               <C>                <C>              <C>              <C>
                                              Investment                             Cash             Investment
                                               in Local         Trust's            distributions       in Local           Capital
                                             Partnership   equity in loss for    received during     Partnership      contributions
                                              balance as     the year ended       the year ended      balance as        payable as
                                             of March 30,     December 31,           March 30,       of March 30,      of March 30,
Name of Local Partnership                        1997             1997                  1998              1998              1998
-------------------------                    -----------   ------------------    ---------------     ------------     -------------

ACP Housing Associates, L.P.                  $  630,080     $   (77,863)       $         --         $    552,217      $       --

Creative Choice Homes VII, Ltd.                2,184,706        (130,905)                 --            2,053,801              --

Edgewood Manor Associates, L.P.                1,496,535        (142,807)                 --            1,353,728              --

Ledge / McLaren Limited Partnership
                                                 308,966          (3,414)             (1,500)             304,052              --

Penn Apartment Associates                        548,314         (98,822)                 --              449,492              --

SB-92 Limited Partnership                        618,735         (39,203)             (6,000)             573,532              --

St. Christopher's Associates, L.P. V           1,682,225        (130,168)                 --            1,552,057          76,800

St. John Housing Associates, L.P.              3,361,953        (167,276)           (116,838)           3,077,839              --

Starved Rock - LaSalle Manor
  Limited Partnership                            548,805         (50,772)                 --              498,033         306,433

Vision Limited Dividend Housing
  Association Limited Partnership              1,282,496        (181,994)                 --            1,100,502         289,817
                                             -----------     -----------        ------------          -----------     -----------
                                             $12,662,815     $(1,023,224)       $   (124,338)         $11,515,253     $   673,050
                                             ===========     ===========        ============          ===========     ===========

</TABLE>

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


5.   Investment in Local Partnerships (continued)

     Property  information for each Local Partnership as of December 31, 1998 is
as follows:
<TABLE>
<CAPTION>
<S>                                          <C>                  <C>             <C>                 <C>


                                               Mortgage                           Buildings and        Accumulated
      Name of Local Partnership              loans payable          Land           improvements        depreciation
      ----------------------------          ---------------    --------------     --------------     ----------------

      ACP Housing Associates, L.P.          $   1,503,781      $       14,000     $    2,505,364     $      (236,145)

      Creative Choice Homes VII, Ltd.            2,122,043            500,000          4,091,851            (422,382)

      Edgewood Manor Associates, L.P.            1,856,702             53,850          3,641,770            (696,553)

      Ledge / McLaren Limited
         Partnership                               458,804            123,673            677,680             (74,053)

      Penn Apartment Associates                    963,000             13,357          1,783,668            (244,010)

      SB-92 Limited Partnership                  2,074,031             73,000          2,989,358            (560,859)

      St. Christopher's
         Associates, L.P. V                      2,180,000             31,829          3,783,012            (636,188)

      St. John Housing
         Associates, L.P.                        4,476,604             74,800          8,271,928          (1,419,336)

      Starved Rock - LaSalle Manor
         Limited Partnership                     1,786,897            202,845          2,476,872            (325,979)

      Vision Limited Dividend Housing
         Association Limited Partnership         5,298,365            179,799          6,767,811            (909,620)
                                            --------------     --------------     --------------      --------------

                                            $   22,720,227     $    1,267,153     $   36,989,314      $   (5,525,125)
                                            ==============     ==============     ==============      ==============

    Property  information for each Local Partnership as of December 31, 1997 is as follows:



                                                Mortgage                           Buildings and         Accumulated
      Name of Local Partnership               loans payable          Land           improvements        depreciation
      ---------------------------            ---------------    ---------------   ---------------     ---------------

      ACP Housing Associates, L.P.          $    1,507,629      $      14,000     $    2,505,364      $     (168,739)

      Creative Choice Homes VII, Ltd.            2,155,841            500,000          4,091,851            (298,999)

      Edgewood Manor Associates, L.P.            1,858,934             53,850          3,625,205            (563,695)

      Ledge / McLaren Limited
         Partnership                               460,811            123,673            677,680             (52,379)

      Penn Apartment Associates                    963,000             13,357          1,783,668            (196,290)

      SB-92 Limited Partnership                  2,102,720             73,000          2,983,158            (446,908)

      St. Christopher's
         Associates, L.P. V                      2,180,000             31,829          3,783,012            (498,638)

      St. John Housing
         Associates, L.P.                        4,564,538             74,800          8,271,928          (1,095,083)

      Starved Rock - LaSalle Manor
         Limited Partnership                     2,098,314            202,845          2,447,194            (260,078)

      Vision Limited Dividend Housing
         Association Limited Partnership         5,464,930            179,799          6,765,952            (582,806)
                                            --------------      --------------    --------------      --------------

                                            $   23,356,717      $   1,267,153     $   36,935,012      $   (4,163,615)
                                            ==============      ==============    ==============      ==============

</TABLE>

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


5.   Investment in Local Partnerships (continued)

     The summary of property activity during the year ended December 31, 1998 is
     as follows:
<TABLE>
<CAPTION>
<S>                                       <C>                    <C>                            <C>

                                                                 Net change during the
                                           Balance as of               year ended               Balance as of
                                           December 31,               December 31,              December 31,
                                               1997                       1998                      1998
                                       --------------------    ------------------------       ----------------

      Land                               $   1,267,153              $       --                 $   1,267,153

      Buildings and improvements            36,935,012                     54,302                 36,989,314
                                         -------------              -------------              -------------
                                            38,202,165                     54,302                 38,256,467



      Accumulated depreciation              (4,163,615)                (1,361,510)                (5,525,125)
                                         -------------              -------------              -------------
                                         $  34,038,550              $  (1,307,208)             $  32,731,342
                                         =============              =============              =============

</TABLE>

6.   Transactions with Manager and Affiliates

     For the years ended March 30,  1999,  1998 and 1997,  the Trust paid and/or
     incurred  the  following  amounts  to  the  Manager  and/or  affiliates  in
     connection with services provided to the Trust:
<TABLE>
<CAPTION>
<S>                                       <C>                         <C>                      <C>


                                                  1999                       1998                       1997
                                        ------------------------    ----------------------      ----------------------
                                           Paid       Incurred        Paid      Incurred          Paid       Incurred
                                        ----------   ----------     ---------   ---------       ---------   ----------
          Management fee (see Note 8)   $  100,000   $  192,238     $ 125,000   $ 193,819       $  75,000   $  194,348



     For  the  years  ended  December  31,  1998,   1997  and  1996,  the  Local
     Partnerships  paid and/or  incurred  the  following  amounts to the Manager
     and/or  affiliates  in  connection  with  services  provided  to the  Local
     Partnerships:


                                                  1999                       1998                       1997
                                        ------------------------    ----------------------      ----------------------
                                           Paid       Incurred        Paid      Incurred          Paid       Incurred
                                        ----------   ----------     ---------   ---------       ---------   ----------
         Property management fees      $   12,160      $ 12,920     $ 12,180     $ 12,180       $ 13,920     $ 13,920

         Insurance and other services      10,642        13,096        4,213       13,855          9,234       29,065


</TABLE>

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997



7.   Taxable Loss

     A reconciliation  of the financial  statement net loss of the Trust for the
     years  ended March 30,  1999,  1998 and 1997 to the tax return net loss for
     the years ended December 31, 1998, 1997 and 1996 is as follows:
<TABLE>
<CAPTION>
<S>                                                                  <C>                <C>                   <C>

                                                                         1999                1998               1997
                                                                   ---------------     ---------------     ---------------
      Financial statement net loss for the years ended March 30,
       1999, 1998 and 1997                                         $    (1,170,347)    $    (1,119,287)    $    (1,170,580)


      Add (less) net transactions occurring between

        January 1, 1996 and March 30, 1996                                  --                  --                 (16,987)

        January 1, 1997 and March 30, 1997                                  --                 (35,681)             35,681

        January 1, 1998 and March 30, 1998                                 (15,851)             15,851              --

        January 1, 1999 and March 30, 1999                                  26,666              --                  --
                                                                   ---------------     ---------------     ---------------




      Adjusted financial statement net loss for the years ended
        December 31, 1998, 1997 and 1996                                (1,159,532)         (1,139,117)        (1,151,886)




      Adjustment to management fee pursuant to Internal Revenue
        Code Section 267                                                    93,819              94,348             94,348



      Differences arising from equity in loss of investment in
        Local Partnerships                                                (137,771)           (159,124)          (204,896)



      Other differences                                                       (220)                (15)            (1,212)
                                                                   ---------------     ---------------     ---------------


      Tax return net loss for the years ended December 31, 1998,
        1997 and 1996                                              $    (1,203,704)    $    (1,203,908)    $    (1,263,646)
                                                                   ===============     ===============     ===============


     The differences  between the investment in Local  Partnerships  for tax and
     financial  reporting  purposes  as of  December  31,  1998  and 1997 are as
     follows:

                                                                          1998                  1997

                                                                    ---------------     ---------------
         Investment in Local Partnerships - financial reporting     $   10,356,629      $   11,519,753

         Investment in Local Partnerships - tax *                        9,404,951          10,399,413
                                                                    ---------------     ---------------

                                                                    $      951,678      $    1,120,340
                                                                    ===============     ===============


         * Capital  contributions payable to Local Partnerships are not included
         in the investment balance for tax purposes.

     Payable to manager in the accompanying  balance sheets  represents  accrued
     management  fees not  deductible  for tax  purposes  pursuant  to  Internal
     Revenue Code Section 267.
</TABLE>


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 1999, 1998 AND 1997


8.   Commitments and Contingencies

Pursuant to the Trust Agreement,  the Trust is required to pay to the Manager an
annual management fee ("Management Fee") for its services in connection with the
management  of the affairs of the Trust,  subject to certain  provisions  of the
Trust Agreement.  The annual  Management Fee is equal to 0.5% of all proceeds as
of  December 31 of any year,  invested  or  committed  for  investment  in Local
Partnerships plus all debts of the Local Partnerships related to the Properties.
The Trust incurred a Management  Fee of $192,238,  $193,819 and $194,348 for the
years ended March 30, 1999, 1998 and 1997, respectively.  Unpaid Management Fees
in the amount of $473,920 and $381,682 are recorded as payable to manager in the
accompanying balance sheets as of March 30, 1999 and 1998, respectively.

The rents of the Properties,  certain of which receive rental subsidy  payments,
including  payments  under  Section 8 of Title II of the Housing  and  Community
Development Act of 1974 ("Section 8"), are subject to specific laws, regulations
and agreements with federal and state agencies. The subsidy agreements expire at
various times during and after the Compliance Periods of the Local Partnerships.
In October 1997, Congress passed the Multifamily Assisted Housing and Reform and
Affordability  Act,  whereby the United  States  Department of Housing and Urban
Development  ("HUD") was given the  authority  to renew  certain  project  based
Section 8 contracts  expiring during HUD's fiscal year 1998,  where requested by
an owner,  for an  additional  one year term  generally at or below current rent
levels,  subject to certain guidelines.  In October 1998, HUD issued a directive
related to project based Section 8 contracts  expiring  during HUD's fiscal year
1999 which defines  owners'  notification  responsibilities,  advises  owners of
project  based  Section 8 properties  of what their  options are  regarding  the
renewal of Section 8  contracts,  provides  guidance and  procedures  to owners,
management agents,  contract  administrators and HUD staff on renewing Section 8
contracts,  provides guidance on setting renewal rents and handling renewal rent
increases  and provides the  requirements  and  procedures  for  opting-out of a
Section  8  project  based  contract.   The  Trust  cannot  reasonably   predict
legislative  initiatives and governmental  budget  negotiations,  the outcome of
which could result in a reduction in funds available for the various federal and
state  administered  housing  programs  including  the  Section 8 program.  Such
changes  could  adversely  affect  the  future  net  operating  income  and debt
structure of any or all Local Partnerships  currently  receiving such subsidy or
similar subsidies.  Three Local Partnerships'  Section 8 contracts are scheduled
to expire in 1999.

9.   Fair Value of Financial Instruments

The following disclosure of the estimated fair value of financial instruments is
made in accordance  with the  requirements of SFAS No. 107,  "Disclosures  about
Fair Value of Financial Instruments." The estimated fair value amounts have been
determined  using  available  market  information,  assumptions,  estimates  and
valuation methodologies.

Cash and Cash Equivalents and Restricted Cash

The carrying amounts approximate fair value.

Investments in Bonds Available-For-Sale

Fair  value is  estimated  based on market  quotes  provided  by an  independent
service as of the balance sheet dates.

Interest Receivable

The carrying amount  approximates  fair value due to the terms of the underlying
investments.

Capital Contributions Payable and Interest Payable

The  carrying  amounts  approximate  fair  value in  accordance  with the  Local
Partnerships' partnership agreements.

The estimated  fair value of the Trust's  financial  instruments as of March 30,
1999 and 1998 are disclosed elsewhere in the financial statements.


<PAGE>

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

None

                                    PART III

Item 10.  Directors and Executive Officers of the Registrant

Registrant  has no  officers or  directors.  The  Manager  manages  Registrant's
affairs and has general  responsibility  and authority in all matters  affecting
its business. The executive officers and directors of the Manager are:
<TABLE>
<CAPTION>
<S>                                     <C>                                  <C>

                                        Served in present
Name                                    capacity since 1                      Position held

Richard Paul Richman                    May 10, 1993                          President and Director
Stephen B. Smith                        May 10, 1993                          Executive Vice President
David A. Salzman                        May 10, 1993                          Vice President and Secretary
Eric P. Richelson                       May 10, 1993                          Vice President
Neal Ludeke                             May 10, 1993                          Vice President and Treasurer

----------------------------------------------------------------------------------------------------------
</TABLE>

1 Director  holds  office  until his  successor  is elected and  qualified.  All
officers serve at the pleasure of the Director.

Richard Paul Richman, age 51, is the sole Director and President of the Manager.
Mr. Richman is the President and principal  stockholder  of Richman  Group.  Mr.
Richman is involved in the syndication  and management of residential  property.
Mr. Richman is also a director of Wilder Richman  Resources  Corp., an affiliate
of the Manager and the general  partner of Secured  Income  L.P.,  a director of
Wilder Richman Historic Corporation, an affiliate of the Manager and the general
partner of Wilder  Richman  Historic  Properties II, L.P., a director of Richman
Tax Credit  Properties Inc., an affiliate of the Manager and the general partner
of the general  partner of American  Tax Credit  Properties  L.P., a director of
Richman Tax Credits Inc., an affiliate of the Manager and the general partner of
the general partner of American Tax Credit  Properties II L.P. and a director of
Richman  Housing  Credits  Inc.,  an  affiliate  of the  Manager and the general
partner of the general partner of American Tax Credit Properties III L.P.

Stephen B. Smith,  age 55, is the Executive Vice  President of the Manager.  Mr.
Smith is  responsible  for  marketing and  investment  program  development  for
Richman Group.  From 1989 until joining  Richman Group in 1993, Mr. Smith was an
independent  advisor to  developers,  lenders  and  institutional  investors  on
matters related to real estate investments.

David A. Salzman,  age 38, is a Vice  President and the Secretary of the Manager
and a minority  stockholder of Richman Group. Mr. Salzman is responsible for the
acquisition and development of residential real estate for syndication as a Vice
President of acquisitions of Richman Group.

     Eric  P.  Richelson,  age  47,  is a Vice  President  of the  Manager.  Mr.
Richelson,  formerly  President  of Wilder  Richman  Management  Corporation,  a
property management company affiliated with the Manager, is a Vice President of
Richman  Asset  Management,  Inc.  ("RAM"),  an affiliate  of the  Manager.  Mr.
Richelson's  responsibilities  in connection with RAM include advisory  services
provided to a small business investment company.

Neal Ludeke,  age 41, is a Vice President and the Treasurer of the Manager.  Mr.
Ludeke,  a Vice  President  and the  Treasurer  of  Richman  Group,  is  engaged
primarily in the syndication, asset management and finance operations of Richman
Group. In addition, Mr. Ludeke is a Vice President and the Treasurer of RAM. Mr.
Ludeke's  responsibilities  in  connection  with RAM include  advisory  services
provided  to  a  small  business  investment  company  and  various  partnership
management functions.


<PAGE>


Item 11.  Executive Compensation

Registrant has no officers or directors. Registrant does not pay the officers or
director of the Manager any remuneration.  During the year ended March 30, 1999,
the Manager did not pay any remuneration to any of its officers or its director.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

As of May 1,  1999,  no  person  or entity  was  known by  Registrant  to be the
Beneficial  Owner of more  than  five  percent  of the  Units.  The  Manager  is
wholly-owned by Richard Paul Richman.

Item 13.  Certain Relationships and Related Transactions

The Manager and certain of its affiliates  are entitled to receive  certain fees
and  reimbursement  of  expenses  and have  received/earned  fees  for  services
provided to  Registrant  as described in Notes 6 and 8 to the audited  financial
statements  included in Item 8 - "Financial  Statements and Supplementary  Data"
herein.

Transactions with Manager and Affiliates

The net tax losses and Low-income Tax Credits generated by Registrant during the
year ended  December 31, 1998 allocated to the Manager were $12,037 and $26,155,
respectively.

Indebtedness of Management

No officer or director  of the Manager or any  affiliate  of the  foregoing  was
indebted to Registrant at any time during the year ended March 30, 1999.


<PAGE>

                                     PART IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

    (a) Financial Statements, Financial Statement Schedules and Exhibits

            (1)  Financial Statements

            See Item 8 - "Financial Statements and Supplementary Data."

            (2)  Financial Statement Schedules

            No financial statement schedules are included because of the absence
            of the  conditions  under  which they are  required  or because  the
            information  is  included  in  the  financial  statements  or  notes
            thereto.

            (3)  Exhibits
<TABLE>
<CAPTION>
<S>                <C>                                                  <C>

                                                                                  Incorporated by
                                    Exhibit                                         Reference to
       10.1       Credit Agreement dated as of December 27, 1993     Exhibit 10.1 to Form 10-Q Report
                  between Trust and Citibank N.A.                    dated December 30, 1993
                                                                     (File No. 33-58032)

       10.2       Security and Pledge Agreement dated as of          Exhibit 10.2 to Form 10-Q Report
                  December 27, 1993 between Trust and Citibank N.A.  dated December 30, 1993
                                                                     (File No. 33-58032)

       10.3       Cash Collateral Agreement dated as of December     Exhibit 10.3 to Form 10-Q Report
                  27, 1993 between Trust and Citibank N.A.           dated December 30, 1993
                                                                     (File No. 33-58032)

       10.4       Promissory Note dated December 27, 1993 from       Exhibit 10.4 to Form 10-Q Report
                  Trust to Citibank N.A.                             dated December 30, 1993
                                                                     (File No. 33-58032)

       10.5       Tri-Party Agreement dated as of December 27,       Exhibit 10.5 to Form 10-Q Report
                  1993 between Trust, Citibank N.A. and United       dated December 30, 1993
                  States Trust Company of New York                   (File No. 33-58032)

       10.6       ACP Housing Associates, L.P. Amended and           Exhibit 10.1 to Form 10-Q Report
                  Restated Agreement of Limited Partnership          dated September 29, 1995
                                                                     (File No. 0-24600)

       10.7       Creative Choice Homes VII, Ltd. Amended and        Exhibit 10.1 to Form 10-Q Report
                  Restated Agreement of Limited Partnership          dated December 30, 1994
                                                                     (File No. 0-24600)

       10.8       Edgewood Manor Associates, L.P. Amended and        Exhibit 10.6 to Form 10-K Report
                  Restated Agreement of Limited Partnership          dated March 30, 1994
                                                                     (File No. 33-58032)

       10.9       Ledge / McLaren Limited Partnership Amended and    Exhibit 10.2 to Form 10-Q Report
                  Restated Agreement of Limited Partnership          dated December 30, 1994
                                                                     (File No. 0-24600)

       10.10      Penn Apartment Associates Amended and Restated     Exhibit 10.7 to Form 10-K Report
                  Agreement of Limited Partnership                   dated March 30, 1994
                                                                     (File No. 33-58032)
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
        <S>                                                          <C>


                                                                                  Incorporated by
                                    Exhibit                                         Reference to
       10.11      First Amendment to Penn Apartment Associates       Exhibit 10.8 to Form 10-K Report
                  Amended and Restated Agreement of Limited          dated March 30, 1994
                  Partnership                                        (File No. 33-58032)

       10.12      Second Amendment to Penn Apartment Associates      Exhibit 10.9 to Form 10-K Report
                  Amended and Restated Agreement of Limited          dated March 30, 1994
                  Partnership                                        (File No. 33-58032)

       10.13      SB-92 Limited Partnership Amended and Restated     Exhibit 10.6 to Form 10-Q Report
                  Agreement of Limited Partnership                   dated December 30, 1993
                                                                     (File No. 33-58032)

       10.14      St. Christopher's Associates, L.P. V Amended and   Exhibit 10.1 to Form 10-Q Report
                  Restated Agreement of Limited Partnership          dated June 29, 1994
                                                                     (File No. 33-58032)

       10.15      St. John Housing Associates, L.P. Amended and      Exhibit 10.7 to Form 10-Q Report
                  Restated Agreement of Limited Partnership          dated December 30, 1993
                                                                     (File No. 33-58032)

       10.16      Starved Rock - LaSalle Manor Limited Partnership   Exhibit 10.2 to Form 10-Q Report
                  Amended and Restated Agreement of Limited          dated September 29, 1995
                  Partnership                                        (File No. 0-24600)

       10.17      Vision Limited Dividend Housing Association        Exhibit 10.3 to Form 10-Q Report
                  Limited Partnership Amended and Restated           dated December 30, 1994
                  Agreement of Limited Partnership                   (File No. 0-24600)

       27         Financial Data Schedule

       99.1       Pages 11 through 21, 26 through 48 and 63          Exhibit 99.1 to Form 10-K Report
                  through 65 of Prospectus of Registrant dated       dated March 30, 1994
                  September 7, 1993 filed pursuant to Rule 424       (File No. 33-58032)
                  (b)(3) under the Securities Act of 1933

       99.2       Supplement No. 2 dated November 16, 1993 to        Exhibit 28.1 to Form 10-Q Report
                  Prospectus                                         dated December 30, 1993
                                                                     (File No. 33-58032)

       99.3       Supplement No. 3 dated November 23, 1994 to        Exhibit 99.3 to Form 10-K Report
                  Prospectus                                         dated March 30, 1995
                                                                     (File No. 0-24600)

       99.4       Supplement No. 4 dated December 28, 1994 to        Exhibit 99.4 to Form 10-K Report
                  Prospectus                                         dated March 30, 1995
                                                                     (File No. 0-24600)

       99.5       December 31, 1995 financial statements of          Exhibit 99.5 to Form 10-K Report
                  St. John Housing Associates, L.P. pursuant to      dated March 30, 1996
                  Title 17, Code of Federal Regulations,             (File No. 0-24600)
                  Section 210.3-9

       99.6       December 31, 1996 financial statements of          Exhibit 99.6 to Form 10-K Report
                  St. John Housing Associates, L.P. pursuant to      dated March 30, 1997
                  Title 17, Code of Federal Regulations              (File No. 0-24600)

       99.7       December 31, 1997 financial statements of          Exhibit 99.7 to Form 10-K Report
                  St. John Housing Associates, L.P. pursuant to      dated March 30, 1998
                  Title 17, Code of Federal Regulations              (File No. 0-24600)

       99.8       December 31, 1998 financial statements of
                  St. John Housing Associates, L.P. pursuant to
                  Title 17, Code of Federal Regulations
</TABLE>


<PAGE>


    (b) Reports on Form 8-K

    No reports on Form 8-K were filed by  Registrant  during the last quarter of
    the period covered by this report.

    (c) Exhibits

    See (a)(3) above.

    (d) Financial Statement Schedules

    See (a)(2) above.


<PAGE>

                                   SIGNATURES


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I

                                             By:  Richman American Credit Corp.,
                                   The Manager

Dated:  June 25 , 1999                               /s/ Richard Paul Richman
        --------------                               ------------------------
                                                     by: Richard Paul Richman
                                                         President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the  following  persons on behalf of the  Registrant in
the capacities and on the dates indicated.

<TABLE>
<CAPTION>
<S>                             <C>                                      <C>


Signature                                  Title                             Date
---------                                  -----                             ----

/s/ Richard Paul Richman
------------------------        President, Chief Executive Officer
(Richard Paul Richman)          and Director of the Manager              June 25, 1999

/s/ Neal Ludeke
------------------------        Vice President and Treasurer of
(Neal Ludeke)                   the Manager (Principal Financial
                                and Accounting Officer of the Trust)     June 25, 1999

</TABLE>

<PAGE>

                                   SIGNATURES


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                             AMERICAN TAX CREDIT TRUST,
                                             a Delaware statutory business trust
                                             Series I

                                             By:  Richman American Credit Corp.,
                                                  The Manager

Dated:  June 25, 1999
                                             -----------------------------------
                                             by:  Richard Paul Richman
                                                  President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the  following  persons on behalf of the  Registrant in
the capacities and on the dates indicated.
<TABLE>
<CAPTION>
<S>                                                 <C>                                               <C>

               Signature                                       Title                                        Date


                                                 President, Chief Executive Officer                    June 25, 1999
----------------------------------------                                                               -------------
       (Richard Paul Richman)                    and Director of the Manager


                                                 Vice President and Treasurer of                       June 25, 1999
----------------------------------------                                                               -------------
       (Neal Ludeke)                             the Manager (Principal Financial
                                                 and Accounting Officer of the Trust)
</TABLE>