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

                                    FORM 10-K
                    (Mark One)
                [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                    For the fiscal year ended March 30, 2001
                                             --------------

                                       OR

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

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

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

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

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

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

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

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

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

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

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

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

Registrant has no voting stock.

Documents incorporated by reference:

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


<PAGE>


                                     PART I

Item 1.  Business

Formation

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

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

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

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

Competition

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

Employees

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


                                       2
<PAGE>


Item 1.  Business (continued)

Tax Reform Act of 1986, Revenue Act of 1987, Technical and Miscellaneous Revenue
Act of 1988, Omnibus Budget Reconciliation Act of 1989, Omnibus Budget
Reconciliation Act of 1990, Tax Extension Act of 1991, Omnibus Budget
Reconciliation Act of 1993, Uruguay Round Agreements Act, Tax and Trade Relief
Extension Act of 1998, Tax and Trade Relief Extension Act of 1999, Community
Renewal Tax Relief Act of 2000 and Economic Growth and Tax Relief Reconciliation
Act of 2001 (collectively the "Tax Acts")

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


Item 2.  Properties

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

Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low- income Tax Credits, which are generally available for a ten year period
from the year the Property is placed in service. The required holding period of
each Property, in order to avoid Low-income Tax Credit recapture, is fifteen
years from the year in which the Low-income Tax Credits commence on the last
building of the Property (the "Compliance Period"). In addition, certain of the
Local Partnerships have entered into agreements with the relevant state tax
credit agencies whereby the Local Partnerships must maintain the low-income
nature of the Properties for a period which exceeds the Compliance Period,
regardless of any sale of the Properties by the Local Partnerships after the
Compliance Period. The Properties must satisfy various requirements including
rent restrictions and tenant income limitations (the "Low-income Tax Credit
Requirements") in order to maintain eligibility for the recognition of the
Low-income Tax Credit at all times during the Compliance Period. Once a Local
Partnership has become eligible for the Low-income Tax Credit, it may lose such
eligibility and suffer an event of recapture if its Property fails to remain in
compliance with the Low-income Tax Credit Requirements. Through December 31,
2000, none of the Local Partnerships have suffered an event of recapture of
Low-income Tax Credits.

Certain of the Local Partnerships receive rental subsidy payments, including
payments under Section 8 of Title II of the Housing and Community Development
Act of 1974 ("Section 8") (see descriptions of subsidies on page 4). The subsidy
agreements expire at various times during and after the Compliance Periods of
the Local Partnerships. Since October 1997, the United States Department of
Housing and Urban Development ("HUD") has issued a series of directives related
to project based Section 8 contracts that define owners' notification
responsibilities, advise owners of project based Section 8 properties of what
their options are regarding the renewal of Section 8 contracts, provide guidance
and procedures to owners, management agents, contract administrators and HUD
staff concerning renewal of Section 8 contracts, provide policies and procedures
on setting renewal rents and handling renewal rent adjustments and provide the
requirements and procedures for opting-out of a Section 8 project based
contract. Registrant cannot reasonably predict legislative initiatives and
governmental budget negotiations, the outcome of which could result in a
reduction in funds available for the various federal and state administered
housing programs including the Section 8 program. Such changes could adversely
affect the future net operating income and debt structure of any or all Local
Partnerships currently receiving such subsidy or similar subsidies. Three Local
Partnerships' Section 8 contracts are currently subject to renewal under
applicable HUD guidelines.

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


                                       3
<PAGE>


Item 2.  Properties (continued)


<TABLE>
<CAPTION>

                                                 Capital contribution obligation      Mortgage
Name of Local Partnership            Number            as of March 30, 2001       loans payable as of   Subsidy
Name of apartment complex           of rental    -------------------------------    December 31,         (see
Apartment complex location           units       Total                  Paid            2000             footnotes)
--------------------------           -----       -----                  ----      -------------------    ----------
<S>                                 <C>         <C>              <C>             <C>                 <C>
ACP Housing Associates, L.P.
ACP Housing Apartments
New York, New York                      28   $   737,222         $   737,222      $ 1,495,073             (1b)

Creative Choice Homes VII, Ltd.
Coral Gardens
Homestead, Florida                      91     2,382,812           2,382,812        2,045,221        (1a & 1c)

Edgewood Manor Associates, L.P.
Edgewood Manor Apartments
Philadelphia, Pennsylvania              49     1,963,799           1,963,799        1,851,734             (1b)

Ledge / McLaren Limited Partnership
Ledge / McLaren Apartments
Nashua, New Hampshire                    8       343,079             343,079          454,333             (1b)

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

SB-92 Limited Partnership
Shaker Boulevard Gardens
Cleveland, Ohio                         73       795,255             795,255        2,009,797             (1b)

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

St. John Housing Associates, L.P.
St. John Homes
Gary, Indiana                          144     3,546,861           3,546,861        4,280,660        (1a & 1c)

Starved Rock - LaSalle Manor
 Limited Partnership
LaSalle Manor
LaSalle, Illinois                       48       634,327             634,327        1,734,360        (1a & 1c)

Vision Limited Dividend Housing
   Association Limited Partnership
Helen Odean Butler Apartments
Detroit, Michigan                       97     1,410,544           1,410,544        4,960,198             (1b)
                                             -----------         -----------      -----------
                                             $14,741,864         $14,672,564      $21,974,376
                                             ===========         ===========      ===========
</TABLE>


     (1)  Description of subsidies:

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

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

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


                                       4
<PAGE>


Item 3.  Legal Proceedings

Registrant is not aware of any material legal proceedings.


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

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


                                       5
<PAGE>


                                     PART II

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

Market Information and Holders

There is no established public trading market for Registrant's Units.
Accordingly, accurate information as to the market value of a Unit at any given
date is not available. The number of Beneficial Owners of Units as of May 31,
2001 was 869, holding 18,654 Units.

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

Distributions

Registrant owns a limited partnership interest in Local Partnerships that are
the owners of Properties that are leveraged and receive government assistance in
various forms of rental and debt service subsidies. The distribution of cash
flow generated by the Local Partnerships may be restricted, as determined by
each Local Partnership's financing and subsidy agreements. Accordingly,
Registrant does not anticipate that it will provide significant cash
distributions to its owners. There were no cash distributions to the owners
during the years ended March 30, 2001 and 2000.

Low-income Tax Credits, which are subject to various limitations, may be used by
Beneficial Owners to offset federal income tax liabilities. The Low-income Tax
Credits per Unit for each of the three closings, generated by Registrant and
allocated to the Beneficial Owners for the tax years ended December 31, 2000 and
1999 and the cumulative Low-income Tax Credits allocated from inception through
December 31, 2000 are as follows:


<TABLE>
<CAPTION>

                                        First closing      Second closing          Third closing
                                      November 29, 1993    January 28, 1994        May 25, 1994
                                      -----------------    ----------------        ------------
<S>                                  <C>                   <C>                   <C>
Low-income Tax Credits:
----------------------
Tax year ended December 31, 2000          $138.81               $138.81               $138.81
Tax year ended December 31, 1999           138.81                138.81                138.81

Cumulative totals                         $837.57               $835.39               $822.87
</TABLE>

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


                                       6
<PAGE>


Item 6.  Selected Financial Data

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


<TABLE>
<CAPTION>

                                                                        Years Ended March 30,
                                   ---------------------------------------------------------------------------------------
                                        2001               2000              1999               1998               1997
                                   -----------        -----------        -----------        -----------        -----------
<S>                                <C>                <C>                <C>                <C>                <C>
Interest revenue                   $   121,363        $   117,050        $   135,553        $   141,902        $   156,201
                                   ===========        ===========        ===========        ===========        ===========

Equity in loss of
 investment in
 local partnerships                $  (844,680)       $(1,036,130)       $(1,059,127)       $(1,023,224)       $(1,070,651)
                                   ===========        ===========        ===========        ===========        ===========
Net loss                           $  (950,341)       $(1,146,850)       $(1,170,347)       $(1,119,287)       $(1,170,580)
                                   ===========        ===========        ===========        ===========        ===========
Net loss per unit
 of beneficial ownership
 interest (18,654 Units)           $    (50.44)       $    (60.87)       $    (62.11)       $    (59.40)       $    (62.12)
                                   ===========        ===========        ===========        ===========        ===========
</TABLE>


<TABLE>
<CAPTION>
                                                                           As of March 30,
                                   ---------------------------------------------------------------------------------------
                                        2001               2000              1999               1998               1997
                                   -----------        -----------        -----------        -----------        -----------
<S>                                <C>                <C>                <C>                <C>                <C>
Total assets                       $10,481,154        $11,319,171        $12,715,649        $14,089,314        $15,071,351
                                   ===========        ===========        ===========        ===========        ===========
</TABLE>


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

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

Capital Resources and Liquidity

Registrant admitted beneficial owners (the "Beneficial Owners") in three
closings with aggregate Beneficial Owners' capital contributions of $18,654,000.
In connection with the offering of the sale of units of beneficial ownership,
Registrant incurred organization and offering costs of approximately $2,331,000
and established a working capital reserve of approximately $1,287,000. The
remaining net proceeds of approximately $15,036,000 (the "Net Proceeds") were
available to be applied to the acquisition of limited partnership interests in
local partnerships (the "Local Partnerships") which own low-income multifamily
residential complexes (the "Property" or "Properties") which qualify for the
low-income tax credit in accordance with Section 42 of the Internal Revenue Code
(the "Low-income Tax Credit"). The Net Proceeds were utilized in acquiring an
interest in ten Local Partnerships. Restricted cash in the balance sheet as of
March 30, 2001 represents an outstanding capital contribution payable to a Local
Partnership and accrued interest thereon, which is payable upon such Local
Partnership's satisfaction of specified conditions.

As of March 30, 2001, Registrant has unrestricted cash and cash equivalents and
investments in bonds totaling $2,052,210, which is available for operating
expenses of Registrant and circumstances which may arise in connection with the
Local Partnerships. As of March 30, 2001, Registrant's investments in bonds
represent corporate bonds of $1,863,424 with various maturity dates ranging from
2003 to 2016. Registrant acquired such investments in bonds with the intention
of utilizing proceeds generated by such investments to meet its annual
obligations. Future sources of Registrant funds are expected primarily from
interest earned on working capital and limited cash distributions from Local
Partnerships.


                                       7
<PAGE>


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


During the year ended March 30, 2001, Registrant received cash from interest
revenue, sale/redemption of bonds and distributions from Local Partnerships and
utilized cash for operating expenses, investments in bonds and a capital
contribution to a Local Partnership. Cash and cash equivalents and investments
in bonds increased, in the aggregate, by approximately $113,000 during the year
ended March 30, 2001 (which includes a net unrealized gain on investments in
bonds of approximately $32,000 and the amortization of net premium on
investments in bonds of approximately $4,000). Notwithstanding circumstances
that may arise in connection with the Properties, Registrant does not expect to
realize significant gains or losses on its investments in bonds, if any.

During the year ended March 30, 2001, the investment in local partnerships
decreased as a result of Registrant's equity in the Local Partnerships' net loss
for the year ended December 31, 2000 of $844,680 and cash distributions received
from Local Partnerships of $105,311. Payable to manager in the accompanying
balance sheet as of March 30, 2001 represents accrued management fees.

Results of Operations

Registrant's operating results are dependent upon the operating results of the
Local Partnerships and are significantly impacted by the Local Partnerships'
policies. In addition, the operating results herein are not necessarily the same
for tax reporting. Registrant accounts for its investment in local partnerships
in accordance with the equity method of accounting. Accordingly, the investment
is carried at cost which includes capital contributions payable, and is adjusted
for Registrant's share of each Local Partnership's results of operations and by
cash distributions received. Equity in loss of each investment in Local
Partnership allocated to Registrant is recognized to the extent of Registrant's
investment balance in each Local Partnership. Equity in loss in excess of
Registrant's investment balance in a Local Partnership is allocated to other
partners' capital in any such Local Partnership. As a result, the reported
equity in loss of investment in local partnerships is expected to decrease as
Registrant's investment balances in the respective Local Partnerships become
zero. As of March 30, 2001, no investment in any Local Partnership has reached a
zero balance.

Registrant's operations for the years ended March 30, 2001, 2000 and 1999
resulted in net losses of $950,341, $1,146,850 and $1,170,347, respectively. The
decrease in loss from fiscal 2000 to fiscal 2001 is primarily attributable to a
decrease in equity in loss of investment in local partnerships of approximately
$191,000, which decrease resulted primarily from a net decrease in the net
operating losses of certain Local Partnerships.

The Local Partnerships' net loss of approximately $853,000 for the year ended
December 31, 2000 includes depreciation and amortization expense of
approximately $1,248,000 and interest on non-mandatory debt of approximately
$284,000, and does not include principal payments on permanent mortgages of
approximately $381,000. The Local Partnerships' net loss of approximately
$1,047,000 for the year ended December 31, 1999 includes depreciation and
amortization expense of approximately $1,289,000 and interest on non-mandatory
debt of approximately $295,000, and does not include principal payments on
permanent mortgages of approximately $364,000. The Local Partnerships' net loss
of approximately $1,068,000 for the year ended December 31, 1998 includes
depreciation and amortization expense of approximately $1,396,000 and interest
on non-mandatory debt of approximately $300,000, and does not include principal
payments on permanent mortgages and construction loans of approximately
$349,000. The results of operations of the Local Partnerships for the year ended
December 31, 2000 are not necessarily indicative of the results that may be
expected in future periods.

Local Partnership Matters

Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low- income Tax Credits, which are generally available for a ten year period
from the year the Property is placed in service. The required holding period of
each Property, in order to avoid Low-income Tax Credit recapture, is fifteen
years from the year in which the Low-income Tax Credits commence on the last
building of the Property (the "Compliance Period"). In addition, certain of the
Local Partnerships have entered into agreements with the relevant state tax
credit agencies whereby the Local Partnerships must maintain the low-income
nature of the Properties for a period which exceeds the Compliance Period,
regardless of any sale of the Properties by the Local Partnerships after the
Compliance Period. The Properties must satisfy various requirements including
rent restrictions and tenant income limitations (the "Low-income


                                       8
<PAGE>


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

Tax Credit Requirements") in order to maintain eligibility for the recognition
of the Low-income Tax Credit at all times during the Compliance Period. Once a
Local Partnership has become eligible for the Low-income Tax Credit, it may lose
such eligibility and suffer an event of recapture if its Property fails to
remain in compliance with the Low-income Tax Credit Requirements. Through
December 31, 2000, none of the Local Partnerships have suffered an event of
recapture of Low-income Tax Credits.

The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States. Certain
of the Local Partnerships receive rental subsidy payments, including payments
under Section 8 of Title II of the Housing and Community Development Act of 1974
("Section 8"). The subsidy agreements expire at various times during the
Compliance Periods of the Local Partnerships. Since October 1997, the United
States Department of Housing and Urban Development ("HUD") has issued a series
of directives related to project based Section 8 contracts that define owners'
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8 contracts,
provide policies and procedures on setting renewal rents and handling renewal
rent adjustments and provide the requirements and procedures for opting-out of a
Section 8 project based contract. Registrant cannot reasonably predict
legislative initiatives and governmental budget negotiations, the outcome of
which could result in a reduction in funds available for the various federal and
state administered housing programs including the Section 8 program. Such
changes could adversely affect the future net operating income and debt
structure of any or all Local Partnerships currently receiving such subsidy or
similar subsidies. Three Local Partnerships' Section 8 contracts are currently
subject to renewal under applicable HUD guidelines.

The Local Partnerships have various financing structures which include (i)
required debt service payments ("Mandatory Debt Service") and (ii) debt service
payments which are payable only from available cash flow subject to the terms
and conditions of the notes, which may be subject to specific laws, regulations
and agreements with appropriate federal and state agencies ("Non-Mandatory Debt
Service or Interest"). In the event rents are not sufficient to cover operating
expenses, Mandatory Debt Service requirements and other charges, certain general
partners of the Local Partnerships (the "Local General Partners") are obligated
to provide advances to cover deficits for a certain period of time up to certain
amounts (the "Deficit Guarantee"). A Local General Partner's funding of such
Deficit Guarantee is dependent on its liquidity or ability to borrow the
required funds. During the year ended December 31, 2000, revenue from operations
of the Local Partnerships has generally been sufficient to cover operating
expenses and Mandatory Debt Service. Substantially all of the Local Partnerships
are effectively operating at or above break even levels, although certain Local
Partnerships' operating information reflects operating deficits that do not
represent cash deficits due to their mortgage and financing structure and the
required deferral of property management fees. However, as discussed below, one
Local Partnership's operating information indicates an operating deficit after
taking into account its mortgage and financing structure and any required
deferral of property management fees.

The terms of the partnership agreement of St. Christopher's  Associates,  L.P.
V ("St.  Christopher")  require the Local General  Partner to advance funds to
cover  operating  deficits  through the  Compliance  Period.  St.  Christopher
incurred  an  operating  deficit of  approximately  $83,000 for the year ended
December 31, 2000. St.  Christopher has an operating  reserve of approximately
$331,000 as of December  31,  2000.  In addition,  unpaid  Registrant  capital
contributions and accrued interest thereon total approximately  $128,000 as of
March 30, 2001.  There is no  Mandatory  Debt Service and payments on the real
estate  taxes  are  current.  Of  Registrant's  total  annual  Low-income  Tax
Credits, approximately 14% is allocated from St. Christopher.

Inflation

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


                                       9
<PAGE>


Item 7a.  Quantitative and Qualitative Disclosure about Market Risk

Registrant has invested a significant portion of its working capital reserves in
corporate bonds. The market value of such investments is subject to fluctuation
based upon changes in interest rates relative to each investment's maturity
date. Since Registrant's investments in bonds have various maturity dates
through 2016, the value of such investments may be adversely impacted in an
environment of rising interest rates in the event Registrant decides to
liquidate any such investment prior to its maturity. Although Registrant may
utilize reserves to assist an under performing Property, it otherwise intends to
hold such investments to their respective maturities. Therefore, Registrant does
not anticipate any material adverse impact in connection with such investments.


                                       10
<PAGE>


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


Item 8.  Financial Statements and Supplementary Data



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

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

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

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

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

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

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



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


                                       11
<PAGE>


                          Independent Auditors' Report



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

      We have audited the accompanying balance sheets of American Tax Credit
Trust, a Delaware statutory business trust Series I as of March 30, 2001 and
2000, and the related statements of operations, changes in owners' equity
(deficit) and cash flows for each of the three years in the period ended March
30, 2001. These financial statements are the responsibility of the trust's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

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

      In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of American Tax Credit Trust, a
Delaware statutory business trust Series I as of March 30, 2001 and 2000, and
the results of its operations and its cash flows for each of the three years in
the period ended March 30, 2001, in conformity with generally accepted
accounting principles.



/s/ Reznick Fedder & Silverman
------------------------------
Bethesda, Maryland
May 17, 2001


                                       12
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                                 BALANCE SHEETS
                             MARCH 30, 2001 AND 2000


<TABLE>
<CAPTION>

                                                     Notes         2001                2000
                                                   ----------    -----------        -----------
<S>                                                <C>           <C>                <C>
ASSETS

Cash and cash equivalents                              3,9       $   188,786        $ 1,003,497
Restricted cash                                       3,5,9          128,155            127,932
Investments in bonds                                   4,9         1,863,424            936,079
Investment in local partnerships                       5,8         8,285,946          9,235,937
Interest receivable                                     9             14,843             15,726
                                                                 -----------        -----------
                                                                 $10,481,154        $11,319,171
                                                                 ===========        ===========
LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

Accounts payable and accrued expenses                            $    29,150        $    25,200
Payable to manager                                     6,8           642,237            566,037
Capital contributions payable                          5,9            69,300             76,800
Interest payable                                       5,9            58,855             51,132
                                                                 -----------        -----------
                                                                     799,542            719,169
                                                                 ===========        ===========
Commitments and contingencies                          5,8

Owners' equity (deficit)                               2,4

  Manager                                                            (66,872)           (57,369)
  Beneficial owners (18,654 units of beneficial
   ownership interest outstanding)                                 9,767,873         10,708,711
  Accumulated other comprehensive income (loss), net                 (19,389)           (51,340)
                                                                 -----------        -----------
                                                                   9,681,612         10,600,002
                                                                 ===========        ===========
                                                                 $10,481,154        $11,319,171
                                                                 ===========        ===========
</TABLE>

                       See Notes to Financial Statements.


                                       13
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF OPERATIONS
                    YEARS ENDED MARCH 30, 2001, 2000 AND 1999


<TABLE>
<CAPTION>
                                   Notes            2001                2000               1999
                                -----------    ------------        -------------       -----------
<S>                             <C>            <C>                 <C>                 <C>
REVENUE

Interest                                       $   121,363         $   117,050         $   135,553
                                               ------------        -------------       -----------
TOTAL REVENUE                                      121,363             117,050             135,553
                                               ------------        -------------       -----------

EXPENSES

Management fee                     6,8             192,117             192,117             192,238
Professional fees                                   26,011              23,914              30,454
Printing, postage and other                          8,896              11,739              14,081
Amortization                                                                                10,000
                                               ------------        -------------       -----------
TOTAL EXPENSES                                     227,024             227,770             246,773
                                               ------------        -------------       -----------
Loss from operations                              (105,661)           (110,720)           (111,220)

Equity in loss of investment in
   local partnerships                5            (844,680)         (1,036,130)         (1,059,127)
                                               ------------        -------------       -----------
NET LOSS                                          (950,341)         (1,146,850)         (1,170,347)

Other comprehensive income (loss)    4              31,951             (58,730)              2,302
                                               ------------        -------------       -----------
COMPREHENSIVE LOSS                             $  (918,390)        $(1,205,580)        $(1,168,045)
                                               ============        =============       ===========

NET LOSS ATTRIBUTABLE TO             2

   Manager                                     $    (9,503)        $   (11,469)        $   (11,703)
   Beneficial owners                              (940,838)         (1,135,381)         (1,158,644)
                                               ------------        -------------       -----------
                                               $  (950,341)        $(1,146,850)        $(1,170,347)
                                               ============        =============       ===========


NET LOSS per unit of beneficial
   ownership interest (18,654
   units of beneficial
    ownership interest)                        $    (50.44)        $    (60.87)        $    (62.11)
                                               ============        =============       ===========
</TABLE>


                       See Notes to Financial Statements.


                                       14
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
              STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIT)
                  YEARS ENDED MARCH 30, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                                          Accumulated
                                                                             Other
                                                                         Comprehensive
                                                            Beneficial    Income (Loss),
                                                Manager       Owners           Net            Total
                                           -------------   ------------    ------------    ------------
<S>                                       <C>             <C>             <C>             <C>
Owners' equity (deficit), March 30, 1998   $    (34,197)   $ 13,002,736    $      5,088    $ 12,973,627

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

Other comprehensive income, net                                                   2,302           2,302
                                           -------------   ------------    ------------    ------------

Owners' equity (deficit), March 30, 1999        (45,900)     11,844,092           7,390      11,805,582


Net loss                                        (11,469)     (1,135,381)                     (1,146,850)

Other comprehensive loss, net                                                   (58,730)        (58,730)
                                           -------------   ------------    ------------    ------------

Owners' equity (deficit), March 30, 2000        (57,369)     10,708,711         (51,340)     10,600,002


Net loss                                         (9,503)       (940,838)                       (950,341)

Other comprehensive income, net                                                  31,951          31,951
                                           -------------   ------------    ------------    ------------

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

                       See Notes to Financial Statements.

                                       15
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                  YEARS ENDED MARCH 30, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                 2001           2000           1999
                                             -----------    ------------   ------------
<S>                                          <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                            $   151,939    $   127,607    $   144,822
Cash paid for
   Management fee                               (115,917)      (100,000)      (100,000)
   Professional fees                             (24,044)       (23,594)       (29,574)
   printing, postage and other expenses           (6,913)       (12,239)       (12,081)
                                             -----------    ------------   ------------

Net cash provided by (used in) operating
   activities                                      5,065         (8,226)         3,167
                                             -----------    ------------   ------------
CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships       105,311         62,385        102,497
Transfer from (to) restricted cash                  (223)       282,835        300,738
Investment in local partnerships                  (7,500)      (270,640)      (306,433)
Proceeds from sale/redemption of bonds           105,421
Investments in bonds (includes $20,715 of
   accrued interest)                          (1,022,785)
                                             -----------    ------------   ------------

Net cash provided by (used in) investing
   activities                                   (819,776)        74,580         96,802
                                             -----------    ------------   ------------

Net increase (decrease) in cash and cash        (814,711)        66,354         99,969
   equivalents

Cash and cash equivalents at beginning of
   year                                        1,003,497        937,143        837,174
                                             -----------    ------------   ------------

CASH AND CASH EQUIVALENTS AT END OF YEAR     $   188,786    $ 1,003,497    $  937,143
                                             ===========    ============   ============

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain (loss) on investments in
   bonds, net                                $    31,951    $   (58,730)   $    2,302
                                             ===========    ============   ============

Decrease in capital contributions payable                   $   (19,177)
                                                            ============
-----------------------------------------------------------------------------------------
</TABLE>

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

                       See Notes to Financial Statements.

                                       16
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                    YEARS ENDED MARCH 30, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                     2001         2000          1999
                                                  ------------   -----------    -----------
RECONCILIATION OF NET LOSS TO NET CASH
  PROVIDED BY (USED IN) OPERATING ACTIVITIES

<S>                                               <C>            <C>            <C>
Net loss                                          $  (950,341)   $(1,146,850)   $(1,170,347)

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

     Equity in loss of investment in local
     partnerships                                     844,680      1,036,130      1,059,127
     Amortization of organization costs                                              10,000
     Gain on sale/redemption of bonds                  (2,572)
     Amortization of net premium on investments         3,827          3,575          3,574
     in bonds
     Decrease in interest receivable                   21,598
     Increase (decrease) in accounts payable
     and accrued expenses                               3,950           (180)         2,880
     Increase in payable to manager                    76,200         92,117         92,238
     Increase in interest payable                       7,723          6,982          5,695
                                                  ------------   -----------    -----------
NET CASH PROVIDED BY (USED IN) OPERATING
  ACTIVITIES                                      $     5,065    $    (8,226)   $     3,167
                                                  ============   ===========    ============
</TABLE>

                       See Notes to Financial Statements.

                                       17
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                          MARCH 30, 2001, 2000 AND 1999


1. Organization, Purpose and Summary of Significant Accounting Policies

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

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

   Basis of Accounting and Fiscal Year

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

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

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

   Use of Estimates

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

   Cash and Cash Equivalents

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


                                       18

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


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

   Restricted Cash

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

   Investments in Bonds

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

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

   Interest on Capital Contributions Payable to Local Partnerships

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

   Organization Costs

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

   Income Taxes

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

   Reclassifications

   Certain reclassifications have been made to the prior year Local Partnership
   balances in Note 5 to conform to the current year presentation.


                                       19

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999

2. Capital Contributions

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

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

3. Cash and Cash Equivalents and Restricted Cash

   As of March 30, 2001, the Trust has cash and cash equivalents and restricted
   cash in the aggregate of $316,941, which are deposited in interest-bearing
   accounts with an institution that is not insured by the Federal Deposit
   Insurance Corporation.

4. Investments in Bonds

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

   As of March 30, 2001, certain information concerning investments in bonds is
   as follows:

<TABLE>
<CAPTION>
                                                           Gross           Gross
                                         Amortized      unrealized      unrealized     Estimated
Description and maturity                    cost           gains           losses     fair value
------------------------               -----------      ----------      ----------    -----------
<S>                                    <C>             <C>            <C>               <C>
Corporate debt securities
  After one year through five years    $ 1,300,801     $  22,051       $(43,678)      $ 1,279,174
  After five years through ten years       379,814         7,991           (794)          387,011
  After ten years                          202,198           212         (5,171)          197,239
                                       -----------      ----------      ----------    -----------
                                       $ 1,882,813     $  30,254       $(49,643)      $ 1,863,424
                                       ===========     =========       =========      ===========
</TABLE>

<TABLE>
<CAPTION>

   As of March 30, 2000, certain information concerning investments in bonds is as follows:

                                                           Gross           Gross
                                         Amortized      unrealized      unrealized     Estimated
Description and maturity                    cost           gains           losses     fair value
------------------------               -----------     -----------      ----------    -----------
<S>                                    <C>             <C>                <C>         <C>
Corporate debt securities
  After one year through five years    $  99,104       $    --            (1,259)     $  97,845
  After five years through ten years     686,163            --           (39,028)       647,135
  After ten years                        202,152            --           (11,053)       191,099
                                       -----------      ----------      ----------    -----------
                                       $ 987,419       $    --           (51,340)     $ 936,079
                                       ===========     ===========      ==========    ===========
</TABLE>

                                       20


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


5. Investment in Local Partnerships

   As of March 30, 2001, the Trust owns a 98.9%-99% limited partnership interest
   in the following Local Partnerships:

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

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

   The Properties are principally comprised of subsidized and leveraged
   low-income multifamily residential complexes located throughout the United
   States. The required holding period of each Property, in order to avoid
   Low-income Tax Credit recapture, is fifteen years from the year in which the
   Low-income Tax Credits commence on the last building of the Property (the
   "Compliance Period"). The rents of the Properties are controlled by federal
   and state agencies pursuant to applicable laws and regulations. Under the
   terms of each of the Local Partnership's partnership agreements, the Trust
   has committed to make capital contribution payments in the aggregate amount
   of $14,741,864, of which the Trust has paid $14,672,564 and $69,300 is
   payable as of March 30, 2001. Restricted cash in the accompanying balance
   sheet as of March 30, 2001 represents such outstanding capital contribution
   along with accrued interest thereon of $58,855. The outstanding capital
   contribution is payable upon one Local Partnership's satisfaction of
   specified conditions. As of December 31, 2000, the Local Partnerships have
   outstanding mortgage loans payable totaling approximately $21,974,000 and
   accrued interest payable on such loans totaling approximately $1,414,000,
   which are secured by security interests and liens common to mortgage loans on
   the Local Partnerships' real property and other assets.

   The combined balance sheets of the Local Partnerships as of December 31, 2000
   and 1999 and the combined statements of operations of the Local Partnerships
   for the years ended December 31, 2000, 1999 and 1998 are reflected on pages
   22 and 23, respectively.


                                       21

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999

5. Investment in Local Partnerships (continued)

   The combined balance sheets of the Local Partnerships as of December 31, 2000
and 1999 are as follows:

<TABLE>
<CAPTION>
                                                                    2000                      1999
                                                                ------------              ------------
   ASSETS
<S>                                                            <C>                       <C>
Cash and cash equivalents                                       $    411,588              $    515,116
Rents receivable                                                      60,415                   117,466
Capital contributions receivable                                      76,800                    76,800
Escrow deposits and reserves                                       1,605,749                 1,647,606
Land                                                               1,267,153                 1,267,153
Buildings and improvements (net of accumulated
  depreciation of $7,989,706 and $6,762,545)                      29,168,885                30,321,993
Intangible assets (net of accumulated amortization
  of $168,156 and $176,272)                                          281,716                   302,368
Other                                                                252,357                   250,222
                                                                ------------              ------------
                                                                $ 33,124,663              $ 34,498,724
                                                                ============              ============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                         $    404,348              $    465,926
  Due to related parties                                             721,984                   896,462
  Mortgage loans                                                  21,974,376                22,355,808
  Notes payable                                                      100,000                   100,000
  Accrued interest                                                 1,413,749                 1,221,503
  Other                                                              169,057                   158,432
                                                                ------------              ------------
                                                                  24,783,514                25,198,131
                                                                ============              ============
Partners' equity (deficit)

  American Tax Credit Trust, Series I
   Capital contributions, net of distributions
     (includes receivable of $76,800)                             14,344,333                14,449,644
   Cumulative loss                                                (6,058,387)               (5,213,707)
                                                                ------------              ------------
                                                                   8,285,946                 9,235,937
                                                                ------------              ------------
  General partners and other limited partners
   Capital contributions, net of distributions                       340,203                   341,103
   Cumulative loss                                                  (285,000)                 (276,447)
                                                                ------------              ------------
                                                                      55,203                    64,656
                                                                ------------              ------------

                                                                   8,341,149                 9,300,593
                                                                ------------              ------------

                                                                $ 33,124,663              $ 34,498,724
                                                                ============              ============
</TABLE>


                                       22

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


5. Investment in Local Partnerships (continued)

   The combined statements of operations of the Local Partnerships for the years
   ended December 31, 2000, 1999 and 1998 are as follows:

<TABLE>
<CAPTION>

                                                             2000                 1999                  1998
                                                        -----------           -----------           -----------
<S>                                                     <C>                   <C>                   <C>
   REVENUE


Rental                                                  $ 3,824,494           $ 3,759,527           $ 3,685,514
Interest and other                                          168,682               172,059               160,274
                                                        -----------           -----------           -----------
TOTAL REVENUE                                             3,993,176             3,931,586             3,845,788
                                                        -----------           -----------           -----------

EXPENSES

Administrative                                              780,597               839,372               762,133
Utilities                                                   488,186               505,172               480,467
Operating and maintenance                                   916,487               908,592               841,319
Taxes and insurance                                         485,418               475,010               453,325
Financial                                                   927,908               961,450               980,631
Depreciation and amortization                             1,247,813             1,288,599             1,395,974
                                                        -----------           -----------           -----------

 TOTAL EXPENSES                                           4,846,409             4,978,195             4,913,849
                                                        -----------           -----------           -----------
NET LOSS                                                $  (853,233)          $(1,046,609)          $(1,068,061)
                                                        ===========           ===========           ===========

 NET LOSS ATTRIBUTABLE TO

  American Tax Credit Trust, Series I                   $  (844,680)          $(1,036,130)          $(1,059,127)
  General partners and other limited
   partners, which includes specially
   allocated items of revenue to
   certain general partners of $1,883 in 1998                (8,553)              (10,479)               (8,934)
                                                        -----------           -----------           -----------
                                                        $  (853,233)          $(1,046,609)          $(1,068,061)
                                                        ===========           ===========           ===========
</TABLE>

                                       23

<PAGE>



                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


5. Investment in Local Partnerships (continued)

   Investment and capital contribution activity with respect to each Local
   Partnership for the year ended March 30, 2001 is as follows:

<TABLE>
<CAPTION>

                                       Investment in                                Cash           Investment in
                                         Local               Trust's              distributions        Local            Capital
                                       Partnership      equity in loss for     received during   Partnership       contributions
                                     balance as of    the year ended            the year ended    balance as of      payable as of
   Name of Local                        March 30,           December 31,           March 30,        March 30,           March 30,
Name of Local Partnership                 2000                2000                   2001           2001                 2001
-------------------------            -----------        ------------            ----------          -----------       -----------
<S>                                  <C>                <C>                     <C>                 <C>               <C>
ACP Housing Associates, L.P.         $   343,366        $   (58,628)            $    --             $   284,738       $      --

Creative Choice Homes                  1,597,945           (118,355)              (13,211)            1,466,379              --
 VII, Ltd.

Edgewood Manor                         1,061,081           (141,783)                 --                 919,298              --
 Associates, L.P.

Ledge / McLaren Limited
 Partnership                             278,186            (11,295)                 --                 266,891              --

Penn Apartment Associates                260,592            (90,058)                 --                 170,534              --

SB-92 Limited Partnership                372,083            (59,678)               (3,000)              309,405              --


St. Christopher's
 Associates, L.P. V                    1,273,831           (200,753)                 --               1,073,078            69,300

St. John Housing
 Associates, L.P.                      2,749,436            (15,154)              (89,100)            2,645,182              --

Starved Rock - LaSalle
 Manor Limited Partnership               451,038            (32,968)                 --                 418,070              --

Vision Limited Dividend
 Housing Association
 Limited Partnership                     848,379           (116,008)                 --                 732,371              --
                                     -----------        ------------            ----------          -----------       -----------
                                     $ 9,235,937        $  (844,680)            $(105,311)          $ 8,285,946       $    69,300
                                     ===========        ============            ==========          ===========       ===========
</TABLE>

                                       24

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


5. Investment in Local Partnerships (continued)

   Investment and capital contribution activity with respect to each Local
   Partnership for the year ended March 30, 2000 is as follows:

<TABLE>
<CAPTION>

                                           Investment in                      Decrease in          Cash
                                              Local            Trust's        investment       distributions
                                           Partnership    equity in loss for    during         received during
                                           balance as of    the year ended   the year ended     the year ended
                                             March 30,      December 31,        March 30,         March 30,
Name of Local Partnership                      1999             1999             2000              2000
-------------------------                ------------    -------------         -------------   -------------
<S>                                      <C>             <C>                   <C>             <C>
ACP Housing Associates, L.P.             $    453,782    $   (110,416)         $       --      $       --

Creative Choice Homes VII, Ltd.             1,802,599        (204,654)                 --              --

Edgewood Manor Associates, L.P.             1,218,131        (157,050)                 --              --

Ledge / McLaren Limited Partnership
                                              295,721         (16,035)                 --            (1,500)

Penn Apartment Associates                     357,786         (97,194)                 --              --

SB-92 Limited Partnership                     486,769        (114,686)                 --              --

St. Christopher's Associates, L.P. V        1,413,268        (139,437)                 --              --

St. John Housing Associates, L.P.           2,872,142         (61,821)                 --           (60,885)

Starved Rock - LaSalle Manor Limited
 Partnership                                  467,353         (16,315)                 --              --

Vision Limited Dividend Housing
 Association Limited Partnership              986,078        (118,522)              (19,177)           --
                                         ------------    -------------         -------------   -------------
                                         $ 10,353,629    $ (1,036,130)         $    (19,177)   $    (62,385)
                                         ============    =============         =============   =============
</TABLE>


<TABLE>
<CAPTION>

                                             Investment in
                                                Local            Capital
                                             Partnership        contributions
                                             balance as of      payable as of
                                              March 30,           March 30,
Name of Local Partnership                       2000                2000
-------------------------                 ------------         -------------
<S>                                       <C>                  <C>
ACP Housing Associates, L.P.              $    343,366         $       --

Creative Choice Homes VII, Ltd.              1,597,945                 --

Edgewood Manor Associates, L.P.              1,061,081                 --

Ledge / McLaren Limited Partnership
                                               278,186                 --

Penn Apartment Associates                      260,592                 --

SB-92 Limited Partnership                      372,083                 --

St. Christopher's Associates, L.P. V         1,273,831               76,800

St. John Housing Associates, L.P.            2,749,436                 --

Starved Rock - LaSalle Manor Limited
 Partnership                                   451,038                 --

Vision Limited Dividend Housing
 Association Limited Partnership               848,379                 --
                                          ------------         -------------
                                          $  9,235,937         $     76,800
                                          ============         =============
</TABLE>


                                       25
<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


5. Investment in Local Partnerships (continued)

   Property information for each Local Partnership as of December 31, 2000 is as
   follows:

<TABLE>
<CAPTION>
                                                           Mortgage                       Buildings and     Accumulated
Name of Local Partnership                               loans payable        Land         improvements      depreciation
----------------------------                            ------------     ------------     ------------      -------------
<S>                                                     <C>              <C>              <C>               <C>
ACP Housing Associates, L.P.                            $  1,495,073     $     14,000     $  2,505,364      $   (366,504)
Creative Choice Homes VII, Ltd.                            2,045,221          500,000        4,091,851          (665,486)
Edgewood Manor Associates, L.P.                            1,851,734           53,850        3,666,224          (968,611)
Ledge / McLaren Limited
   Partnership                                               454,333          123,673          685,912          (117,531)
Penn Apartment Associates                                    963,000           13,357        1,783,668          (339,615)
SB-92 Limited Partnership                                  2,009,797           73,000        3,035,638          (792,756)
St. Christopher's
   Associates, L.P. V                                      2,180,000           31,829        3,806,157          (911,288)
St. John Housing
   Associates, L.P.                                        4,280,660           74,800        8,279,308        (1,864,326)
Starved Rock - LaSalle Manor
 Limited Partnership                                       1,734,360          202,845        2,536,657          (461,353)
Vision Limited Dividend Housing Association
Limited Partnership                                        4,960,198          179,799        6,767,812        (1,502,236)
                                                        ------------     ------------     ------------      -------------
                                                        $ 21,974,376     $  1,267,153     $ 37,158,591      $ (7,989,706)
                                                        ============     ============     ============      =============
</TABLE>

<TABLE>
<CAPTION>

Property information for each Local Partnership as of December 31, 1999 is as follows


                                                            Mortgage                         Buildings and     Accumulated
Name of Local Partnership                                 loans payable        Land          improvements      depreciation
----------------------------                               ------------     ------------     ------------      -------------
<S>                                                        <C>              <C>              <C>               <C>
ACP Housing Associates, L.P.                               $  1,499,610     $     14,000     $  2,505,364      $   (301,515)
Creative Choice Homes VII, Ltd.                               2,085,258          500,000        4,091,851          (544,279)
Edgewood Manor Associates, L.P.                               1,854,306           53,850        3,666,224          (830,553)
Ledge / McLaren Limited
   Partnership                                                  456,643          123,673          679,868           (95,754)
Penn Apartment Associates                                       963,000           13,357        1,783,668          (291,895)
SB-92 Limited Partnership                                     2,043,114           73,000        3,022,503          (676,046)
St. Christopher's
   Associates, L.P. V                                         2,180,000           31,829        3,783,012          (773,738)
St. John Housing
   Associates, L.P.                                           4,382,140           74,800        8,279,308        (1,641,846)
Starved Rock - LaSalle Manor
Limited Partnership                                           1,761,610          202,845        2,504,929          (392,381)
Vision Limited Dividend Housing Association
Limited Partnership                                           5,130,127          179,799        6,767,811        (1,214,538)
                                                           ------------     ------------     ------------      -------------
                                                           $ 22,355,808     $  1,267,153     $ 37,084,538      $ (6,762,545)
                                                           ============     ============     ============      =============
</TABLE>


                                       26

<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


5. Investment in Local Partnerships (continued)

   The summary of property activity during the year ended December 31, 2000 is
   as follows:

<TABLE>
<CAPTION>

                                                                      Net change during
                                               Balance as of            the year ended            Balance as of
                                                December 31,            December 31,              December 31,
                                                   1999                      2000                     2000
                                              -------------             -------------             -------------
<S>                                           <C>                       <C>                       <C>
Land                                          $  1,267,153              $       --                $  1,267,153
Buildings and improvements                      37,084,538                    74,053                37,158,591
                                              -------------             -------------             -------------
                                                38,351,691                    74,053                38,425,744

Accumulated depreciation                        (6,762,545)               (1,227,161)               (7,989,706)
                                              -------------             -------------             -------------
                                              $ 31,589,146              $ (1,153,108)             $ 30,436,038
                                              =============             =============             =============
</TABLE>


6. Transactions with Manager and Affiliates

   For the years ended March 30, 2001, 2000 and 1999, the Trust paid and/or
   incurred the following amounts to the Manager and/or affiliates in connection
   with services provided to the Trust:

<TABLE>
<CAPTION>

                                                 2001                        2000                         1999
                                        ------------------------     ------------------------     ------------------------
                                          Paid          Incurred       Paid          Incurred       Paid          Incurred
                                        ------          --------     ------          --------     ------          --------
<S>                                     <C>             <C>          <C>            <C>           <C>            <C>
         Management fee (see Note 8)    $115,917        $192,117     $100,000        $192,117     $100,000        $192,238
</TABLE>

   For the years ended December 31, 2000, 1999 and 1998, the Local Partnerships
   paid and/or incurred the following amounts to the Manager and/or affiliates
   in connection with services provided to the Local Partnerships:

<TABLE>
<CAPTION>
                                             2000                         1999                           1998
                                    ----------------------        ------------------------      ----------------------
                                    Paid           Incurred       Paid            Incurred      Paid          Incurred
<S>                                 <C>            <C>            <C>            <C>            <C>            <C>
Property management fees            $ 2,625        $12,180        $12,180        $12,479        $12,160        $12,920

Insurance and other services         14,150         14,075         16,706         14,957         10,642         13,096
</TABLE>


                                       27

<PAGE>



                           AMERICAN TAX CREDIT TRUST,
------------------------------------------------------------------------------
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999


7. Taxable Loss

   A reconciliation of the financial statement net loss of the Trust for the
   years ended March 30, 2001, 2000 and 1999 to the tax return net loss for the
   years ended December 31, 2000, 1999 and 1998 is as follows:


<TABLE>
<CAPTION>

                                                                           2001               2000               1999
                                                                       ------------       ------------       ------------
<S>                                                                    <C>                <C>                <C>
Financial statement net loss for the years ended March 30,
  2001, 2000 and 1999                                                  $  (950,341)       $(1,146,850)       $(1,170,347)

Add (less) net transactions occurring between
   January 1, 1998 and March 30, 1998                                         --                 --              (15,851)
   January 1, 1999 and March 30, 1999                                         --              (26,666)            26,666
   January 1, 2000 and March 30, 2000                                      (23,342)            23,342               --
   January 1, 2001 and March 30, 2001                                       40,720               --                 --
                                                                       ------------       ------------       ------------

Adjusted financial statement net loss for the years ended
December 31, 2000, 1999 and 1998                                          (932,963)        (1,150,174)        (1,159,532)


Adjustment to management fee pursuant to Internal Revenue
Code Section 267                                                            86,133             90,558             93,819

Differences arising from equity in loss of investment in local
partnerships                                                              (315,564)           (23,550)          (137,771)

Other differences                                                           (3,612)               461               (220)
                                                                       ------------       ------------       ------------
Tax return net loss for the years ended December 31, 2000,
1999 and 1998                                                          $(1,166,006)       $(1,082,705)       $(1,203,704)
                                                                       ============       ============       ============
</TABLE>


The  differences  between  the  investment  in  local  partnerships  for tax and
financial reporting purposes as of December 31, 2000 and 1999 are as follows:

<TABLE>
<CAPTION>
                                                                           2000               1999
                                                                       ----------         ----------
<S>                                                                    <C>                <C>
Investment in local partnerships - financial reporting                 $8,285,946         $9,235,937
Investment in local partnerships - tax *                                7,284,971          8,550,525
                                                                       ----------         ----------
                                                                       $1,000,975         $  685,412
                                                                       ==========         ==========
</TABLE>


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

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

                                       28


<PAGE>


                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                 NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2001, 2000 AND 1999

8. Commitments and Contingencies

   Pursuant to the Trust Agreement, the Trust incurs an annual management fee
   ("Management Fee") payable to the Manager for its services in connection
   with the management of the affairs of the Trust. The annual Management Fee
   is equal to 0.5% of all proceeds as of December 31 of any year, invested or
   committed for investment in Local Partnerships plus all debts of the Local
   Partnerships related to the Properties. The Trust incurred a Management Fee
   of $192,117, $192,117 and $192,238 for the years ended March 30, 2001, 2000
   and 1999, respectively. Unpaid Management Fees in the amount of $642,237
   and $566,037 are recorded as payable to manager in the accompanying balance
   sheets as of March 30, 2001 and 2000, respectively.

   The rents of the Properties, certain of which receive rental subsidy
   payments, including payments under Section 8 of Title II of the Housing and
   Community Development Act of 1974 ("Section 8"), are subject to specific
   laws, regulations and agreements with federal and state agencies. The subsidy
   agreements expire at various times during and after the Compliance Periods of
   the Local Partnerships. Since October 1997, the United States Department of
   Housing and Urban Development ("HUD") has issued a series of directives
   related to project based Section 8 contracts that define owners' notification
   responsibilities, advise owners of project based Section 8 properties of what
   their options are regarding the renewal of Section 8 contracts, provide
   guidance and procedures to owners, management agents, contract administrators
   and HUD staff concerning renewal of Section 8 contracts, provide policies and
   procedures on setting renewal rents and handling renewal rent adjustments and
   provide the requirements and procedures for opting-out of a Section 8 project
   based contract. The Trust cannot reasonably predict legislative initiatives
   and governmental budget negotiations, the outcome of which could result in a
   reduction in funds available for the various federal and state administered
   housing programs including the Section 8 program. Such changes could
   adversely affect the future net operating income and debt structure of any or
   all Local Partnerships currently receiving such subsidy or similar subsidies.
   Three Local Partnerships' Section 8 contracts are currently subject to
   renewal under applicable HUD guidelines.


9. Fair Value of Financial Instruments

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

   Cash and cash equivalents and restricted cash

   The carrying amounts approximate fair value.

   Investments in bonds

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

   Interest receivable

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

   Capital contributions payable and interest payable

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

   The estimated fair value of the Trust's financial instruments as of March 30,
   2001 and 2000 are disclosed elsewhere in the financial statements.


                                       29

<PAGE>


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

None

                                    PART III

Item 10.  Directors and Executive Officers of the Registrant

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

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

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

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

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

Richard  Paul  Richman,  age 53, is the sole  Director  and  President  of the
Manager.  Mr.  Richman is the President and principal  stockholder  of Richman
Group. Mr. Richman is involved in the syndication,  development and management
of  residential  property.  Mr.  Richman is also a director of Wilder  Richman
Resources  Corp.,  an  affiliate  of the Manager  and the  general  partner of
Secured Income L.P., a director of Wilder  Richman  Historic  Corporation,  an
affiliate of the Manager and the general  partner of Wilder  Richman  Historic
Properties  II, L.P.,  a director of Richman Tax Credit  Properties  Inc.,  an
affiliate  of the Manager and the  general  partner of the general  partner of
American Tax Credit  Properties  L.P., a director of Richman Tax Credits Inc.,
an affiliate of the Manager and the general  partner of the general partner of
American  Tax Credit  Properties  II L.P.  and a director  of Richman  Housing
Credits  Inc.,  an  affiliate  of the Manager  and the general  partner of the
general partner of American Tax Credit Properties III L.P.

Stephen B. Smith, age 57, is the Executive Vice President of the Manager. Mr.
Smith is responsible for marketing and investment program development for
Richman Group. From 1989 until joining Richman Group in 1993, Mr. Smith was an
independent advisor to developers, lenders and institutional investors on
matters related to real estate investments.

David A. Salzman, age 40, is a Vice President and the Secretary of the Manager
and a minority stockholder of Richman Group. Mr. Salzman is responsible for the
acquisition and development of residential real estate for syndication as a Vice
President of acquisitions of Richman Group.

Neal Ludeke,  age 43, is a Vice  President  and the  Treasurer of the Manager.
Mr. Ludeke,  a Vice  President and the Treasurer of Richman Group,  is engaged
primarily in the  syndication,  asset  management  and finance  operations  of
Richman Group.  In addition,  Mr. Ludeke is a Vice President and the Treasurer
of Richman Asset Management,  Inc. ("RAM"),  an affiliate of the Manager.  Mr.
Ludeke's  responsibilities  in connection with RAM include various partnership
management functions.


Item 11.  Executive Compensation

Registrant has no officers or directors. Registrant does not pay the officers or
director of the Manager any remuneration. During the year ended March 30, 2001,
the Manager did not pay any remuneration to any of its officers or its director.


Item 12.  Security Ownership of Certain Beneficial Owners and Management

As of May 31, 2001, no person or entity was known by Registrant to be the
Beneficial Owner of more than five percent of the Units. The Manager is
wholly-owned by Richard Paul Richman.


                                       30


<PAGE>


Item 13.  Certain Relationships and Related Transactions

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

Transactions with Manager and Affiliates

The net tax losses and Low-income Tax Credits generated by Registrant during the
year ended December 31, 2000 allocated to the Manager were $11,660 and $26,155,
respectively.

Indebtedness of Management

No officer or director of the Manager or any affiliate of the foregoing was
indebted to Registrant at any time during the year ended March 30, 2001.

                                       31


<PAGE>


                                     PART IV

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

   (a) Financial Statements, Financial Statement Schedules and Exhibits

        (1)  Financial Statements

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

        (2)  Financial Statement Schedules

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

        (3)  Exhibits

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

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

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

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

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

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

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

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

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

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

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

                                       32

<PAGE>


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

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

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

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

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

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

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

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

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

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

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

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

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

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


                                       33

<PAGE>


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

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

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


   (b) Reports on Form 8-K

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

   (c) Exhibits

   See (a)(3) above.

   (d) Financial Statement Schedules

   See (a)(2) above.


                                       34

<PAGE>


                                   SIGNATURES


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


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

                                    By:  Richman American Credit Corp.,
                                        The Manager

Dated:  June 28, 2001               /s/ Richard Paul Richman
        -------------               ------------------------------------
                                    by:  Richard Paul Richman
                                        President

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


<TABLE>
<CAPTION>

         Signature                         Title                            Date
         ---------                         -----                            ----
<S>                               <C>                                   <C>
     /s/ Richard Paul Richman     President, Chief Executive Officer     June 28, 2001
     -------------------------    and Director of the Manager            -------------
     (Richard Paul Richman)


     /s/ Neal Ludeke              Vice President and Treasurer of        June 28, 2001
     -------------------------    the Manager (Principal Financial       --------------
     (Neal Ludeke)                and Accounting Officer of the Trust)
</TABLE>