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, 2004
                                             --------------

                                      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 of                           (I.R.S. Employer
            organization)                                   Identification No.)

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 majority owner of the Manager is 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.

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, Tax and Trade Relief
Extension Act of 1998, Tax and Trade Relief Extension Act of 1999, Community
Renewal Tax Relief Act of 2000, Economic Growth and Tax Relief Reconciliation
Act of 2001, Job Creation and Worker Assistance Act of 2002 and Jobs and Growth
Tax Relief Reconciliation Act of 2003 (collectively the "Tax Acts")

Registrant is organized as a limited partnership and is a "pass through" tax
entity that 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.

                                       2

<PAGE>

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,
2003, 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. Since October 1997, the United States Department of
Housing and Urban Development ("HUD") has issued a series of directives related
to project based Section 8 contracts that define owners' notification
responsibilities, advise owners of project based Section 8 properties of what
their options are regarding the renewal of Section 8 contracts, provide guidance
and procedures to owners, management agents, contract administrators and HUD
staff concerning renewal of Section 8 contracts, provide policies and procedures
on setting renewal rents and handling renewal rent adjustments and provide 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 before debt service and debt structure of
any or all Local Partnerships currently receiving such subsidy or similar
subsidies. Four Local Partnerships' Section 8 contracts are currently subject to
renewal under applicable HUD guidelines.

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



                                       3

<PAGE>

Item 2.     Properties (continued)

<TABLE>
<CAPTION>

                                                      Capital contribution obligation  Mortgage loans
 Name of Local Partnership                     Number       as of March 30, 2004        payable as of     Subsidy
 Name of apartment complex                   of rental  --------------------------      December 31,       (see
 Apartment complex location                    units       Total          Paid             2003          footnotes)
 --------------------------                  ---------  ----------     -----------     --------------    ----------

<S>                                            <C>     <C>             <C>             <C>               <C>
 ACP Housing Associates, L.P.
 ACP Housing Apartments
 New York, New York                             28     $   737,222     $   737,222     $ 1,486,837        (1b)

 Creative Choice Homes VII, Ltd.
 Coral Gardens
 Homestead, Florida                             91       2,382,812       2,382,812       1,902,600        (1a & 1c)

 Edgewood Manor Associates, L.P.
 Edgewood Manor Apartments
 Philadelphia, Pennsylvania                     49       1,963,799       1,963,799       1,830,826        (1b)

 Ledge/McLaren Limited Partnership
 Ledge/McLaren Apartments
 Nashua, New Hampshire                           8         343,079         343,079         446,354        (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       1,893,510        (1b & 1c)

 St. Christopher's Associates, L.P. V
 Lehigh Park
 Philadelphia, Pennsylvania                     29       2,075,785       2,006,485       2,180,000        (1b)

 St. John Housing Associates, L.P.
 St. John Homes
 Gary, Indiana                                 144       3,546,861       3,546,861       3,928,708        (1a & 1c)

 Starved Rock - LaSalle Manor
    Limited Partnership
 LaSalle Manor
 LaSalle, Illinois                              48         634,327         634,327       1,639,246        (1a & 1c)

 Vision Limited Dividend Housing
    Association Limited Partnership
 Helen Odean Butler Apartments
 Detroit, Michigan                              97       1,410,544       1,410,544       4,440,102        (1b)
                                                       -----------     -----------     -----------
                                                       $14,741,864     $14,672,564     $20,711,183
                                                       ===========     ===========     ===========
</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 currently subject
               to renewal under applicable HUD guidelines.


                                       4

<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.




                                       5

<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 31,
2004 was approximately 865 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
(i) 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 (ii) 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 that 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, 2004 and 2003.

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, 2003 and
2002 and the cumulative Low-income Tax Credits allocated from inception through
December 31, 2003 are as follows:

<TABLE>
<CAPTION>

                                    First closing       Second closing    Third closing
                                   November 29, 1993   January 28, 1994    May 25, 1994
                                   -----------------   ----------------    ------------

Low-income Tax Credits:
-----------------------
<S>                                 <C>                 <C>               <C>
Tax year ended December 31, 2003     $   134.86           $  134.86        $   134.86
Tax year ended December 31, 2002         138.81              138.81            138.81

Cumulative totals                    $ 1,250.05           $1,247.87        $ 1,235.35
</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 $1,400 per Unit through December 31, 2006.



                                       6
<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>

                                                                     Years Ended March 30,
                                      ---------------------------------------------------------------------------------------
                                           2004               2003                2002              2001             2000
                                      ---------------   -----------------   ---------------   ----------------   ------------

<S>                                   <C>               <C>                 <C>               <C>                <C>
Interest revenue                      $       106,444   $         124,644   $       146,753   $        121,363   $    117,050
                                      ===============   =================   ===============   ================   ============

Equity in loss of investment
 in local partnerships                $    (1,378,435)  $      (1,477,923)  $    (1,180,278)  $       (844,680)  $ (1,036,130)
                                      ===============   =================   ===============   ================   ============

Net loss                              $    (1,532,141)  $      (1,585,759)  $    (1,268,827)  $       (950,341)  $ (1,146,850)
                                      ===============   =================   ===============   ================   ============

Net loss per unit of
 beneficial ownership interest
 (18,654 Units)                       $        (81.31)  $          (84.16)  $        (67.34)  $         (50.44)  $     (60.87)
                                      ===============   =================   ===============   ================   ============

<CAPTION>

                                                                         As of March 30,
                                      ---------------------------------------------------------------------------------------
                                           2004               2003                2002              2001             2000
                                      ---------------   -----------------   ---------------   ----------------   ------------
<S>                                   <C>               <C>                 <C>               <C>                <C>

Total assets                          $     6,184,227   $       7,705,676   $     9,208,448   $     10,481,154   $ 11,319,171
                                      ===============   =================   ===============   ================   ============
</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 mean 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"). The Net Proceeds were utilized in acquiring an
interest in ten Local Partnerships.

As of March 30, 2004, Registrant has unrestricted cash and cash equivalents and
investments in bonds totaling $1,979,793, which is available for operating
expenses of Registrant and circumstances which may arise in connection with the
Local Partnerships. As of March 30, 2004, Registrant's investments in bonds
represent corporate bonds of $1,536,067 with various maturity dates ranging from
2004 to 2012. 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 to be primarily
from interest earned on working capital and limited cash distributions from
Local Partnerships.


                                       7
<PAGE>

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

During the year ended March 30, 2004, Registrant received cash from interest
revenue, maturity/redemption and sale of bonds and distributions from Local
Partnerships and utilized cash for operating expenses. Cash and cash equivalents
and investments in bonds decreased, in the aggregate, by approximately $69,000
during the year ended March 30, 2004 (which includes a net unrealized loss on
investments in bonds of approximately $15,000 and the amortization of net
premium on investments in bonds of approximately $4,000). 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, 2004, 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, 2003 of $1,378,435 (including an adjustment to
Registrant's carrying value of its investment in two Local Partnerships of
$180,000 in accordance with applicable accounting guidelines) (see discussion
below under Results of Operations) and cash distributions received from Local
Partnerships of $71,839. Payable to manager and affiliates in the accompanying
balance sheet as of March 30, 2004 represents deferred 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. However, the combined statements of operations of the Local Partnerships
reflected in Note 5 to Registrant's financial statements include the operating
results of all Local Partnerships, irrespective of Registrant's investment
balances.

Cumulative losses and cash distributions in excess of investment in local
partnerships may result from a variety of circumstances, including a Local
Partnership's accounting policies, subsidy structure, debt structure and
operating deficits, among other things. In addition, the book value of
Registrant's investment in each Local Partnership (the "Local Partnership
Carrying Value") may be reduced if the Local Partnership Carrying Value is
considered to exceed the estimated value derived by management. Accordingly,
cumulative losses and cash distributions in excess of the investment or an
adjustment to a Local Partnership's Carrying Value are not necessarily
indicative of adverse operating results of a Local Partnership. See discussion
below under Local Partnership Matters regarding certain Local Partnerships
currently operating below economic break even levels.

Registrant's operations for the years ended March 30, 2004, 2003 and 2002
resulted in net losses of $1,532,141, $1,585,759 and $1,268,827, respectively.
The increase in net loss from fiscal 2002 to fiscal 2003 is primarily
attributable to an increase in equity in loss of investment in local
partnerships of approximately $298,000, which increase resulted primarily from
(i) an increase in adjustments to the Local Partnership Carrying Value in
connection with investments in certain Local Partnerships as reflected in Note 5
to the financial statements and (ii) a net increase in the net operating losses
of certain Local Partnerships, all partially offset by an increase in the
nonrecognition of losses in accordance with the equity method of accounting.

The Local Partnerships' loss from operations of approximately $1,080,000 for the
year ended December 31, 2003 includes depreciation and amortization expense of
approximately $1,221,000 and interest on non-mandatory debt of approximately
$318,000, and does not include principal payments on permanent mortgages of
approximately $437,000. The Local Partnerships' loss from operations of
approximately $1,076,000 for the year ended December 31, 2002 includes
depreciation and amortization expense of approximately $1,242,000 and interest
on non-mandatory debt of approximately $311,000, and does not include principal
payments on permanent mortgages of approximately $416,000. The Local
Partnerships' loss from operations of approximately $960,000 for the year ended
December 31, 2001 includes depreciation and amortization expense of
approximately $1,241,000 and interest on non-mandatory debt of approximately
$287,000, and does not include principal payments on permanent mortgages of
approximately $398,000. The results of operations of the Local Partnerships for
the year ended December 31, 2003 are not necessarily indicative of the results
that may be expected in future periods.


                                       8
<PAGE>

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

The Properties are subject to evaluation for the existence of permanent
impairment under applicable accounting guidelines, whereby the carrying value of
the real property may be adjusted downward based on results of operations and
other events. As a result of such evaluation, the statement of operations of the
Local Partnerships reflected in Note 5 to the audited financial statements of
Registrant includes loss from impairment for the year ended December 31, 2003 of
$1,080,000 in connection with St. Christopher Associates, L.P. V ("St.
Christopher").

Local Partnership Matters
-------------------------

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,
2003, none of the Local Partnerships have suffered an event of recapture of
Low-income Tax Credits.

The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States. 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"). The subsidy agreements expire at various times during the
Compliance Periods of the Local Partnerships. Since October 1997, the United
States Department of Housing and Urban Development ("HUD") has issued a series
of directives related to project based Section 8 contracts that define owners'
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8 contracts,
provide policies and procedures on setting renewal rents and handling renewal
rent adjustments and provide 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 before debt
service and debt structure of any or all Local Partnerships currently receiving
such subsidy or similar subsidies. Four Local Partnerships' Section 8 contracts
are currently subject to renewal under applicable HUD guidelines.

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"). During the year ended December 31, 2003, revenue from
operations of the Local Partnerships has generally been sufficient to cover
operating expenses and Mandatory Debt Service. Substantially all of the Local
Partnerships are effectively operating at or above 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, certain Local Partnerships' operating information indicates
below break even operations after taking into account their mortgage and
financing structure and any required deferral of property management fees.

St. Christopher incurred an operating deficit of approximately $84,000 for the
year ended December 31, 2003, of which $20,000 was funded from an operating
reserve. St. Christopher has a remaining operating reserve of approximately
$308,000 as of December 31, 2003. In addition, Registrant is holding unpaid
capital contributions and accrued interest thereon total approximately $135,000
as of December 31, 2003. There is no Mandatory Debt Service and the Local
General Partner represents that payments on the real estate taxes are current.
St. Christopher will have generated approximately $19.8 per Unit per year to the
limited partners upon the expiration of its Low-income Tax Credit allocation in
2004.

                                       9
<PAGE>

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

Edgewood Manor Associates, L.P. ("Edgewood Manor") incurred an operating deficit
of approximately $19,000 for the year ended December 31, 2003. Edgewood Manor
will have generated approximately $19.10 per Unit per year to the limited
partners upon the expiration of its Low-income Tax Credit allocation in 2004.

The terms of the partnership agreement of ACP Housing Associates, L.P. ("ACP
Housing") require the Local General Partners 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 $26,000 for the year
ended December 31, 2003, which includes property management fees of
approximately $12,000. ACP Housing will have generated approximately $7.0 per
Unit per year to the limited partners upon the expiration of its Low-income Tax
Credit allocation in 2006.

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.

Contractual Obligations

As of March 30, 2004, Registrant has the following contractual obligations
(payments due by period):

<TABLE>
<CAPTION>

                                      Total          < 1 year          1 - 3 years        3 -5 years     > 5 years
                                    ---------       ----------         -----------        -----------    ---------

<S>                                <C>            <C>                <C>                <C>               <C>
Other Long Term Liabilities:
Capital Contributions Payable
 and Interest Payable (1)           $134,829        $      --          $      --          $   --          $134,829


Payable to Manager
 and Affiliates (2)                  642,257          642,257                 --              --                --
                                    --------        -----------        -----------        --------        --------

                                    $777,086        $ 642,257          $      --          $   --          $134,829
                                    ========        ===========        ===========        ========        ========
</TABLE>

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

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

Critical Accounting Policies and Estimates
------------------------------------------

The financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America, which requires Registrant to
make certain estimates and assumptions. A summary of significant accounting
policies is provided in Note 1 to the financial statements. The following
section is a summary of certain aspects of those accounting policies that may
require subjective or complex judgments and are most important to the portrayal
of Registrant's financial condition and results of operations. Registrant
believes that there is a low probability that the use of different estimates or
assumptions in making these judgments would result in materially different
amounts being reported in the financial statements.

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

     o    If the book value of Registrant's investment in a Local Partnership
          exceeds the estimated value derived by management, Registrant reduces
          its investment in any such Local Partnership and includes such
          reduction in equity in loss of investment in local partnerships.


                                       10

<PAGE>

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

Recent Accounting Pronouncements
--------------------------------

In January 2003, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable immediately for variable interest entities created after
January 31, 2003. For variable interest entities created before February 1,
2003, the provisions of FIN 46 are applicable no later than December 15, 2003.
The Registrant has not created any variable interest entities after January 31,
2003. In December 2003, the FASB redeliberated certain proposed modifications
and revised FIN 46 ("FIN 46 (R)"). The revised provisions are applicable no
later than the first reporting period ending after March 15, 2004. The adoption
of FIN 46 (R) is not expected to have a material impact on the Registrant's
financial reporting and disclosure.

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity." SFAS No. 150
changes the accounting for certain financial instruments that, under previous
guidance, could be classified as equity or "mezzanine" equity, by now requiring
those instruments to be classified as liabilities (or assets in some
circumstances) in the balance sheets. Further, SFAS No. 150 requires disclosure
regarding the terms of those instruments and settlement alternatives. The
guidance in SFAS No. 150 generally was effective for all financial instruments
entered into or modified after May 31, 2003, and was otherwise effective at the
beginning of the first interim period beginning after June 15, 2003. The
Registrant has evaluated SFAS No. 150 and determined that it does not have an
impact on the Registrant's financial reporting and disclosures.


Item 7A.    Quantitative and Qualitative Disclosure about Market Risk

Registrant has invested a significant portion of its working capital reserves in
corporate bonds. The market value of such investments is subject to fluctuation
based upon changes in interest rates relative to each investment's maturity date
and the associated bond rating. Since Registrant's investments in bonds have
various maturity dates through 2012, 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.
Although Registrant may utilize reserves to assist an under performing Property,
it otherwise intends to hold such investments to their respective maturities.
Therefore, Registrant does not anticipate any material adverse impact in
connection with such investments.




                                       11

<PAGE>


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


Item 8.     Financial Statements and Supplementary Data


                                Table of Contents                          Page
                                -----------------                          ----

Report of Independent Registered Public Accounting Firm......................13

Balance Sheets...............................................................14

Statements of Operations.....................................................15

Statements of Changes in Owners' Equity (Deficit)............................16

Statements of Cash Flows.....................................................17

Notes to Financial Statements................................................19



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.





                                       12

<PAGE>

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



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, 2004 and
2003, and the related statements of operations, owners' equity (deficit) and
cash flows for each of the three years in the period ended March 30, 2004. 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 the standards of the Public
Company Accounting Oversight Board (United States). 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, 2004 and 2003, and
the results of its operations, changes in owners' equity (deficit) and its cash
flows for each of the three years in the period ended March 30, 2004, in
conformity with accounting principles generally accepted in the United States of
America.



/s/ Reznick Fedder & Silverman

Bethesda, Maryland
June 14, 2004





                                       13

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                                 BALANCE SHEETS
                             MARCH 30, 2004 AND 2003

                                                        Notes                2004                   2003
                                                      --------            ----------             -----------
ASSETS

<S>                                                      <C>              <C>                    <C>
Cash and cash equivalents                                3,9              $  443,726             $   394,025
Restricted cash                                         3,5,9                134,829                 133,807
Investments in bonds                                     4,9               1,536,067               1,654,852
Investment in local partnerships                         5,8               4,040,247               5,490,521
Interest receivable                                       9                   29,358                  32,471
                                                                         -----------             -----------

                                                                         $ 6,184,227             $ 7,705,676
                                                                         ===========             ===========

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                                  $    30,668             $    27,492
  Payable to manager and affiliates                     6,8                  642,257                 621,142
  Capital contributions payable                         5,9                   69,300                  69,300
  Interest payable                                      5,9                   65,529                  64,507
                                                                         -----------             -----------
                                                                             807,754                 782,441
                                                                         -----------             -----------

Commitments and contingencies                           5,8

Owners' equity (deficit)                                2,4

  Manager
                                                                            (110,739)                (95,418)
  Beneficial owners (18,654 units of
   beneficial ownership interest outstanding)                              5,425,013               6,941,833
  Accumulated other comprehensive income, net                                 62,199                  76,820
                                                                         -----------             -----------

                                                                           5,376,473               6,923,235
                                                                         -----------             -----------

                                                                         $ 6,184,227             $ 7,705,676
                                                                         ===========             ===========
</TABLE>


                       See Notes to Financial Statements.


                                       14

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF OPERATIONS
                    YEARS ENDED MARCH 30, 2004, 2003 AND 2002


                                            Notes               2004               2003                2002
                                          ---------         -----------         -----------         -----------
REVENUE

<S>                                         <C>             <C>                 <C>                 <C>
Interest                                                    $   106,444         $   124,644         $   146,753
                                                            -----------         -----------         -----------

TOTAL REVENUE                                                   106,444             124,644             146,753
                                                            -----------         -----------         -----------

EXPENSES

Management fee                              6,8                 192,141             192,141             192,141
Professional fees                                                49,441              28,572              31,915
Printing, postage and other                                      18,568              11,767              11,246
                                                            -----------         -----------         -----------

TOTAL EXPENSES                                                  260,150             232,480             235,302
                                                            -----------         -----------         -----------

Loss from operations                                           (153,706)           (107,836)            (88,549)


Equity in loss of investment
   in local partnerships                     5               (1,378,435)         (1,477,923)         (1,180,278)
                                                            -----------         -----------         -----------

NET LOSS                                                     (1,532,141)         (1,585,759)         (1,268,827)

Other comprehensive income
   (loss), net                               4                  (14,621)             60,694              35,515
                                                            -----------         -----------         -----------

COMPREHENSIVE LOSS                                          $(1,546,762)        $(1,525,065)        $(1,233,312)
                                                            ===========         ===========         ===========
NET LOSS ATTRIBUTABLE TO                     2

   Manager                                                  $   (15,321)        $   (15,858)        $   (12,688)
   Beneficial owners                                         (1,516,820)         (1,569,901)         (1,256,139)
                                                            $(1,532,141)        $(1,585,759)        $(1,268,827)
                                                             ===========         ===========         ===========

NET LOSS per unit of
   beneficial ownership
   interest (18,654 units of
   beneficial ownership interest)                           $    (81.31)        $    (84.16)        $    (67.34)
                                                            ===========         ===========         ===========
</TABLE>


                       See Notes to Financial Statements.


                                       15

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIT)
                    YEARS ENDED MARCH 30, 2004, 2003 AND 2002

                                                                                      Accumulated
                                                                                         Other
                                                                                     Comprehensive
                                                                  Beneficial            Income
                                              Manager               Owners            (Loss), Net             Total
                                            ------------         -----------          ------------         -----------

<S>                                       <C>                   <C>                  <C>                  <C>
Owners' equity (deficit),
  March 30, 2001                            $   (66,872)         $ 9,767,873          $   (19,389)         $ 9,681,612

Net loss                                        (12,688)          (1,256,139)                               (1,268,827)

Other comprehensive income, net                                                            35,515               35,515
                                            -----------          -----------          -----------          -----------

Owners' equity (deficit),
  March 30, 2002                                (79,560)           8,511,734               16,126            8,448,300

Net loss                                        (15,858)          (1,569,901)                               (1,585,759)

Other comprehensive income, net                                                            60,694               60,694
                                            -----------          -----------          -----------          -----------

Owners' equity (deficit),
  March 30, 2003                                (95,418)           6,941,833               76,820            6,923,235

Net loss                                        (15,321)          (1,516,820)                               (1,532,141)

Other comprehensive loss, net                                                             (14,621)             (14,621)
                                            -----------          -----------          -----------          -----------

Owners' equity (deficit),
  March 30, 2004                            $  (110,739)         $ 5,425,013          $    62,199          $ 5,376,473
                                            ===========          ===========          ===========          ===========
</TABLE>


                       See Notes to Financial Statements.


                                       16

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                    YEARS ENDED MARCH 30, 2004, 2003 AND 2002

                                                               2004             2003              2002
                                                            ---------         ---------         ---------

CASH FLOWS FROM OPERATING ACTIVITIES

<S>                                                         <C>               <C>               <C>
Interest received                                           $ 114,743         $ 129,690         $ 134,512
Cash paid for
   Management fee                                            (171,026)         (170,972)         (234,405)
   Professional fees                                          (45,565)          (28,572)          (31,090)
   Printing, postage and other expenses                       (19,268)          (12,267)          (13,229)
                                                            ---------         ---------         ---------

Net cash used in operating activities                        (121,116)          (82,121)         (144,212)
                                                            ---------         ---------         ---------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                     71,839            70,456            66,768
Transfer to restricted cash                                    (1,022)           (1,624)           (4,028)
Proceeds from maturity/redemption and sale
   of bonds                                                   100,000           200,000           100,000
                                                            ---------         ---------         ---------

Net cash provided by investing activities                     170,817           268,832           162,740
                                                            ---------         ---------         ---------

Net increase in cash and cash equivalents                      49,701           186,711            18,528

Cash and cash equivalents at beginning of
   year                                                       394,025           207,314           188,786
                                                            ---------         ---------         ---------

CASH AND CASH EQUIVALENTS AT END OF YEAR                    $ 443,726         $ 394,025         $ 207,314
                                                            =========         =========         =========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain (loss) on investments in
   bonds, net                                               $ (14,621)        $  60,694         $  35,515
                                                            =========         =========         =========
</TABLE>

-------------------------------------------------------------------------------
See reconciliation of net loss to net cash used in operating activities on page
18.


                       See Notes to Financial Statements.


                                       17

<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                    YEARS ENDED MARCH 30, 2004, 2003 AND 2002


                                                             2004             2003             2002
                                                         -----------      ------------      -----------
RECONCILIATION OF NET LOSS TO NET CASH
  USED IN OPERATING ACTIVITIES

<S>                                                      <C>              <C>               <C>
Net loss                                                 $(1,532,141)     $(1,585,759)      $(1,268,827)

Adjustments to reconcile net loss to net cash
  used in operating activities

     Equity in loss of investment in local
       partnerships                                        1,378,435        1,477,923         1,180,278
     Gain on sale/redemption of bonds                                            (975)           (1,543)
     Amortization of net premium on investments
       in bonds                                                4,164            3,775             3,524
     Decrease (increase) in interest receivable                3,113              622           (18,250)
     Increase (decrease) in accounts payable
       and accrued expenses                                    3,176             (500)           (1,158)
     Increase (decrease) in payable to manager
       and affiliates                                         21,115           21,169           (42,264)
     Increase in interest payable                              1,022            1,624             4,028
                                                         -----------      -----------       -----------

NET CASH USED IN OPERATING ACTIVITIES                    $  (121,116      $   (82,121)      $  (144,212)
                                                         ===========      ===========       ===========
</TABLE>


                       See Notes to Financial Statements.




                                       18

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                          MARCH 30, 2004, 2003 AND 2002


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") that 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.

   Investment in Local Partnerships
   --------------------------------

   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 or additional
   investment is made by the Trust. 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 Trust regularly assesses the carrying value of its investments in local
   partnerships. If the carrying value of an investment in a Local Partnership
   exceeds the estimated value derived by management, the Trust 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 accounting
   principles generally accepted in the United States of America 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.

   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.

                                       19

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


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

   Restricted Cash
   ---------------

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

   Investments in Bonds
   --------------------

   Investments in bonds are classified as available-for-sale and 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 would be
   based on various factors, including significant movements in interest rates
   and liquidity needs. Investments in bonds 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 are amortized (accreted) using
   the effective yield 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 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.

   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 Statement of Financial Accounting Standard
   ("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.

   Recent Accounting Pronouncements
   --------------------------------

   In January 2003, the Financial Accounting Standards Board ("FASB") issued
   FASB Interpretation No. 46, "Consolidation of Variable Interest Entities"
   ("FIN 46"). FIN 46 is applicable immediately for variable interest entities
   created after January 31, 2003. For variable interest entities created before
   February 1, 2003, the provisions of FIN 46 are applicable no later than
   December 15, 2003. The Trust has not created any variable interest entities
   after January 31, 2003. In December 2003, the FASB redeliberated certain
   proposed modifications and revised FIN 46 ("FIN 46 (R)"). The revised
   provisions are applicable no later than the first reporting period ending
   after March 15, 2004. The adoption of FIN 46 (R) is not expected to have a
   material impact on the Trust's financial reporting and disclosure.

   In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
   Instruments with Characteristics of both Liabilities and Equity." SFAS No.
   150 changes the accounting for certain financial instruments that, under
   previous guidance, could be classified as equity or "mezzanine" equity, by
   now requiring those instruments to be classified as liabilities (or assets in
   some circumstances) in the balance sheets. Further, SFAS No. 150 requires
   disclosure regarding the terms of those instruments and settlement
   alternatives. The guidance in SFAS No. 150 generally was effective for all
   financial instruments entered into or modified after May 31, 2003, and was
   otherwise effective at the beginning of the first interim period beginning
   after June 15, 2003. The Trust has evaluated SFAS No. 150 and determined that
   it does not have an impact on the Trust's financial reporting and
   disclosures.


                                       20

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


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, 2004, the Trust has cash and cash equivalents and restricted
   cash in the aggregate of $578,555, which are deposited in interest-bearing
   accounts with an institution that is not insured by the Federal Deposit
   Insurance Corporation.


4. Investments in Bonds

   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 the providing of operating advances resulting from
   circumstances that may arise in connection with the Local Partnerships.
   Investments in bonds are reflected in the accompanying balance sheets at
   estimated fair value.

   As of March 30, 2004, certain information concerning investments in bonds is
   as follows:

<TABLE>
<CAPTION>

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

<S>                                       <C>                <C>                <C>                <C>
Corporate debt securities
  Within one year                         $1,000,690         $   14,700         $     --           $1,015,390
  After one year through five years          469,943             46,876               --              516,819
  After five years through ten years           3,235                623               --                3,858
                                          ----------         ----------         ----------         ----------
                                          $1,473,868         $   62,199         $     --           $1,536,067
                                          ==========         ==========         ==========         ==========
</TABLE>


                                       21

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


4. Investments in Bonds (continued)

   As of March 30, 2003, certain information concerning investments in bonds is
   as follows:

<TABLE>
<CAPTION>

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

<S>                                     <C>                <C>                <C>                <C>
Corporate debt securities
  Within one year                       $   100,000        $       178         $      --           $   100,178
  After one year through five years       1,412,330             70,512              (3,807)          1,479,035
  After five years through ten years         65,702              9,937                --                75,639
                                        -----------        -----------         -----------         -----------

                                        $ 1,578,032        $    80,627         $    (3,807)        $ 1,654,852
                                        ===========        ===========         ===========         ===========
</TABLE>


5. Investment in Local Partnerships

   As of March 30, 2004, 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. ("Edgewood");
      4. Ledge/McLaren Limited Partnership ("Ledge/McLaren");
      5. Penn Apartment Associates;
      6. SB-92 Limited Partnership;
      7. St. Christopher's Associates, L.P. V ("St. Christopher")*;
      8. St. John Housing Associates, L.P.;
      9. Starved Rock - LaSalle Manor Limited Partnership; and
     10. Vision Limited Dividend Housing Association Limited Partnership.

         *Affiliates of the Manager provided services to St. Christopher in
          prior years.


   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 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 $14,741,864, of which the Trust has paid $14,672,564 and $69,300 is
   payable as of March 30, 2004. Restricted cash in the accompanying balance
   sheet as of March 30, 2004 represents such outstanding capital contribution
   along with accrued interest thereon of $65,529. The outstanding capital
   contribution is payable upon one Local Partnership's satisfaction of
   specified conditions. As of December 31, 2003, the Local Partnerships have
   outstanding mortgage loans payable totaling approximately $20,711,000 and
   accrued interest payable on such loans totaling approximately $2,277,000,
   which are secured by security interests and liens common to mortgage loans on
   the Local Partnerships' real property and other assets.


                                       22

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


5. Investment in Local Partnerships (continued)

   As a result of management's assessment of the carrying value of the
   investment in local partnerships under applicable accounting guidelines (see
   Note 1), the Trust reduced its investment in Edgewood and Ledge/McLaren by
   $152,000 and $28,000, respectively, during the year ended March 30, 2004, and
   in Edgewood, Ledge/McLaren and St. Christopher by $227,000, $47,500 and
   $183,000, respectively, during the year ended March 30, 2003 and by $58,000,
   $39,000 and $133,000, respectively, during the year ended March 30, 2003.
   Such losses are included in equity in loss of investment in local
   partnerships in the accompanying statements of operations of the Trust for
   the years then ended.

   The Properties are subject to evaluation for the existence of permanent
   impairment under applicable accounting guidelines, whereby the carrying value
   of the real property may be adjusted downward based on results of operations
   and other events. As a result of such evaluation, the accompanying statement
   of operations of the Local Partnerships reflected herein Note 5 includes loss
   from impairment for the year ended December 31, 2003 of $1,080,000 in
   connection with St. Christopher.

   The combined balance sheets of the Local Partnerships as of December 31, 2003
   and 2002 and the combined statements of operations of the Local Partnerships
   for the years ended December 31, 2003, 2002 and 2001 are reflected on pages
   24 and 25, respectively.




                                       23

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


5. Investment in Local Partnerships (continued)

   The combined balance sheets of the Local Partnerships as of December 31, 2003
and 2002 are as follows:

<TABLE>
<CAPTION>

                                                               2003                2002
                                                           ------------        ------------
ASSETS

<S>                                                        <C>                 <C>
Cash and cash equivalents                                  $    359,268        $    333,544
Rents receivable                                                 33,831              42,954
Capital contributions receivable                                 69,300              69,300
Escrow deposits and reserves                                  1,484,588           1,556,569
Land                                                          1,267,153           1,267,153
Buildings and improvements (net of accumulated
  depreciation of $11,640,197 and $10,437,344)               24,870,133          26,880,032

Intangible assets (net of accumulated amortization
  of $159,722 and $145,326)                                     235,692             250,088
Other assets                                                    290,366             315,527
                                                           ------------        ------------

                                                           $ 28,610,331        $ 30,715,167
                                                           ============        ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                    $    570,298        $    508,742
  Due to related parties                                        728,779             666,490
  Mortgage loans                                             20,711,183          21,160,284
  Notes payable                                                 100,000             100,000
  Accrued interest                                            2,276,788           1,965,794
  Other liabilities                                             150,917             147,594
                                                           ------------        ------------

                                                             24,537,965          24,548,904
                                                           ------------        ------------

Partners' equity (deficit)

  American Tax Credit Trust, Series I
   Capital contributions, net of distributions
     (includes receivable of $69,300)                        14,136,770          14,207,109
   Cumulative loss                                           (9,227,523)         (8,029,088)
                                                           ------------        ------------

                                                              4,909,247           6,178,021
                                                           ------------        ------------

  General partners and other limited partners
   Capital contributions, net of distributions                  475,180             338,817
   Cumulative loss                                           (1,312,061)           (350,575)
                                                           ------------        ------------

                                                               (836,881)            (11,758)
                                                           ------------        ------------

                                                              4,072,366           6,166,263
                                                           ------------        ------------

                                                           $ 28,610,331        $ 30,715,167
                                                           ============        ============
</TABLE>


                                       24

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


5. Investment in Local Partnerships (continued)

   The combined statements of operations of the Local Partnerships for the years
   ended December 31, 2003, 2002 and 2001 are as follows:

<TABLE>
<CAPTION>

                                                        2003                2002               2001
                                                     -----------         -----------        -----------
   REVENUE

<S>                                                  <C>                 <C>                <C>
Rental                                               $ 4,048,502         $ 3,914,682        $ 3,911,032
Interest and other                                       103,409             152,383            162,154
                                                     -----------         -----------        -----------
TOTAL REVENUE                                          4,151,911           4,067,065          4,073,186
                                                     -----------         -----------        -----------

EXPENSES

Administrative                                           882,184             797,010            741,985
Utilities                                                603,409             576,072            607,441
Operating and maintenance                                886,122             977,165            973,373
Taxes and insurance                                      709,572             622,771            551,121
Financial                                                929,149             928,089            918,253
Depreciation and amortization                          1,221,396           1,242,350          1,240,897
Loss from impairment of long-lived
  assets                                               1,080,000
                                                     -----------         -----------        -----------
 TOTAL EXPENSES                                        6,311,832           5,143,457          5,033,070

NET LOSS                                             $(2,159,921)        $(1,076,392)       $  (959,884)
                                                     ===========         ===========        ===========

 NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust, Series I                $(1,198,435)        $(1,020,423)       $  (950,278)
  General partners and other limited
    partners, which includes $939,757,
    $45,187 and $0 of Trust loss
    in excess of investment                             (961,486)            (55,969)            (9,606)
                                                     -----------         -----------        -----------

                                                     $(2,159,921)        $(1,076,392)       $  (959,884)
                                                     ===========         ===========        ===========
</TABLE>


                                       25

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


5. Investment in Local Partnerships (continued)

   Investment and capital contribution activity with respect to each Local
   Partnership for the year ended March 30, 2004 is as follows:

<TABLE>
<CAPTION>

                                                                                           Cash
                                     Investment in    Trust's          Adjustment to    distributions   Investment in    Capital
                                        Local       equity in loss     carrying value     received         Local      contributions
                                     Partnership    for the year        during the       during the      Partnership     payable
                                     balance as of     ended            year ended       year ended    balance as of      as of
                                       March 30,     December 31,        March 30,        March 30,       March 30,     March 30,
  Name of Local Partnership              2003           2003               2004             2004           2004            2004
  -------------------------          -----------    -----------       ------------      ------------   -------------  -------------

<S>                                  <C>            <C>               <C>               <C>            <C>            <C>
ACP Housing Associates, L.P.         $   123,804    $   (82,564)      $      --         $      --      $    41,240    $      --

Creative Choice Homes VII, Ltd.          991,307       (180,159)             --                --          811,148           --

Edgewood Manor Associates, L.P.          339,369       (182,047)         (152,000)(1)          --            5,322           --

Ledge/McLaren Limited Partnership        158,117        (29,984)          (28,000)(1)        (1,500)        98,633           --

Penn Apartment Associates                   --             --  (3)           --                --             --             --

SB-92 Limited Partnership                 78,517        (78,517)(2)          --                --             --             --

St. Christopher's Associates,
 L.P. V                                  502,152       (502,152)(2)          --                --             --           69,300

St. John Housing Associates, L.P.      2,416,427        (53,706)             --             (70,339)     2,292,382           --

Starved Rock - LaSalle Manor
 Limited Partnership                     364,996        (13,322)             --                --          351,674           --

Vision Limited Dividend Housing
 Association Limited Partnership         515,832        (75,984)             --                --          439,848           --
                                     -----------       -----------       -----------    -----------    -----------   ------------

                                     $ 5,490,521       $(1,198,435)      $  (180,000)   $   (71,839)   $ 4,040,247   $     69,300
                                     ===========       ===========       ===========    ===========    ===========   ============
</TABLE>

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

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

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


                                       26

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


5. Investment in Local Partnerships (continued)

   Investment and capital contribution activity with respect to each Local
   Partnership for the year ended March 30, 2003 is as follows:

<TABLE>
<CAPTION>

                                                                                           Cash
                                     Investment in    Trust's          Adjustment to    distributions   Investment in    Capital
                                        Local       equity in loss     carrying value     received         Local      contributions
                                     Partnership    for the year        during the       during the      Partnership     payable
                                     balance as of     ended            year ended       year ended    balance as of      as of
                                       March 30,     December 31,        March 30,        March 30,       March 30,     March 30,
  Name of Local Partnership              2002           2002               2003             2003            2003          2003
  -------------------------          -----------    -----------       ------------      ------------   -------------  -------------

<S>                                  <C>            <C>               <C>               <C>            <C>            <C>
ACP Housing Associates, L.P.          $   209,394    $   (85,590)      $      --         $      --      $   123,804   $      --

Creative Choice Homes VII, Ltd.         1,239,021       (247,714)             --                --          991,307          --

Edgewood Manor Associates, L.P.           691,990       (125,621)         (227,000)(1)          --          339,369          --

Ledge/McLaren Limited Partnership         216,258        (10,641)          (47,500)(1)          --          158,117          --

Penn Apartment Associates                  71,137        (71,137)(2)          --                --             --            --

SB-92 Limited Partnership                 177,663        (99,146)             --                --           78,517          --

St. Christopher's Associates, L.P. V      868,343       (183,191)         (183,000)(1)          --          502,152        69,300

St. John Housing Associates, L.P.       2,527,445        (40,562)             --             (70,456)    2,,416,427          --

Starved Rock - LaSalle Manor
 Limited Partnership                      388,084        (23,088)             --                --          364,996          --

Vision Limited Dividend Housing
 Association Limited Partnership          649,565       (133,733)             --                --          515,832          --
                                      -----------    -----------       -----------       -----------    -----------   -----------
                                      $ 7,038,900    $(1,020,423)      $  (457,500)      $   (70,456)   $ 5,490,521   $    69,300
                                      ===========    ===========       ===========       ===========    ===========   ===========
</TABLE>

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

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



                                       27

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


5. Investment in Local Partnerships (continued)

   Property information for each Local Partnership as of December 31, 2003 is as
   follows:

<TABLE>
<CAPTION>

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

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

                                                             $ 20,711,183    $  1,267,153   $ 36,510,330    $(11,640,197)
                                                             ============    ============   ============    ============
</TABLE>

      Property information for each Local Partnership as of December 31, 2002 is
as follows:

<TABLE>
<CAPTION>

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

<S>                                                          <C>            <C>            <C>             <C>
    ACP Housing Associates, L.P.                             $  1,489,577    $     14,000   $  2,505,364    $   (494,596)
    Creative Choice Homes VII, Ltd.                             1,954,219         500,000      4,091,851        (907,019)
    Edgewood Manor Associates, L.P.                             1,846,008          53,850      3,682,905      (1,240,479)
    Ledge/McLaren Limited
       Partnership                                                449,200         123,673        689,848        (161,009)
    Penn Apartment Associates                                     963,000          13,357      1,784,922        (435,182)
    SB-92 Limited Partnership                                   1,935,204          73,000      3,066,150      (1,025,341)
    St. Christopher's Associates,
       L.P. V                                                   2,180,000          31,829      3,823,022      (1,188,111)
    St. John Housing Associates, L.P.                           4,054,525          74,800      8,279,308      (2,304,633)
    Starved Rock - LaSalle Manor Limited
       Partnership                                              1,673,348         202,845      2,571,659        (603,336)
    Vision Limited Dividend Housing Association
       Limited Partnership                                      4,615,203         179,799      6,822,347      (2,077,638)
                                                             ------------    ------------   ------------    ------------

                                                             $ 21,160,284    $  1,267,153   $ 37,317,376    $(10,437,344)
                                                             ============    ============   ============    ============
</TABLE>


                                       28

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


5. Investment in Local Partnerships (continued)

   The summary of property activity during the year ended December 31, 2003 is
   as follows:

<TABLE>
<CAPTION>

                                                          Net change
                                                          during the
                                   Balance as of          year ended           Balance as of
                                    December 31,          December 31,         December 31,
                                       2002                  2003                  2003
                                  -------------          -------------         ------------

<S>                                <C>                   <C>                   <C>
Land                               $  1,267,153          $       --            $  1,267,153

Buildings and improvements           37,317,376              (807,046)           36,510,330
                                   ------------          ------------          ------------

                                     38,584,529              (807,046)           37,777,483

Accumulated depreciation            (10,437,344)           (1,202,853)          (11,640,197)
                                   ------------          ------------          ------------
                                   $ 28,147,185          $ (2,009,899)         $ 26,137,286
                                   ============          ============          ============
</TABLE>

6. Transactions with Manager and Affiliates

   For the years ended March 30, 2004, 2003 and 2002, 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>

                                         2004                  2003                  2002
                                  -------------------   --------------------   -------------------
                                    Paid     Incurred     Paid      Incurred     Paid     Incurred
                                  --------   --------   --------    --------   --------   --------
<S>                              <C>        <C>        <C>        <C>         <C>        <C>
   Management fee (see Note 8)    $171,026   $192,141   $170,972    $192,141   $234,405   $192,141
</TABLE>


   For the years ended December 31, 2003, 2002 and 2001, the Local Partnerships
   paid and/or incurred the following amounts to the Manager and/or affiliates
   in connection with services provided to St. Christopher:

<TABLE>
<CAPTION>

                                      2003                       2002                      2001
                               --------------------       --------------------       -------------------
                                 Paid      Incurred        Paid       Incurred        Paid      Incurred
                               --------    --------       --------    --------       -------    --------

<S>                            <C>          <C>           <C>         <C>            <C>        <C>
Property management fees       $   --       $ --          $  --       $  --          $10,658    $12,180

Insurance and other services       --         --           16,237      13,237         10,343     13,343
</TABLE>


                                       29

<PAGE>

                          AMERICAN TAX CREDIT TRUST,
------------------------------------------------------------------------------
                     a Delaware statutory business trust
                                   Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                        MARCH 30, 2004, 2003 AND 2002


7. Taxable Loss

   A reconciliation of the financial statement net loss of the Trust for the
   years ended March 30, 2004, 2003 and 2002 to the tax return net loss for the
   years ended December 31, 2003, 2002 and 2001 is as follows:

<TABLE>
<CAPTION>

                                                     2004               2003              2002
                                                  -----------        -----------       -----------
<S>                                              <C>                 <C>               <C>
Financial statement net loss for the
  years ended March 30, 2004, 2003
  and 2002                                        $(1,532,141)       $(1,585,759)      $(1,268,827)

Add (less) net transactions occurring
  between
  January 1, 2001 and March 30, 2001                     --                 --             (40,720)
  January 1, 2002 and March 30, 2002                     --              (22,979)           22,979
  January 1, 2003 and March 30, 2003                  (23,894)            23,894              --
  January 1, 2004 and March 30, 2004                   42,837               --                --
                                                  -----------        -----------       -----------

Adjusted financial statement net loss for
  the years ended December 31, 2003,
  2002 and 2001                                    (1,513,198)        (1,584,844)       (1,286,568)

Adjustment to management fee pursuant to
  Internal Revenue Code Section 267                    21,115             21,145            10,892

Differences arising from equity in loss
  of investment in local partnerships                  59,909            163,231            33,311

Other differences                                         918               --               2,332
                                                  -----------        -----------       -----------
Tax return net loss for the years ended
  December 31, 2003, 2002 and 2001                $(1,431,256)       $(1,400,468)      $(1,240,033)
                                                  ===========        ===========       ===========
</TABLE>

The differences between the investment in local partnerships for tax and
financial reporting purposes as of December 31, 2003 and 2002 are as follows:

                                                         2003            2002
                                                      ----------      ----------

Investment in local partnerships -
  financial reporting                                 $4,041,747      $5,490,521
Investment in local partnerships - tax*                3,304,723       4,693,588
                                                      ----------      ----------
                                                      $  737,024      $  796,933
                                                      ==========      ==========

     *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.


                                       30

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


8. Commitments and Contingencies

   Pursuant to the Trust Agreement, the Trust incurs an annual management fee
   ("Management Fee") payable to the Manager for its services in connection with
   the management of the affairs of the Trust. 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 $192,141 for each of the years ended March 30, 2004, 2003 and 2002. Unpaid
   Management Fees in the amount of $642,257 and $621,142 are recorded as
   payable to manager in the accompanying balance sheets as of March 30, 2004
   and 2003, 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. Since October 1997, the United States Department of
   Housing and Urban Development ("HUD") has issued a series of directives
   related to project based Section 8 contracts that define owners' notification
   responsibilities, advise owners of project based Section 8 properties of what
   their options are regarding the renewal of Section 8 contracts, provide
   guidance and procedures to owners, management agents, contract administrators
   and HUD staff concerning renewal of Section 8 contracts, provide policies and
   procedures on setting renewal rents and handling renewal rent adjustments and
   provide 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 before debt service and debt
   structure of any or all Local Partnerships currently receiving such subsidy
   or similar subsidies. Four Local Partnerships' Section 8 contracts are
   currently subject to renewal under applicable HUD guidelines.


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
   --------------------

   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,
   2004 and 2003 are disclosed elsewhere in the financial statements.


                                       31

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2004, 2003 AND 2002


10.  Quarterly Financial Information - Unaudited

     The following is a summary of results of operations for each of the four
quarters for the years indicated:

<TABLE>
<CAPTION>

                                      First            Second           Third           Fourth
                                     Quarter           Quarter         Quarter          Quarter
                                   ----------        ----------       ----------       ---------
2004
----

<S>                                <C>               <C>              <C>              <C>
Total revenue                      $  25,734         $  26,024        $  26,809        $  27,877

Loss from operations                 (32,737)          (30,562)         (47,570)         (42,837)

Equity in loss of
 investment in local
 partnerships                       (190,516)         (178,326)        (112,147)        (897,446)

Net loss                            (223,253)         (208,888)        (159,717)        (940,283)

2003
----

Total revenue                      $  30,781         $  31,436        $  30,435        $  31,992

Loss from operations                 (29,551)          (23,478)         (30,927)         (23,880)

Equity in loss of
 investment in local
 partnerships                       (237,996)         (211,390)        (239,316)        (789,221)

Net loss                            (267,547)         (234,868)        (270,243)        (813,101)

2002
----

Total revenue                      $  46,134         $  33,581        $  33,407        $  33,631

Loss from operations                 (10,866)          (23,235)         (31,469)         (22,979)

Equity in loss of
 investment in local
 partnerships                       (222,496)         (201,905)        (186,750)        (569,127)

Net loss                            (233,362)         (225,140)        (218,219)        (592,106)
</TABLE>


                                       32

<PAGE>

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

None

Item 9A.    Controls and Procedures

As of March 30, 2004, under the direction of the Chief Executive Officer and
Chief Financial Officer, Registrant evaluated the effectiveness of its
disclosure controls and procedures and internal controls over financial
reporting and concluded that (i) Registrant's disclosure controls and procedures
were effective as of March 30, 2004, and (ii) no changes occurred during the
quarter ended March 30, 2004, that materially affected, or are reasonably likely
to materially affect, such internal controls.

                                    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:

                          Served in present
Name                      capacity since (1)        Position held
----                      ------------------        -------------

Richard Paul Richman      May 10, 1993              Director
David A. Salzman          February 1, 2001          President
Stephen B. Smith          May 10, 1993              Executive Vice President
Neal Ludeke               May 10, 1993              Vice President and Treasurer

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

Richard Paul Richman, age 56, is the sole Director of the Manager. Mr. Richman
is the Chairman and a stockholder of Richman Group. Mr. Richman is involved in
the syndication, development 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 60, 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 43, is the President of the Manager and is a stockholder
and the President of Richman Group. Mr. Salzman is responsible for the
acquisition and development of residential real estate for syndication for
Richman Group.

Neal Ludeke, age 46, 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 Richman
Asset Management, Inc. ("RAM"), an affiliate of the Manager. Mr. Ludeke's
responsibilities in connection with RAM include various partnership management
functions.

The Board of Directors of the General Partner acts as the audit committee of the
Registrant. Mr. Richman is a member of the Board of Directors of the General
Partner and is deemed to be an audit committee financial expert. Mr. Richman is
not independent of the Registrant.

The Board of Directors of the General Partner has adopted a code of ethics for
senior financial officers of the Registrant, applicable to the Registrant's
principal financial officer and comptroller or principal accounting officer, or
persons performing similar functions. The Registrant will provide to any person
without charge a copy of such code of ethics upon written request to the General
Partner at 599 W. Putnam Avenue, Greenwich, Connecticut 06830, Attention:
Secretary.

                                       33
<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, 2004,
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

Affiliates of Everest Properties, Inc., having the mailing address 155 N. Lake
Avenue, Suite 1000, Pasadena, California 91101, are the owners of 1,561 Units,
representing approximately 6.1% of all such Units. As of May 31, 2004, no person
or entity, other than affiliates of Everest Properties, Inc., was known by
Registrant to be the beneficial owner of more than five percent of the Units.
The majority owner of the Manager is 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, 2003 allocated to the Manager were $14,313 and $25,411,
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, 2004.

Item 14.  Principal Accountant Fees and Services

The annual audit fees for Registrant for the years ended March 30, 2004 and 2003
were $22,043 and $21,255, respectively.

The annual tax preparation fees for Registrant for each of the years ended March
30, 2004 and 2003 were $5,000.



                                       34

<PAGE>

                                   PART IV

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

   (a) Financial Statements, Financial Statement Schedules and Exhibits

        (1)  Financial Statements

        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>

                                                                                          Incorporated by
                                     Exhibit                                               Reference to
                                     -------                                              ---------------

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


                                       35

<PAGE>

<CAPTION>

                                                                                           Incorporated by
                                      Exhibit                                               Reference to
                                      -------                                              ---------------
<S>  <C>             <C>                                                        <C>

     10.11           First Amendment to Penn Apartment Associates Amended and    Exhibit 10.8 to Form 10-K Report
                     Restated Agreement of Limited Partnership                   dated March 30, 1994
                                                                                 (File No. 33-58032)
     10.12           Second Amendment to Penn Apartment Associates Amended and   Exhibit 10.9 to Form 10-K Report
                     Restated Agreement of Limited Partnership                   dated March 30, 1994
                                                                                 (File No. 33-58032)
     10.13           SB-92 Limited Partnership Amended and Restated Agreement    Exhibit 10.6 to Form 10-Q Report
                     of Limited Partnership                                      dated December 30, 1993
                                                                                 (File No. 33-58032)
     10.14           St. Christopher's Associates, L.P. V Amended and Restated   Exhibit 10.1 to Form 10-Q Report
                     Agreement of Limited Partnership                            dated June 29, 1994
                                                                                 (File No. 33-58032)
     10.15           St. John Housing Associates, L.P. Amended and Restated      Exhibit 10.7 to Form 10-Q Report
                     Agreement of Limited Partnership                            dated December 30, 1993
                                                                                 (File No. 33-58032)
     10.16           Starved Rock - LaSalle Manor Limited Partnership Amended    Exhibit 10.2 to Form 10-Q Report
                     and Restated Agreement of Limited Partnership               dated September 29, 1995
                                                                                 (File No. 0-24600)
     10.17           Vision Limited Dividend Housing Association Limited         Exhibit 10.3 to Form 10-Q Report
                     Partnership Amended and Restated Agreement of Limited       dated December 30, 1994
                     Partnership                                                 (File No. 0-24600)
     31.1            Rule 13a-14/15d-14(a) Certification of Chief Executive
                     Officer
     31.2            Rule 13a-14/15d-14(a) Certification of Chief Financial
                     Officer.
     32.1            Section 1350 Certification of Chief Executive Officer.
     32.2            Section 1350 Certification of Chief Financial
                     Officer.
     99.1            Pages 11 through 21, 26 through 48 and 63 through 65 of     Exhibit 99.1 to Form 10-K Report
                     Prospectus of Registrant dated September 7, 1993 filed      dated March 30, 1994
                     pursuant to Rule 424 (b)(3) under the Securities Act of     (File No. 33-58032)
                     1933
     99.2            Supplement No. 2 dated November 16, 1993 to Prospectus      Exhibit 28.1 to Form 10-Q Report
                                                                                 dated December 30, 1993
                                                                                 (File No. 33-58032)
     99.3            Supplement No. 3 dated November 23, 1994 to Prospectus      Exhibit 99.3 to Form 10-K Report
                                                                                 dated March 30, 1995
                                                                                 (File No. 0-24600)
     99.4            Supplement No. 4 dated December 28, 1994 to Prospectus      Exhibit 99.4 to Form 10-K Report
                                                                                 dated March 30, 1995
                                                                                 (File No. 0-24600)
     99.5            December 31, 1995 financial statements of                   Exhibit 99.5 to Form 10-K Report
                     St. John Housing Associates, L.P. pursuant to Title 17,     dated March 30, 1996
                     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 Title 17,     dated March 30, 1997
                     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 Title 17,     dated March 30, 1998
                     Code of Federal Regulations                                 (File No. 0-24600)


                                       36

<PAGE>

<CAPTION>

                                                                                          Incorporated by
                                    Exhibit                                                Reference to
                                    -------                                               ---------------

<S>  <C>             <C>                                                        <C>
     99.8            December 31, 1998 financial statements of                   Exhibit 99.8 to Form 10-K Report
                     St. John Housing Associates, L.P. pursuant to Title 17,     dated March 30, 1999
                     Code of Federal Regulations                                 (File No. 0-24600)
     99.9            December 31, 1999 financial statements of                   Exhibit 99.9 to Form 10-K Report
                     St. John Housing Associates, L.P. pursuant to Title 17,     dated March 30, 2000
                     Code of Federal Regulations                                 (File No. 0-24600)
</TABLE>


   (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.



                                       37


<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:  July 13, 2004               /s/ David Salzman
        -------------               -----------------------------------------
                                    by:  David Salzman
                                         Chief Executive Officer


Dated:  July 13, 2004               /s/ Neal Ludeke
        -------------               -----------------------------------------
                                    by:  Neal Ludeke
                                         Chief Financial Officer


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.

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

     /s/ David Salzman         Chief Executive Officer of         July 13, 2004
     ----------------------    the Manager                        -------------
     (David Salzman)

     /s/ Neal Ludeke           Chief Financial Officer of         July 13, 2004
     ----------------------    the Manager                        -------------
     (Neal Ludeke)




                                       38