**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, 2007**                                                                           |
|   |   |                                                                                                                                  |
| OR     |
|   |   |                                                                                                                                  |
|   | o      | TRANSITION REPORT PURSUANT                TO                SECTION 13 OR 15(d) OF                THE SECURITIES EXCHANGE ACT OF 1934 |
|   |   |                                                                                                                                  |
|   |   | For the transition period                from                ____________ to ____________                                             |

**0-24600**

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

**Series        I**

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

----

**PART        I**

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

----

**Item            1. **
**Business            (continued)**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

----

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

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

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

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

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

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

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

----

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

----

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

|  Name                  of Local PartnershipName                  of apartment complex                                                                                       |   |  Numberof                  rental |   |   Capital |   | Mortgageloans                  payable as ofDecember                  31, |   |  Subsidy(see |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|---------------------|--------|---------------------------------------------------------------------------|--------|-------------------|------------|
| Apartment                  complex location                                                                                                                                      |   | units                                  |   | contribution        |   | 2006                                                                      |   | footnotes)        |       |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| ACP                  Housing Associates, L.P.ACP                  Housing ApartmentsNew                  York, New York                                                          |   |                                   | 28     |                | $      | 737,222                                                                   |   | $                 | 1,476,547  |   |   | (1b | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| Creative                  Choice Homes VII, Ltd.Coral                  GardensHomestead,                  Florida                                                                |   |                                   | 91     |                |   | 2,382,812                                                                 |   |              | 1,718,717  |   |   | (1a                  & c | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| Edgewood                  Manor Associates, L.P.Edgewood                  Manor ApartmentsPhiladelphia,                  Pennsylvania (2)                                        |   |                                   | 49     |                |   | 2,008,799                                                                 |   |              | 1,823,490  |   |   | (1b | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| Ledge/McLaren                  Limited PartnershipLedge/McLaren                  ApartmentsNashua,                  New Hampshire                                                |   |                                   | 8      |                |   | 343,079                                                                   |   |              | 429,291    |   |   | (1b | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| Penn                  Apartment AssociatesPenn                  ApartmentsChester,                  Pennsylvania                                                                 |   |                                   | 15     |                |   | 852,180                                                                   |   |              | 963,000    |   |   | (1b | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| SB-92                  Limited PartnershipShaker                  Boulevard GardensCleveland,                  Ohio                                                              |   |                                   | 73     |                |   | 795,255                                                                   |   |              | 3,039,452  |   |   | (1a,b,                  c & d | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| St.                  Christopher’s Associates, L.P. VLehigh                  ParkPhiladelphia,                  Pennsylvania                                               |   |                                   | 29     |                |   | 2,075,785                                                                 |   |              | 2,180,000  |   |   | (1b | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| St.                  John Housing Associates, L.P.St.                  John HomesGary,                  Indiana                                                                  |   |                                   | 144    |                |   | 3,546,861                                                                 |   |              | 3,922,150  |   |   | (1a                  & c | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| Starved                  Rock - LaSalle Manor Limited                  PartnershipLaSalle                  ManorLaSalle,                  Illinois                               |   |                                   | 48     |                |   | 634,327                                                                   |   |              | 1,520,215  |   |   | (1a,                  c & e | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
| Vision                  Limited Dividend HousingAssociation                  Limited PartnershipHelen                  Odean Butler ApartmentsDetroit,                  Michigan |   |                                   | 97     |                |   | 1,410,544                                                                 |   |              | 3,904,173  |   |   | (1b | ) |
|                                                                                                                                                                             |   |                                   |   |                |   |                                                                      |   |              |       |   |   |   |   |
|                                                                                                                                                                             |   |                                   |   |                | $      | 14,786,864                                                                |   | $                 | 20,977,035 |   |   |   |   |

|  | (1) | Description                  of subsidies: |
|--|-----|--------------------------------------------|

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

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

----

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

|   | (c) | The                  Local Partnership’s Section 8 contracts are currently subject to renewal                  under applicable HUD guidelines. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                  Local Partnership entered into a restructuring agreement of its                  Section 8                  contract and debt structure under applicable HUD guidelines in                  2005. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

**PART        II**

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

|                                              |   | First                      closingNovember                      29, 1993 |     | Second                      closingJanuary                      28, 1994 |   | Third                      closingMay                      25, 1994 |   |
|---------------------------------------------------|--------|--------------------------------------------------------------------------|----------|--------------------------------------------------------------------------|--------|---------------------------------------------------------------------|--------|
| Low-income                  Tax Credits:          |   |                                                                     |     |                                                                     |   |                                                                |   |
| Tax                  year ended December 31, 2006 |   | $                                                                        | 4.68     |                                                                     | $      | 4.68                                                                |   | $ | 4.68 |   |
| Tax                  year ended December 31, 2005 |   | $                                                                        | 40.14    |                                                                     | $      | 40.14                                                               |   | $ | 40.14 |   |
|                                              |   |                                                                     |     |                                                                     |   |                                                                |   |   |   |   |
| Cumulative                  totals                |   | $                                                                        | 1,394.36 |                                                                     | $      | 1,392.18                                                            |   | $ | 1,379.66 |   |

----

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

|                                                                                                    |   | Years                    Ended March 30, |     |
|---------------------------------------------------------------------------------------------------------|--------|------------------------------------------|----------|
|                                                                                                    |   | 2007                                     |     | 2006 |   | 2005 |   | 2004 |   | 2003 |   |
|                                                                                                    |   |                                     |     |   |   |   |   |   |   |   |   |
| Interest                    revenue                                                                     |   | $                                        | 92,139   |   | $ | 78,858 |   | $ | 68,047 |   | $ | 106,444 |   | $ | 124,644 |   |
|                                                                                                    |   |                                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                    in loss of investment in local partnerships                                   |   | $                                        | (171,435 | ) | $ | (708,952 | ) | $ | (687,423 | ) | $ | (1,378,435 | ) | $ | (1,477,923 | ) |
|                                                                                                    |   |                                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                    loss                                                                             |   | $                                        | (317,604 | ) | $ | (880,402 | ) | $ | (862,968 | ) | $ | (1,532,141 | ) | $ | (1,585,759 | ) |
|                                                                                                    |   |                                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                    loss per unit of beneficial ownership interest (18,654                    Units) |   | $                                        | (16.86   | ) | $ | (46.72 | ) | $ | (45.80 | ) | $ | (81.31 | ) | $ | (84.16 | ) |

|                            |   | As                    of March 30, |      |
|---------------------------------|--------|------------------------------------|-----------|
|                            |   | 2007                               |      | 2006 |   | 2005 |   | 2004 |   | 2003 |   |
|                            |   |                               |      |   |   |   |   |   |   |   |   |
| Total                    assets |   | $                                  | 4,156,265 |   | $ | 4,360,412 |   | $ | 5,285,303 |   | $ | 6,184,227 |   | $ | 7,705,676 |   |

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

----

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

----

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

----

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

----

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

|                                          |   | Total  |    | <                  1 year |   | 1                  -                  3 years |   | 3                  -                  5 years |    | >                    5 years |   |
|-----------------------------------------------|--------|--------|---------|------------------------------|--------|-----------------------------------------------|--------|-----------------------------------------------|---------|---------------------------------|--------|
| Other                  Long Term Liabilities: |   |   |    |                         |   |                                          |   |                                          |    |                            |   |
| Interest                  Payable (1)         |   | $      | 62,635  |                         | $      | 62,635                                        |   | $                                             | — |                            | $      | — |   | $ | — |   |
|                                          |   |   |    |                         |   |                                          |   |                                          |    |                            |   |   |   |   |   |   |
| Payable                  to Manager           |   |   |    |                         |   |                                          |   |                                          |    |                            |   |   |   |   |   |   |
| and                  Affiliates (2)           |   |   | 793,186 |                         |   | 793,186                                       |   |                                          | — |                            |   | — |   |   | — |   |
|                                          |   |   |    |                         |   |                                          |   |                                          |    |                            |   |   |   |   |   |   |
|                                          |   | $      | 855,821 |                         | $      | 855,821                                       |   | $                                             | — |                            | $      | — |   | $ | — |   |

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

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

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

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

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

----

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**Table      of Contents **

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

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**BALANCE      SHEETS**

**MARCH      30, 2007 AND 2006**

|                                                                                                        |   | **Notes** |   | **2007** |   | **2006**  |   |
|-------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|-----------|--------|
| **ASSETS**                                                                                                  |   |      |   |     |   |      |   |
|                                                                                                        |   |      |   |     |   |      |   |
| Cash                and cash equivalents                                                                    |   |      | 3,9    |     | $      | 1,642,515 |   | $ | 1,503,841 |   |
| Restricted                cash                                                                              |   |      | 3,5,9  |     |   | 62,635    |   |   | 67,441 |   |
| Investments                in bonds                                                                         |   |      | 4,9    |     |   | 127,457   |   |   | 271,704 |   |
| Investment                in local partnerships                                                             |   |      | 5,8    |     |   | 2,321,070 |   |   | 2,511,855 |   |
| Interest                receivable                                                                          |   |      | 9      |     |   | 2,588     |   |   | 5,571 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     | $      | 4,156,265 |   | $ | 4,360,412 |   |
| **LIABILITIES                AND OWNERS' EQUITY (DEFICIT)**                                                 |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Liabilities                                                                                                 |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |   |      |   |     | $      | 44,449    |   | $ | 31,197 |   |
| Payable                to manager and affiliates                                                            |   |      | 6,8    |     |   | 793,186   |   |   | 684,722 |   |
| Interest                payable                                                                             |   |      | 5,9    |     |   | 62,635    |   |   | 67,441 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   | 900,270   |   |   | 783,360 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Commitments                and contingencies                                                                |   |      | 5,8    |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Owners'                equity (deficit)                                                                     |   |      | 2,4    |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
| Manager                                                                                                     |   |      |   |     |   | (131,349  | )      |   | (128,173 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |   |      |   |     |   | 3,384,649 |   |   | 3,699,077 |   |
| Accumulated                other comprehensive income, net                                                  |   |      |   |     |   | 2,695     |   |   | 6,148 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     |   | 3,255,995 |   |   | 3,577,052 |   |
|                                                                                                        |   |      |   |     |   |      |   |   |   |   |
|                                                                                                        |   |      |   |     | $      | 4,156,265 |   | $ | 4,360,412 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

**YEARS      ENDED MARCH 30, 2007, 2006 AND 2005**

|                                                                                                                                               |   | **Notes** |   | **2007** |   | **2006** |   | **2005** |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|----------|--------|----------|----------|
| **REVENUE**                                                                                                                                        |   |      |   |     |   |     |   |     |     |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |
| Interest                                                                                                                                           |   |      |   |     | $      | 92,139   |   | $        | 78,858   |   | $ | 68,047 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| TOTAL                REVENUE                                                                                                                       |   |      |   |     |   | 92,139   |   |     | 78,858   |   |   | 68,047 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **EXPENSES**                                                                                                                                       |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Management                fee - affiliate                                                                                                          |   |      | 6,8    |     |   | 192,141  |   |     | 192,141  |   |   | 192,141 |   |
| Professional                fees                                                                                                                   |   |      |   |     |   | 38,458   |   |     | 40,219   |   |   | 43,319 |   |
| Printing,                postage and other                                                                                                         |   |      |   |     |   | 7,709    |   |     | 17,948   |   |   | 8,132 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                      |   |      |   |     |   | 238,308  |   |     | 250,308  |   |   | 243,592 |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |   | (146,169 | )      |     | (171,450 | ) |   | (175,545 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                  |   |      | 5      |     |   | (171,435 | )      |     | (708,952 | ) |   | (687,423 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS**                                                                                                                        |   |      |   |     |   | (317,604 | )      |     | (880,402 | ) |   | (862,968 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Other                comprehensive loss, net                                                                                                       |   |      | 4      |     |   | (3,453   | )      |     | (11,524  | ) |   | (44,527 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **COMPREHENSIVE                LOSS**                                                                                                              |   |      |   |     | $      | (321,057 | )      | $        | (891,926 | ) | $ | (907,495 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                        |   |      | 2      |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| Manager                                                                                                                                            |   |      |   |     | $      | (3,176   | )      | $        | (8,804   | ) | $ | (8,630 | ) |
| Beneficial                owners                                                                                                                   |   |      |   |     |   | (314,428 | )      |     | (871,598 | ) |   | (854,338 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     | $      | (317,604 | )      | $        | (880,402 | ) | $ | (862,968 | ) |
|                                                                                                                                               |   |      |   |     |   |     |   |     |     |   |   |   |   |
| **NET                LOSS**per                unit of beneficial ownership interest (18,654 units of beneficial                ownership interest) |   |      |   |     | $      | (16.86   | )      | $        | (46.72   | ) | $ | (45.80 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**YEARS      ENDED MARCH 30, 2007, 2006 AND 2005**

|                                                    |   | **Manager** |         | **Beneficial****Owners** |   | **Accumulated                Other Comprehensive Income (Loss), Net** |   | **Total** |    |
|---------------------------------------------------------|--------|-------------|--------------|--------------------------|--------|-----------------------------------------------------------------------|--------|-----------|---------|
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |
| Owners'                equity (deficit), March 30, 2004 |   | $           | (110,739     | )                        | $      | 5,425,013                                                             |   | $         | 62,199  |   | $ | 5,376,473 |   |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (8,630       | )                        |   | (854,338                                                              | )      |      |    |   |   | (862,968 | ) |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Other                comprehensive loss, net            |   |        |    |                     |   |                                                             |   |      | (44,527 | ) |   | (44,527 | ) |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2005 |   |        | (119,369     | )                        |   | 4,570,675                                                             |   |      | 17,672  |   |   | 4,468,978 |   |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (8,804       | )                        |   | (871,598                                                              | )      |      |    |   |   | (880,402 | ) |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Other                comprehensive loss, net            |   |        |    |                     |   |                                                             |   |      | (11,524 | ) |   | (11,524 | ) |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2006 |   |        | (128,173     | )                        |   | 3,699,077                                                             |   |      | 6,148   |   |   | 3,577,052 |   |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (3,176       | )                        |   | (314,428                                                              | )      |      |    |   |   | (317,604 | ) |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Other                comprehensive loss, net            |   |        |    |                     |   |                                                             |   |      | (3,453  | ) |   | (3,453 | ) |
|                                                    |   |        |         |                     |   |                                                                  |   |      |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2007 |   | $           | (131,349     | )                        | $      | 3,384,649                                                             |   | $         | 2,695   |   | $ | 3,255,995 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

**YEARS      ENDED MARCH 30, 2007, 2006 AND 2005**

|                                                                   |   | **2007** |      | **2006** |   | **2005**  |   |
|------------------------------------------------------------------------|--------|----------|-----------|----------|--------|-----------|--------|
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |   |     |      |     |   |      |   |
|                                                                   |   |     |      |     |   |      |   |
| Interest                received                                       |   | $        | 93,110    |     | $      | 85,871    |   | $ | 95,045 |   |
| Cash                paid for                                           |   |     |      |     |   |      |   |   |   |   |
| Management                fee                                          |   |     | (83,677   | )        |   | (195,214  | )      |   | (146,603 | ) |
| Professional                fees                                       |   |     | (25,206   | )        |   | (38,826   | )      |   | (45,333 | ) |
| Printing,                postage and other expenses                    |   |     | (7,709    | )        |   | (17,998   | )      |   | (6,932 | ) |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Net                cash used in operating activities                   |   |     | (23,482   | )        |   | (166,167  | )      |   | (103,823 | ) |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |   |     |      |     |   |      |   |   |   |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Capital                contributions paid to local partnerships        |   |     |      |     |   | (31,758   | )      |   | (37,542 | ) |
| Advances                made to local partnerships                     |   |     | (45,000   | )        |   |           |   |   |  |   |
| Cash                distributions from local partnerships              |   |     | 64,350    |     |   | 39,939    |   |   | 92,078 |   |
| Transfer                from restricted cash                           |   |     | 4,806     |     |   | 31,235    |   |   | 36,153 |   |
| Proceeds                from maturities/redemptions and sales of bonds |   |     | 138,000   |     |   | 200,000   |   |   | 1,000,000 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Net                cash provided by investing activities               |   |     | 162,156   |     |   | 239,416   |   |   | 1,090,689 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Net                increase in cash and cash equivalents               |   |     | 138,674   |     |   | 73,249    |   |   | 986,866 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Cash                and cash equivalents at beginning of year          |   |     | 1,503,841 |     |   | 1,430,592 |   |   | 443,726 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF YEAR**            |   | $        | 1,642,515 |     | $      | 1,503,841 |   | $ | 1,430,592 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**           |   |     |      |     |   |      |   |   |   |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Unrealized                loss on investments in bonds, net            |   | $        | (3,453    | )        | $      | (11,524   | )      | $ | (44,527 | ) |
|                                                                   |   |     |      |     |   |      |   |   |   |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**YEARS      ENDED MARCH 30, 2007, 2006 AND 2005**

|                                                                                                     |   | **2007** |     | **2006** |   | **2005** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|----------|--------|
| **RECONCILIATION                OF NET LOSS TO NET CASH****USED                IN OPERATING ACTIVITIES** |   |     |     |     |   |     |   |
|                                                                                                     |   |     |     |     |   |     |   |
| Net                loss                                                                                  |   | $        | (317,604 | )        | $      | (880,402 | )      | $ | (862,968 | ) |
|                                                                                                     |   |     |     |     |   |     |   |   |   |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |     |     |     |   |     |   |   |   |   |
|                                                                                                     |   |     |     |     |   |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                        |   |     | 171,435  |     |   | 708,952  |   |   | 687,423 |   |
| Amortization                of net premium on investments in bonds                                       |   |     | 2,794    |     |   | 3,810    |   |   | 4,502 |   |
| Decrease                in interest receivable                                                           |   |     | 2,983    |     |   | 2,680    |   |   | 21,107 |   |
| Increase                (decrease) in accounts payable and accrued expenses                              |   |     | 13,252   |     |   | 1,343    |   |   | (814 | ) |
| Increase                (decrease) in payable to manager and affiliates                                  |   |     | 108,464  |     |   | (3,073   | )      |   | 45,538 |   |
| Increase                (decrease) in interest payable                                                   |   |     | (4,806   | )        |   | 523      |   |   | 1,389 |   |
|                                                                                                     |   |     |     |     |   |     |   |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                 |   | $        | (23,482  | )        | $      | (166,167 | )      | $ | (103,823 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2007, 2006 AND 2005**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

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

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

----

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

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

| Description                and maturity           |   | Amortizedcost |    | Gross                unrealized gains |   | Gross                unrealized losses |   | Estimatedfair                value |    |
|---------------------------------------------------|--------|---------------|---------|---------------------------------------|--------|----------------------------------------|--------|------------------------------------|---------|
|                                              |   |          |    |                                  |   |                                   |   |                               |    |
| Corporate                debt securities          |   |          |    |                                  |   |                                   |   |                               |    |
| Within                one year                    |   | $             | 139,023 |                                  | $      | 1,775                                  |   | $                                  | — |   | $ | 140,798 |   |
| After                one year through five years  |   |          | 123,356 |                                  |   | 4,089                                  |   |                               | — |   |   | 127,445 |   |
| After                five years through ten years |   |          | 3,177   |                                  |   | 284                                    |   |                               | — |   |   | 3,461 |   |
|                                              |   | $             | 265,556 |                                  | $      | 6,148                                  |   | $                                  | — |   | $ | 271,704 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

|   | 1.  | ACP                Housing Associates, L.P.;                                                   |
|--------|-----|------------------------------------------------------------------------------------------------|
|   | 2.  | Creative                Choice Homes VII, Ltd. (“Creative Choice”);                |
|   | 3.  | Edgewood                Manor Associates, L.P. (“Edgewood”);                       |
|   | 4.  | Ledge/McLaren                Limited Partnership;                                              |
|   | 5.  | Penn                Apartment Associates;                                                      |
|   | 6.  | SB-92                Limited Partnership;                                                      |
|   | 7.  | St.                Christopher's Associates, L.P. V (“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. |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

|                                                                                                                                     |   | **2006** |        | **2005** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
| **ASSETS**                                                                                                                               |   |     |        |     |   |
|                                                                                                                                     |   |     |        |     |   |
| Cash                and cash equivalents                                                                                                 |   | $        | 386,275     |     | $      | 502,018 |   |
| Rents                receivable                                                                                                          |   |     | 61,039      |     |   | 95,807 |   |
| Escrow                deposits and reserves                                                                                              |   |     | 1,545,848   |     |   | 2,520,682 |   |
| Land                                                                                                                                     |   |     | 1,213,303   |     |   | 1,213,303 |   |
| Buildings                and improvements (net of accumulated depreciation of $13,396,892                and                $12,320,873) |   |     | 20,997,017  |     |   | 20,702,149 |   |
| Intangible                assets (net of accumulated amortization of $155,452 and                $142,317)                               |   |     | 249,863     |     |   | 263,449 |   |
| Other                assets                                                                                                              |   |     | 593,655     |     |   | 969,001 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 25,047,000  |     | $      | 26,266,409 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Liabilities                                                                                                                              |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $        | 1,021,581   |     | $      | 920,566 |   |
| Due                to related parties                                                                                                    |   |     | 2,826,188   |     |   | 1,449,401 |   |
| Mortgage                loans                                                                                                            |   |     | 20,977,035  |     |   | 21,439,391 |   |
| Notes                payable                                                                                                             |   |     | 100,000     |     |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |     | 3,046,533   |     |   | 2,734,757 |   |
| Other                liabilities                                                                                                         |   |     | 398,090     |     |   | 150,739 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 28,369,427  |     |   | 26,794,854 |   |
| Partners'                equity (deficit)                                                                                                |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 13,963,902  |     |   | 14,003,252 |   |
| Cumulative                loss                                                                                                           |   |     | (10,200,983 | )        |   | (10,071,898 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 3,762,919   |     |   | 3,931,354 |   |
| General                partners and other limited partners                                                                               |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 471,037     |     |   | 473,938 |   |
| Cumulative                loss                                                                                                           |   |     | (7,556,383  | )        |   | (4,933,737 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (7,085,346  | )        |   | (4,459,799 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (3,322,427  | )        |   | (528,445 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 25,047,000  |     | $      | 26,266,409 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

|                                                                                                                                                                                             |   | **2006** |       | **2005** |   | **2004**   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|------------|--------|
|                                                                                                                                                                                             |   |     |       |     |   |       |   |
| **REVENUE**                                                                                                                                                                                      |   |     |       |     |   |       |   |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |
| Rental                                                                                                                                                                                           |   | $        | 4,138,282  |     | $      | 4,186,679  |   | $ | 4,137,245 |   |
| Interest                and other                                                                                                                                                                |   |     | 216,516    |     |   | 190,055    |   |   | 130,826 |   |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                                     |   |     | 4,354,798  |     |   | 4,376,734  |   |   | 4,268,071 |   |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                     |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
| Administrative                                                                                                                                                                                   |   |     | 1,040,257  |     |   | 1,038,334  |   |   | 943,692 |   |
| Utilities                                                                                                                                                                                        |   |     | 830,845    |     |   | 829,485    |   |   | 751,477 |   |
| Operating                and maintenance                                                                                                                                                         |   |     | 1,115,652  |     |   | 1,157,361  |   |   | 961,315 |   |
| Taxes                and insurance                                                                                                                                                               |   |     | 549,679    |     |   | 538,122    |   |   | 558,553 |   |
| Financial                                                                                                                                                                                        |   |     | 823,071    |     |   | 874,580    |   |   | 909,745 |   |
| Depreciation                and amortization                                                                                                                                                |   |     | 1,101,322  |     |   | 1,243,226  |   |   | 1,175,705 |   |
| Loss                from impairment of long-lived assets                                                                                                                                         |   |     | 1,645,703  |     |   | 2,129,261  |   |   |   |   |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                                    |   |     | 7,106,529  |     |   | 7,810,369  |   |   | 5,300,487 |   |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
| **NET                LOSS**                                                                                                                                                                      |   | $        | (2,751,731 | )        | $      | (3,433,635 | )      | $ | (1,032,416 | ) |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                                      |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                                                               |   | $        | (129,085   | )        | $      | (467,952   | )      | $ | (376,423 | ) |
| General                partners and other limited partners,which                includes $2,595,108, $2,931,323 and $645,648 of Trust loss in excess                of                investment |   |     | (2,622,646 | )        |   | (2,965,683 | )      |   | (655,993 | ) |
|                                                                                                                                                                                             |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                             |   | $        | (2,751,731 | )        | $      | (3,433,635 | )      | $ | (1,032,416 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

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

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

| Name                of Local Partnership                                       |   | Investment                in Local Partnership balance as of March 30, 2005 |      | Trust'sequity                in loss for the year ended December                31, 2005 |   | Adjustment                to carrying value during theyear                ended March                30,2006 |   | Cash                distributions received during the year ended March 30,2006 |     | Investment                in Local Partnership balance as of March 30, 2006 |   |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|----------|-----------------------------------------------------------------------------|--------|
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |
| ACP                Housing Associates, L.P.                                    |   | $                                                                           | —   |                                                                                     | $      | —                                                                                                      |   | $                                                                              | —  |                                                                        | $      | — |   | $ | — |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                                        | 306,634   |                                                                                     |   | (306,634                                                                                                     | )(2)   |                                                                           | —  |                                                                        |   | — |   |   | — |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| Edgewood                Manor Associates, L.P.                                 |   |                                                                        | —   |                                                                                     |   | —                                                                                                      |   |                                                                           | —  |                                                                        |   | — |   |   | — |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| Ledge/McLaren                Limited Partnership                               |   |                                                                        | 99,319    |                                                                                     |   | (191                                                                                                         | )      |                                                                           | (51,000  | )(1)                                                                        |   | (750 | ) |   | 47,378 |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| Penn                Apartment Associates                                       |   |                                                                        | —   |                                                                                     |   | —                                                                                                      | (3)    |                                                                           | —  |                                                                        |   | — |   |   | — |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| SB-92                Limited Partnership                                       |   |                                                                        | —   |                                                                                     |   | —                                                                                                      | (3)    |                                                                           | —  |                                                                        |   | — |   |   | — |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| St.                Christopher’s Associates, L.P. V                      |   |                                                                        | —   |                                                                                     |   | —                                                                                                      | (3)    |                                                                           | —  |                                                                        |   | — |   |   | — |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| St.                John Housing Associates, L.P.                               |   |                                                                        | 2,197,378 |                                                                                     |   | (57,138                                                                                                      | )      |                                                                           | —  |                                                                        |   | (39,189 | ) |   | 2,101,051 |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                                                        | 309,224   |                                                                                     |   | (33,556                                                                                                      | )      |                                                                           | —  |                                                                        |   | — |   |   | 275,668 |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                                        | 348,191   |                                                                                     |   | (70,433                                                                                                      | )      |                                                                           | (190,000 | )(1)                                                                        |   | — |   |   | 87,758 |   |
|                                                                           |   |                                                                        |      |                                                                                     |   |                                                                                                         |   |                                                                           |     |                                                                        |   |   |   |   |   |   |
|                                                                           |   | $                                                                           | 3,260,746 |                                                                                     | $      | (467,952                                                                                                     | )      | $                                                                              | (241,000 | )                                                                           | $      | (39,939 | ) | $ | 2,511,855 |   |

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

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

| Name                of Local Partnership                                       |   | Mortgage                loans                payable |       | Land   |   | Buildings                and improvements |   | Accumulated                depreciation |       |
|--------------------------------------------------------------------------------|--------|------------------------------------------------------|------------|--------|--------|-------------------------------------------|--------|-----------------------------------------|------------|
|                                                                           |   |                                                 |       |   |   |                                      |   |                                    |       |
| ACP                Housing Associates, L.P.                                    |   | $                                                    | 1,480,663  |   | $      | 14,000                                    |   | $                                       | 2,505,364  |   | $ | (675,869 | ) |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                 | 1,785,269  |   |   | 500,000                                   |   |                                    | 4,137,851  |   |   | (1,270,632 | ) |
| Edgewood                Manor Associates, L.P.                                 |   |                                                 | 1,823,490  |   |   | —                                   |   |                                    | —    |   |   | — |   |
| Ledge/McLaren                LimitedPartnership                                |   |                                                 | 439,865    |   |   | 123,673                                   |   |                                    | 692,445    |   |   | (224,646 | ) |
| Penn                Apartment Associates                                       |   |                                                 | 963,000    |   |   | 13,357                                    |   |                                    | 1,824,357  |   |   | (571,020 | ) |
| SB-92                Limited Partnership                                       |   |                                                 | 3,061,109  |   |   | 73,000                                    |   |                                    | 3,095,670  |   |   | (1,380,366 | ) |
| St.                Christopher’s Associates,                L.P. V       |   |                                                 | 2,180,000  |   |   | 31,829                                    |   |                                    | 2,798,730  |   |   | (1,535,216 | ) |
| St.                John HousingAssociates,                L.P.                 |   |                                                 | 4,058,497  |   |   | 74,800                                    |   |                                    | 8,279,308  |   |   | (2,915,876 | ) |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                                 | 1,562,893  |   |   | 202,845                                   |   |                                    | 2,751,251  |   |   | (834,960 | ) |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                 | 4,084,605  |   |   | 179,799                                   |   |                                    | 6,938,046  |   |   | (2,912,288 | ) |
|                                                                           |   |                                                 |       |   |   |                                      |   |                                    |       |   |   |   |   |
|                                                                           |   | $                                                    | 21,439,391 |   | $      | 1,213,303                                 |   | $                                       | 33,023,022 |   | $ | (12,320,873 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

|                                           |   | Balance                as ofDecember                31,2005 |        | Net                change during the year endedDecember                31,2006 |   | Balance                as ofDecember                31,2006 |   |
|-------------------------------------------|--------|-------------------------------------------------------------|-------------|--------------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|
|                                      |   |                                                        |        |                                                                           |   |                                                        |   |
| Land                                      |   | $                                                           | 1,213,303   |                                                                           | $      | —                                                     |   | $ | 1,213,303 |   |
| Buildings                and improvements |   |                                                        | 33,023,022  |                                                                           |   | 1,370,887                                                   |   |   | 34,393,909 |   |
|                                      |   |                                                        | 34,236,325  |                                                                           |   | 1,370,887                                                   |   |   | 35,607,212 |   |
| Accumulated                depreciation   |   |                                                        | (12,320,873 | )                                                                              |   | (1,076,019                                                  | )      |   | (13,396,892 | ) |
|                                      |   | $                                                           | 21,915,452  |                                                                           | $      | 294,868                                                     |   | $ | 22,210,320 |   |

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

|                                       |   | 2007   |   | 2006     |   | 2005    |   |
|--------------------------------------------|--------|--------|--------|----------|--------|---------|--------|
|                                       |   | Paid   |   | Incurred |   | Paid    |   | Incurred |   | Paid |   | Incurred |   |
|                                       |   |   |   |     |   |    |   |   |   |   |   |   |   |
| Management                fee (see Note 8) |   | $      | 83,677 |     | $      | 192,141 |   | $ | 195,214 |   | $ | 192,141 |   | $ | 146,603 |   | $ | 192,141 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

|                                                                                                                                    |   | 2007   |       | 2006   |   | 2005       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
| Financial                statement net loss for the years ended March 30, 2007, 2006 and                2005                            |   | $      | (317,604   | )      | $      | (880,402   | )      | $ | (862,968 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Add                (less) net transactions occurring between                                                                            |   |   |       |   |   |       |   |   |   |   |
| January                1, 2004 and March 30, 2004                                                                                       |   |   | —    |   |   | —    |   |   | (42,837 | ) |
| January                1, 2005 and March 30, 2005                                                                                       |   |   | —    |   |   | (41,716    | )      |   | 41,716 |   |
| January                1, 2006 and March 30, 2006                                                                                       |   |   | (37,423    | )      |   | 37,423     |   |   | — |   |
| January                1, 2007 and March 30, 2007                                                                                       |   |   | 36,415     |   |   | —    |   |   | — |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjusted                financial statement net loss for the years ended December 31, 2006,                2005                and 2004 |   |   | (318,612   | )      |   | (884,695   | )      |   | (864,089 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjustment                to management fee pursuant to Internal Revenue Code Section                267                                |   |   | 21,860     |   |   | 22,260     |   |   | 18,467 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Differences                arising from equity in loss of investment in local                partnerships                               |   |   | (1,092,375 | )      |   | (454,063   | )      |   | (522,482 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Other                differences                                                                                                        |   |   | (137       | )      |   | (351       | )      |   | 1,041 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Tax                return net loss for the years ended December 31, 2006, 2005 and                2004                                  |   | $      | (1,389,264 | )      | $      | (1,316,849 | )      | $ | (1,367,063 | ) |

|                                                                  |   | 2006   |      | 2005   |   |
|-----------------------------------------------------------------------|--------|--------|-----------|--------|--------|
|                                                                  |   |   |      |   |   |
| Investment                in local partnerships - financial reporting |   | $      | 2,301,070 |   | $      | 2,511,855 |   |
| Investment                in local partnerships - tax                 |   |   | (460,575  | )      |   | 867,586 |   |
|                                                                  |   |   |      |   |   |   |   |
|                                                                  |   | $      | 2,761,645 |   | $      | 1,644,269 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2007, 2006 AND 2005**

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

|                                                                         |   | First                  Quarter |    | Second                  Quarter |   | Third                  Quarter |   | Fourth                  Quarter |     |
|------------------------------------------------------------------------------|--------|--------------------------------|---------|---------------------------------|--------|--------------------------------|--------|---------------------------------|----------|
| 2007                                                                         |   |                           |    |                            |   |                           |   |                            |     |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |
| Total                  revenue                                               |   | $                              | 22,037  |                            | $      | 23,787                         |   | $                               | 23,951   |   | $ | 22,364 |   |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Expenses                                                                     |   |                           | (61,111 | )                               |   | (57,881                        | )      |                            | (60,537  | ) |   | (58,779 | ) |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Equity                  in income (loss) of                                  |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| investment                  in local                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| partnerships                                                                 |   |                           | (28,967 | )                               |   | (29,384                        | )      |                            | 56,800   |   |   | (169,884 | ) |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Net                  income (loss)                                           |   |                           | (68,041 | )                               |   | (63,478                        | )      |                            | 20,214   |   |   | (206,299 | ) |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Net                  income (loss) per unit of beneficial ownership interest |   |                           | (3.61   | )                               |   | (3.37                          | )      |                            | 1.07     |   |   | (10.95 | ) |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| 2006                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Total                  revenue                                               |   | $                              | 17,119  |                            | $      | 19,650                         |   | $                               | 21,013   |   | $ | 21,076 |   |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Expenses                                                                     |   |                           | (61,094 | )                               |   | (65,931                        | )      |                            | (64,784  | ) |   | (58,499 | ) |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Equity                  in loss of investment                                |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| in                  local partnerships                                       |   |                           | (30,533 | )                               |   | (43,543                        | )      |                            | (75,993  | ) |   | (558,883 | ) |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Net                  loss                                                    |   |                           | (74,508 | )                               |   | (89,824                        | )      |                            | (119,764 | ) |   | (596,306 | ) |
|                                                                         |   |                           |    |                            |   |                           |   |                            |     |   |   |   |   |
| Net                  loss per unit of beneficial ownership interest          |   |                           | (3.95   | )                               |   | (4.77                          | )      |                            | (6.36    | ) |   | (31.64 | ) |

----

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

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

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

**PART      III**

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

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

----

**Richard      Paul Richman**

**Stephen      B. Smith**

**David      A. Salzman, **

**Neal      Ludeke**

----

**Item      10. **
**Directors      and Executive Officers of the Registrant (continued)**

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

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

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

----

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

|                                  |   |   | 2007    |   |   | 2006    |   |
|---------------------------------------|--------|--------|---------|--------|--------|---------|--------|
| Audit                    Fees         |   | $      | 25,800  |   | $      | 24,247  |   |
| Audit-Related                    Fees |   |   | — |   |   | — |   |
| Tax                    Fees           |   | $      | 5,000   |   | $      | 5,000   |   |
| All                    Other Fees     |   |   | — |   |   | — |   |

----

**PART        IV**

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

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

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

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

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

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

----

|   |   | Exhibit                                                                                                                                                                                                                                                          |   | Incorporated                      by Reference                      to                                                       |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 10.11  |   | First                  Amendment to Penn Apartment Associates Amended and Restated Agreement                  of                  Limited Partnership                                                                                                            |   | Exhibit                  10.8 to Form 10-K Report dated                  March 30, 1994(File                  No. 33-58032)       |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 10.12  |   | Second                  Amendment to Penn Apartment Associates Amended and Restated Agreement                  of                  Limited Partnership                                                                                                           |   | Exhibit                  10.9 to Form 10-K Report dated                  March 30, 1994(File                  No. 33-58032)       |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 10.13  |   | SB-92                  Limited Partnership Amended and Restated Agreement of Limited                  Partnership                                                                                                                                                |   | Exhibit                  10.6 to Form 10-Q Reportdated                  December 30, 1993(File                  No. 33-58032)     |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 10.14  |   | St.                  Christopher's Associates, L.P. V Amended and Restated Agreement                  of Limited                  Partnership                                                                                                                    |   | Exhibit                  10.1 to Form 10-Q Report dated                  June 29, 1994(File                  No. 33-58032)        |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 10.15  |   | St.                  John Housing Associates, L.P. Amended and Restated Agreement of                  Limited                  Partnership                                                                                                                       |   | Exhibit                  10.7 to Form 10-Q Reportdated                  December 30, 1993(File                  No. 33-58032)     |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 10.16  |   | Starved                  Rock - LaSalle Manor Limited Partnership Amended and Restated Agreement                  of                  Limited Partnership                                                                                                        |   | Exhibit                  10.2 to Form 10-Q Report dated                  September 29, 1995(File                  No. 0-24600)    |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 10.17  |   | Vision                  Limited Dividend Housing Association Limited Partnership Amended                  and                  Restated Agreement of Limited Partnership                                                                                         |   | Exhibit                  10.3 to Form 10-Q Report dated                  December 30, 1994(File                  No. 0-24600)     |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| *31.1  |   | Rule                  13a-14(a)/15d-14(a) Certification of Chief Executive                  Officer                                                                                                                                                              |   |                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| *31.2  |   | Rule                  13a-14(a)/15d-14(a) Certification of Chief Financial                  Officer.                                                                                                                                                             |   |                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| *32.1  |   | Section                  1350 Certification of Chief Executive Officer.                                                                                                                                                                                          |   |                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| *32.2  |   | Section                  1350 Certification of Chief FinancialOfficer.                                                                                                                                                                                           |   |                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 99.1   |   | Pages                  11 through 21, 26 through 48 and 63 through 65 of Prospectus of                  Registrant                  dated September 7, 1993 filed pursuant to Rule 424 (b)(3) under                  the                  Securities Act of 1933 |   | Exhibit                  99.1 to Form 10-K Report dated                  March 30, 1994 (File                  No. 33-58032)      |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 99.2   |   | Supplement                  No. 2 dated November 16, 1993 to Prospectus                                                                                                                                                                                          |   | Exhibit                  28.1 to Form 10-Q Reportdated                  December 30, 1993(File                  No. 33-58032)     |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 99.3   |   | Supplement                  No. 3 dated November 23, 1994 to Prospectus                                                                                                                                                                                          |   | Exhibit                  99.3 to Form 10-K Report dated                  March 30, 1995 (File                  No. 0-24600)       |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 99.4   |   | Supplement                  No. 4 dated December 28, 1994 to Prospectus                                                                                                                                                                                          |   | Exhibit                  99.4 to Form 10-K Report dated                  March 30, 1995 (File                  No. 0-24600)       |
|   |   |                                                                                                                                                                                                                                                             |   |                                                                                                                              |
| 99.5   |   | Independent                    Auditor’s Report of ACP Housing Associates, L.P. as of and for the year                    ended December 31, 2004                                                                                                          |   | Exhibit                  99.10 to Form 10-K Report dated                  March 30, 2005 (File                  No. 0-24600) |

----

|   |   | Exhibit                                                                                                                                                                                                |   | Incorporated                      by Reference                      to                                                           |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| 99.6   |   | Independent                  Auditors’ Report of Creative Choice Homes VII, Ltd. as of and for the year                  ended December 31, 2004                                                 |   | Exhibit                99.11to                Form 10-K Report dated                March 30, 2005 (File                No. 0-24600)  |
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| 99.7   |   | Report                  of Independent Registered Public Accounting Firm of Vision L.D.H.A.                  Limited Partnership as of and for the year ended December 31,                  2004       |   | Exhibit                99.12 to                Form 10-K Report dated                March 30, 2005 (File                No. 0-24600) |
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| 99.8   |   | Report                    of Independent Registered Public Accounting Firm of Vision L.D.H.A.                    Limited Partnership as of and for the year ended December 31,                    2005 |   | Exhibit                  99.8 to Form 10-K Report dated                  March 30, 2006(File                  No. 0-24600)            |
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| 99.9   |   | Audited                    Financial Statements of Creative Choice Homes VII, Ltd. as of                    and for the                    year ended December 31, 2005                                |   | Exhibit                  99.9 to Form 10-K Report dated                  March 30, 2006(File                  No. 0-24600)            |
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| 99.10  |   | Audited                    Financial Statements of St. John Housing Associates Limited Partnership                    as                    of and for the year ended December 31, 2005                |   | Exhibit                  99.11 to Form 10-K Report dated                  March 30, 2006 (File                  No. 0-24600)     |
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| *99.11 |   | Independent                    Auditors’ Report of Ledge/McLaren Limited Partnership as of and for the                    year ended December 31, 2006                                           |   |                                                                                                                                  |
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| *99.12 |   | Audited                    Financial Statements of St. John Housing Associates Limited Partnership                    as                    of and for the year ended December 31, 2006                |   |                                                                                                                                       |
|   |   |                                                                                                                                                                                                   |   |                                                                                                                                  |
| *99.13 |   | Audited                    Financial Statements of Vision L.D.H.A. Limited Partnership as                    of and for                    the year ended December 31, 2006                            |   |                                                                                                                                       |

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

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

----

**SIGNATURES**

|                                 |                                                                                                                       |                                                                                      |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|
|                                 | **AMERICAN TAX CREDIT                TRUST,**a                  Delaware statutory business trustSeries                  I |
|                            |                                                                                                                  |                                                                                 |
|                                 | By:                                                                                                              | Richman                American                Credit Corp., The                  Manager |
|                                 |                                                                                                                       |                                                                                      |
| Dated: March                12, 2008 |                                                                                                                       | /s/ David Salzman                                                                    |
|                                 | David                  SalzmanChief                  Executive Officer                                                     |
|                                 |                                                                                                                       |
|                                 |                                                                                                                       |
| Dated: March                12, 2008 | /s/ Neal Ludeke                                                                                                            |
|                                 | Neal                  LudekeChief                  Financial Officer                                                       |

| Signature                                       |   | Title                                                   |   | Date                            |
|-------------------------------------------------|--------|---------------------------------------------------------|--------|---------------------------------|
|                                            |   |                                                    |   |                            |
| /s/                  David Salzman         |   | Chief                  Executive Officer of the Manager |   | March                  12, 2008 |
| (David                  Salzman)                |   |                                                    |   |                            |
|                                            |   |                                                    |   |                            |
| /s/                  Neal Ludeke           |   | Chief                  Financial Officer of the Manager |   | March                  12, 2008 |
| (Neal                  Ludeke)                  |   |                                                    |   |                            |
|                                            |   |                                                    |   |                            |
| /s/                  Richard Paul Richman  |   | Director                  of the Manager                |   | March                  12, 2008 |
| (Richard                  Paul Richman)         |   |                                                    |   |                            |

----