**FORM      10-K**

**March      30, 2006**

**           0-24600         **

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

**Series      I**

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

----

**PART      I**

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

----

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

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

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

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

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

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

| **Item                2.** | **Properties** |
|----------------------------|----------------|

----

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

----

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

|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|---------------------|--------|-------------------------------------------------------------|--------|-------------------|------------|
|  Name of Local PartnershipName of apartment complex                                                                                   |   |  Numberof rental |   |   Capital |   | Mortgageloans payable as ofDecember 31, |   |  Subsidy(see |       |
| Apartment complex location                                                                                                                                     |   | units                      |   | contribution        |   | 2005                                                        |   | footnotes)        |       |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |
| ACP                Housing Associates, L.P.ACP                Housing ApartmentsNew                York, New York                                                        |   |                       | 28     |                | $      | 737,222                                                     |   | $                 | 1,480,663  |   |   | (1b | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| Creative                Choice Homes VII, Ltd.Coral                GardensHomestead,                Florida                                                              |   |                       | 91     |                |   | 2,382,812                                                   |   |              | 1,785,269  |   |   | (1a                & c | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| Edgewood                Manor Associates, L.P.Edgewood                Manor ApartmentsPhiladelphia,                Pennsylvania                                          |   |                       | 49     |                |   | 1,963,799                                                   |   |              | 1,823,490  |   |   | (1b | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| Ledge/McLaren                Limited PartnershipLedge/McLaren                ApartmentsNashua,                New Hampshire                                              |   |                       | 8      |                |   | 343,079                                                     |   |              | 439,865    |   |   | (1b | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| Penn                Apartment AssociatesPenn                ApartmentsChester,                Pennsylvania                                                               |   |                       | 15     |                |   | 852,180                                                     |   |              | 963,000    |   |   | (1b | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| SB-92                Limited PartnershipShaker                Boulevard GardensCleveland,                Ohio                                                            |   |                       | 73     |                |   | 795,255                                                     |   |              | 3,061,109  |   |   | (1a,b,c                & d | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| St.                Christopher’s Associates, L.P. VLehigh                ParkPhiladelphia,                Pennsylvania                                             |   |                       | 29     |                |   | 2,075,785                                                   |   |              | 2,180,000  |   |   | (1b | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| St.                John Housing Associates, L.P.St.                John HomesGary,                Indiana                                                                |   |                       | 144    |                |   | 3,546,861                                                   |   |              | 4,058,497  |   |   | (1a                & c | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| Starved                Rock - LaSalle Manor Limited                PartnershipLaSalle                ManorLaSalle,                Illinois                               |   |                       | 48     |                |   | 634,327                                                     |   |              | 1,562,893  |   |   | (1a,                c & e | ) |
|                                                                                                                                                                     |   |                       |   |                |   |                                                        |   |              |       |   |   |   |   |
| Vision                Limited Dividend HousingAssociation                Limited PartnershipHelen                Odean Butler ApartmentsDetroit,                Michigan |   |                       | 97     |                |   | 1,410,544                                                   |   |              | 4,084,605  |   |   | (1b | ) |
|                                                                                                                                                                     |   |                       |   |                | $      | 14,741,864                                                  |   | $                 | 21,439,391 |   |   |   |   |

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

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

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

----

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

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

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

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

| **Item                3.** | **Legal                Proceedings** |
|----------------------------|--------------------------------------|

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

----

**PART      II**

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

|                                            |   | First closing          |     | Second closing        |   | Third closing     |   |
|-------------------------------------------------|--------|-----------------------------|----------|----------------------------|--------|------------------------|--------|
|                                            |   | November 29, 1993 |     | January 28, 1994 |   | May 25, 1994 |   |
| Low-income                Tax Credits:          |   |                        |     |                       |   |                   |   |
| Tax                year ended December 31, 2005 |   | $                           | 40.14    |                       | $      | 40.14                  |   | $ | 40.14 |   |
| Tax                year ended December 31, 2004 |   |                        | 99.49    |                       |   | 99.49                  |   |   | 99.49 |   |
|                                            |   |                        |     |                       |   |                   |   |   |   |   |
| Cumulative                totals                |   | $                           | 1,389.68 |                       | $      | 1,387.50               |   | $ | 1,374.98 |   |

----

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

|                                                                                            |   | Years                Ended March 30, |     |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------|----------|
|                                                                                            |   | 2006                                 |     | 2005 |   | 2004 |   | 2003 |   | 2002 |   |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |
| Interest                revenue                                                                 |   | $                                    | 78,858   |   | $ | 68,047 |   | $ | 106,444 |   | $ | 124,644 |   | $ | 146,753 |   |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in loss of investment in local partnerships                               |   | $                                    | (708,952 | ) | $ | (687,423 | ) | $ | (1,378,435 | ) | $ | (1,477,923 | ) | $ | (1,180,278 | ) |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                         |   | $                                    | (880,402 | ) | $ | (862,968 | ) | $ | (1,532,141 | ) | $ | (1,585,759 | ) | $ | (1,268,827 | ) |
|                                                                                            |   |                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss per unit of beneficial ownership interest (18,654                Units) |   | $                                    | (46.72   | ) | $ | (45.80 | ) | $ | (81.31 | ) | $ | (84.16 | ) | $ | (67.34 | ) |

|                        |   | As                of March 30, |      |
|-----------------------------|--------|--------------------------------|-----------|
|                        |   | 2006                           |      | 2005 |   | 2004 |   | 2003 |   | 2002 |   |
|                        |   |                           |      |   |   |   |   |   |   |   |   |
| Total                assets |   | $                              | 4,360,412 |   | $ | 5,285,303 |   | $ | 6,184,227 |   | $ | 7,705,676 |   | $ | 9,208,448 |   |

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

----

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

----

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

----

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

----

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

|                                                 |   | Total  |    | < 1 year |   | 1 - 3                years |   | 3 - 5 years |    | > 5 years |   |
|------------------------------------------------------|--------|--------|---------|-----------------------|--------|--------------------------------------|--------|----------------------------|---------|------------------------|--------|
|                                                 |   |   |    |                  |   |                                 |   |                       |    |                   |   |
| Other                Long Term Liabilities:          |   |   |    |                  |   |                                 |   |                       |    |                   |   |
| Interest                Payable (1)                  |   | $      | 67,441  |                  | $      | 67,441                               |   | $                          | — |                   | $      | — |   | $ | — |   |
|                                                 |   |   |    |                  |   |                                 |   |                       |    |                   |   |   |   |   |   |   |
| Payable                to Manager and Affiliates (2) |   |   | 684,722 |                  |   | 684,722                              |   |                       | — |                   |   | — |   |   | — |   |
|                                                 |   |   |    |                  |   |                                 |   |                       |    |                   |   |   |   |   |   |   |
|                                                 |   | $      | 752,163 |                  | $      | 752,163                              |   | $                          | — |                   | $      | — |   | $ | — |   |

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

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

----

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

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

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

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

----

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**BALANCE      SHEETS**

**MARCH      30, 2006 AND 2005**

|                                                                                                        |   | **Notes**    |   | **2006** |      | **2005**  |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------|--------|----------|-----------|-----------|--------|
|                                                                                                        |   |         |   |     |      |      |   |
| **ASSETS**                                                                                                  |   |         |   |     |      |      |   |
|                                                                                                        |   |         |   |     |      |      |   |
| Cash                and cash equivalents                                                                    |   | 3,9          |   | $        | 1,503,841 |      | $      | 1,430,592 |   |
| Restricted                cash                                                                              |   | 3,5,9        |   |     | 67,441    |      |   | 98,676 |   |
| Investments                in bonds                                                                         |   | 4,9          |   |     | 271,704   |      |   | 487,038 |   |
| Investment                in local partnerships                                                             |   | 5,8          |   |     | 2,511,855 |      |   | 3,260,746 |   |
| Interest                receivable                                                                          |   | 9            |   |     | 5,571     |      |   | 8,251 |   |
|                                                                                                        |   |    |   |     |      |      |   |   |   |
|                                                                                                        |   |         |   |     | $         | 4,360,412 |   | $ | 5,285,303 |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
| **LIABILITIES                AND OWNERS' EQUITY (DEFICIT)**                                                 |   |         |   |     |      |      |   |   |   |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
| Liabilities                                                                                                 |   |         |   |     |      |      |   |   |   |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
| Accounts                payable and accrued expenses                                                        |   |         |   |     | $         | 31,197    |   | $ | 29,854 |   |
| Payable                to manager and affiliates                                                            |   | 6,8          |   |     | 684,722   |      |   | 687,795 |   |
| Capital                contributions payable                                                                |   | 5,9          |   |     |      |      |   | 31,758 |   |
| Interest                payable                                                                             |   | 5,9          |   |     | 67,441    |      |   | 66,918 |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
|                                                                                                        |   |         |   |     |      | 783,360   |   |   | 816,325 |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
| Commitments                and contingencies                                                                |   | 5,8          |   |     |      |      |   |   |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
| Owners'                equity (deficit)                                                                     |   | 2,4          |   |     |      |      |   |   |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
| Manager                                                                                                     |   |         |   |     |      | (128,173  | )      |   | (119,369 | ) |
| Beneficial                owners (18,654 units of beneficial ownership interest                outstanding) |   |         |   |     |      | 3,699,077 |   |   | 4,570,675 |   |
| Accumulated                other comprehensive income, net                                                  |   |         |   |     |      | 6,148     |   |   | 17,672 |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
|                                                                                                        |   |         |   |     |      | 3,577,052 |   |   | 4,468,978 |   |
|                                                                                                        |   |         |   |     |      |      |   |   |   |   |
|                                                                                                        |   |         |   |     | $         | 4,360,412 |   | $ | 5,285,303 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF OPERATIONS**

**YEARS      ENDED MARCH 30, 2006, 2005 AND 2004**

|                                                                                                                                               |   | **Notes** |   | **2006** |     | **2005** |   | **2004** |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|----------|----------|--------|----------|----------|
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |
| **REVENUE**                                                                                                                                        |   |      |   |     |     |     |   |     |     |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |
| Interest                                                                                                                                           |   |      |   |     | $        | 78,858   |   | $        | 68,047   |   | $ | 106,444 |   |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| TOTAL                REVENUE                                                                                                                       |   |      |   |     |     | 78,858   |   |     | 68,047   |   |   | 106,444 |   |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| **EXPENSES**                                                                                                                                       |   |      |   |     |     |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| Management                fee - affiliate                                                                                                          |   | 6,8       |   |     | 192,141  |     |   | 192,141  |     |   | 192,141 |   |
| Professional                fees                                                                                                                   |   |      |   |     |     | 40,219   |   |     | 43,319   |   |   | 49,441 |   |
| Printing,                postage and other                                                                                                         |   |      |   |     |     | 17,948   |   |     | 8,132    |   |   | 18,568 |   |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                      |   |      |   |     |     | 250,308  |   |     | 243,592  |   |   | 260,150 |   |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     |     | (171,450 | )      |     | (175,545 | ) |   | (153,706 | ) |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                  |   | 5         |   |     | (708,952 | )        |   | (687,423 | )        |   | (1,378,435 | ) |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| **NET                LOSS**                                                                                                                        |   |      |   |     |     | (880,402 | )      |     | (862,968 | ) |   | (1,532,141 | ) |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| Other                comprehensive loss, net                                                                                                       |   | 4         |   |     | (11,524  | )        |   | (44,527  | )        |   | (14,621 | ) |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| **COMPREHENSIVE                LOSS**                                                                                                              |   |      |   |     | $        | (891,926 | )      | $        | (907,495 | ) | $ | (1,546,762 | ) |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                        |   | 2         |   |     |     |     |   |     |     |   |   |   |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| Manager                                                                                                                                            |   |      |   |     | $        | (8,804   | )      | $        | (8,630   | ) | $ | (15,321 | ) |
| Beneficial                owners                                                                                                                   |   |      |   |     |     | (871,598 | )      |     | (854,338 | ) |   | (1,516,820 | ) |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
|                                                                                                                                               |   |      |   |     | $        | (880,402 | )      | $        | (862,968 | ) | $ | (1,532,141 | ) |
|                                                                                                                                               |   |      |   |     |     |     |   |     |     |   |   |   |   |
| **NET                LOSS**per unit of beneficial ownership interest (18,654 units                of                beneficial ownership interest) |   |      |   |     | $        | (46.72   | )      | $        | (45.80   | ) | $ | (81.31 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**YEARS      ENDED MARCH 30, 2006, 2005 AND 2004**

|                                                    |   | **Manager** |     | **Beneficial****Owners** |   | **Accumulated****Other****Comprehensive****Income (Loss),****Net** |   | **Total** |    |
|---------------------------------------------------------|--------|-------------|----------|--------------------------|--------|-------------------------------------------------------------------------|--------|-----------|---------|
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |
| Owners'                equity (deficit), March 30, 2003 |   | $           | (95,418  | )                        | $      | 6,941,833                                                               |   | $         | 76,820  |   | $ | 6,923,235 |   |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (15,321  | )                        |   | (1,516,820                                                              | )      |      |    |   |   | (1,532,141 | ) |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Other                comprehensive loss, net            |   |        |     |                     |   |                                                                    |   |      | (14,621 | ) |   | (14,621 | ) |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2004 |   |        | (110,739 | )                        |   | 5,425,013                                                               |   |      | 62,199  |   |   | 5,376,473 |   |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (8,630   | )                        |   | (854,338                                                                | )      |      |    |   |   | (862,968 | ) |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Other                comprehensive loss, net            |   |        |     |                     |   |                                                                    |   |      | (44,527 | ) |   | (44,527 | ) |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2005 |   |        | (119,369 | )                        |   | 4,570,675                                                               |   |      | 17,672  |   |   | 4,468,978 |   |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Net                loss                                 |   |        | (8,804   | )                        |   | (871,598                                                                | )      |      |    |   |   | (880,402 | ) |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Other                comprehensive loss, net            |   |        |     |                     |   |                                                                    |   |      | (11,524 | ) |   | (11,524 | ) |
|                                                    |   |        |     |                     |   |                                                                    |   |      |    |   |   |   |   |
| Owners'                equity (deficit), March 30, 2006 |   | $           | (128,173 | )                        | $      | 3,699,077                                                               |   | $         | 6,148   |   | $ | 3,577,052 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**STATEMENTS      OF CASH FLOWS**

**YEARS      ENDED MARCH 30, 2006, 2005 AND 2004**

|                                                                   |   | **2006** |      | **2005** |   | **2004**  |   |
|------------------------------------------------------------------------|--------|----------|-----------|----------|--------|-----------|--------|
|                                                                   |   |     |      |     |   |      |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                |   |     |      |     |   |      |   |
|                                                                   |   |     |      |     |   |      |   |
| Interest                received                                       |   | $        | 85,871    |     | $      | 95,045    |   | $ | 114,743 |   |
| Cash                paid for                                           |   |     |      |     |   |      |   |   |   |   |
| Management                fee                                          |   |     | (195,214  | )        |   | (146,603  | )      |   | (171,026 | ) |
| Professional                fees                                       |   |     | (38,826   | )        |   | (45,333   | )      |   | (45,565 | ) |
| Printing,                postage and other expenses                    |   |     | (17,998   | )        |   | (6,932    | )      |   | (19,268 | ) |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Net                cash used in operating activities                   |   |     | (166,167  | )        |   | (103,823  | )      |   | (121,116 | ) |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                |   |     |      |     |   |      |   |   |   |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Capital                contributions paid to local partnerships        |   |     | (31,758   | )        |   | (37,542   | )      |   |   |   |
| Cash                distributions from local partnerships              |   |     | 39,939    |     |   | 92,078    |   |   | 71,839 |   |
| Transfer                from (to) restricted cash                      |   |     | 31,235    |     |   | 36,153    |   |   | (1,022 | ) |
| Proceeds                from maturities/redemptions and sales of bonds |   |     | 200,000   |     |   | 1,000,000 |   |   | 100,000 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Net                cash provided by investing activities               |   |     | 239,416   |     |   | 1,090,689 |   |   | 170,817 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Net                increase in cash and cash equivalents               |   |     | 73,249    |     |   | 986,866   |   |   | 49,701 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Cash                and cash equivalents at beginning of year          |   |     | 1,430,592 |     |   | 443,726   |   |   | 394,025 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF YEAR**            |   | $        | 1,503,841 |     | $      | 1,430,592 |   | $ | 443,726 |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**           |   |     |      |     |   |      |   |   |   |   |
|                                                                   |   |     |      |     |   |      |   |   |   |   |
| Unrealized                loss on investments in bonds, net            |   | $        | (11,524   | )        | $      | (44,527   | )      | $ | (14,621 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**YEARS      ENDED MARCH 30, 2006, 2005 AND 2004**

|                                                                                                     |   | **2006** |     | **2005** |   | **2004** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|----------|--------|
|                                                                                                     |   |     |     |     |   |     |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH****USED                IN OPERATING ACTIVITIES** |   |     |     |     |   |     |   |
|                                                                                                     |   |     |     |     |   |     |   |
| Net                loss                                                                                  |   | $        | (880,402 | )        | $      | (862,968 | )      | $ | (1,532,141 | ) |
|                                                                                                     |   |     |     |     |   |     |   |   |   |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |     |     |     |   |     |   |   |   |   |
|                                                                                                     |   |     |     |     |   |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                        |   |     | 708,952  |     |   | 687,423  |   |   | 1,378,435 |   |
| Amortization                of net premium on investments in bonds                                       |   |     | 3,810    |     |   | 4,502    |   |   | 4,164 |   |
| Decrease                in interest receivable                                                           |   |     | 2,680    |     |   | 21,107   |   |   | 3,113 |   |
| Increase                (decrease) in accounts payable and accrued expenses                              |   |     | 1,343    |     |   | (814     | )      |   | 3,176 |   |
| Increase                (decrease) in payable to manager and affiliates                                  |   |     | (3,073   | )        |   | 45,538   |   |   | 21,115 |   |
| Increase                in interest payable                                                              |   |     | 523      |     |   | 1,389    |   |   | 1,022 |   |
|                                                                                                     |   |     |     |     |   |     |   |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                 |   | $        | (166,167 | )        | $      | (103,823 | )      | $ | (121,116 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

**NOTES      TO FINANCIAL STATEMENTS**

**MARCH      30, 2006, 2005 AND 2004**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

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

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

----

**AMERICAN        TAX CREDIT TRUST,**

**a        Delaware statutory business trust**

**Series        I**

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

**MARCH        30, 2006, 2005 AND 2004**

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

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

| Description                and maturity           |   | Amortizedcost |    | Grossunrealizedgains |   | Grossunrealizedlosses |   | Estimatedfair                value |    |
|---------------------------------------------------|--------|---------------|---------|----------------------|--------|-----------------------|--------|------------------------------------|---------|
|                                              |   |          |    |                 |   |                  |   |                               |    |
| Corporate                debt securities          |   |          |    |                 |   |                  |   |                               |    |
| Within                one year                    |   | $             | 199,936 |                 | $      | 3,786                 |   | $                                  | — |   | $ | 203,722 |   |
| After                one year through five years  |   |          | 266,224 |                 |   | 13,482                |   |                               | — |   |   | 279,706 |   |
| After                five years through ten years |   |          | 3,206   |                 |   | 404                   |   |                               | — |   |   | 3,610 |   |
|                                              |   | $             | 469,366 |                 | $      | 17,672                |   | $                                  | — |   | $ | 487,038 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

|                                                                                                                                     |   | **2005** |        | **2004** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
| **ASSETS**                                                                                                                               |   |     |        |     |   |
|                                                                                                                                     |   |     |        |     |   |
| Cash                and cash equivalents                                                                                                 |   | $        | 502,018     |     | $      | 382,636 |   |
| Rents                receivable                                                                                                          |   |     | 95,807      |     |   | 37,289 |   |
| Capital                contributions receivable                                                                                          |   |     |        |     |   | 31,758 |   |
| Escrow                deposits and reserves                                                                                              |   |     | 2,520,682   |     |   | 1,412,395 |   |
| Land                                                                                                                                     |   |     | 1,213,303   |     |   | 1,267,153 |   |
| Buildings                and improvements (net of accumulated depreciation of $12,320,873                and                $12,801,975) |   |     | 20,702,149  |     |   | 23,787,036 |   |
| Intangible                assets (net of accumulated amortization of $142,317 and                $190,279)                               |   |     | 263,449     |     |   | 221,763 |   |
| Other                assets                                                                                                              |   |     | 969,001     |     |   | 330,890 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 26,266,409  |     | $      | 27,470,920 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                                                            |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Liabilities                                                                                                                              |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $        | 920,566     |     | $      | 830,933 |   |
| Due                to related parties                                                                                                    |   |     | 1,449,401   |     |   | 628,139 |   |
| Mortgage                loans                                                                                                            |   |     | 21,439,391  |     |   | 20,251,559 |   |
| Notes                payable                                                                                                             |   |     | 100,000     |     |   | 100,000 |   |
| Accrued                interest                                                                                                          |   |     | 2,734,757   |     |   | 2,566,812 |   |
| Other                liabilities                                                                                                         |   |     | 150,739     |     |   | 147,948 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 26,794,854  |     |   | 24,525,391 |   |
| Partners'                equity (deficit)                                                                                                |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
| American                Tax Credit Trust, Series I                                                                                       |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions (includes receivable of $0 and                $31,758)                        |   |     | 14,003,252  |     |   | 14,043,191 |   |
| Cumulative                loss                                                                                                           |   |     | (10,071,898 | )        |   | (9,603,946 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | 3,931,354   |     |   | 4,439,245 |   |
| General                partners and other limited partners                                                                               |   |     |        |     |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |     | 473,938     |     |   | 474,338 |   |
| Cumulative                loss                                                                                                           |   |     | (4,933,737  | )        |   | (1,968,054 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (4,459,799  | )        |   | (1,493,716 | ) |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   |     | (528,445    | )        |   | 2,945,529 |   |
|                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                     |   | $        | 26,266,409  |     | $      | 27,470,920 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

|                                                                                                                                                                                            |   | **2005** |       | **2004** |   | **2003**   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|------------|--------|
|                                                                                                                                                                                            |   |     |       |     |   |       |   |
| **REVENUE**                                                                                                                                                                                     |   |     |       |     |   |       |   |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |
| Rental                                                                                                                                                                                          |   | $        | 4,186,679  |     | $      | 4,137,245  |   | $ | 4,048,502 |   |
| Interest                and other                                                                                                                                                               |   |     | 190,055    |     |   | 130,826    |   |   | 103,409 |   |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                                    |   |     | 4,376,734  |     |   | 4,268,071  |   |   | 4,151,911 |   |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                    |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
| Administrative                                                                                                                                                                                  |   |     | 1,038,334  |     |   | 943,692    |   |   | 1,028,860 |   |
| Utilities                                                                                                                                                                                       |   |     | 829,485    |     |   | 751,477    |   |   | 603,409 |   |
| Operating                and maintenance                                                                                                                                                        |   |     | 1,157,361  |     |   | 961,315    |   |   | 886,122 |   |
| Taxes                and insurance                                                                                                                                                              |   |     | 538,122    |     |   | 558,553    |   |   | 562,896 |   |
| Financial                                                                                                                                                                                       |   |     | 874,580    |     |   | 909,745    |   |   | 929,149 |   |
| Depreciation                and amortization                                                                                                                                               |   |     | 1,243,226  |     |   | 1,175,705  |   |   | 1,221,396 |   |
| Loss                from impairment of long-lived assets                                                                                                                                        |   |     | 2,129,261  |     |   |       |   |   | 1,080,000 |   |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                                   |   |     | 7,810,369  |     |   | 5,300,487  |   |   | 6,311,832 |   |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
| **NET                LOSS**                                                                                                                                                                     |   | $        | (3,433,635 | )        | $      | (1,032,416 | )      | $ | (2,159,921 | ) |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                                     |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
| American                Tax Credit Trust, Series I                                                                                                                                              |   | $        | (467,952   | )        | $      | (376,423   | )      | $ | (1,198,435 | ) |
| General                partners and other limited partners, which                includes $2,931,323, $645,648 and $939,757 of Trust loss in excess                of                investment |   |     | (2,965,683 | )        |   | (655,993   | )      |   | (961,486 | ) |
|                                                                                                                                                                                            |   |     |       |     |   |       |   |   |   |   |
|                                                                                                                                                                                            |   | $        | (3,433,635 | )        | $      | (1,032,416 | )      | $ | (2,159,921 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

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

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

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

| Name                of Local Partnership                                       |   | Investment inLocalPartnershipbalance as of March 30,2004 |      | Trust'sequity in income (loss) for theyear ended December 31,2004 |   | Adjustment tocarrying valueduring theyear ended March 30,2005 |                  | Cashdistributionsreceived duringthe year endedMarch 30,2005 |      | Investment inLocalPartnershipbalance as of March 30, 2005 |   | Capitalcontributionspayable as of March 30,2005 |                     |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|-----------------------|---------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|--------------------------|
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |
| ACP                Housing Associates, L.P.                                    |   | $                                                                                 | 41,240    |                                                                                       | $      | (41,240)                                                                                    | (2)    | $                                                                               | —   |                                                                                    | $      | —                                                             |                     | $ | — |   | $ | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |      |   |   |      |   |   |   |
| Creative                Choice Homes VII, Ltd.                                 |   |                                                                              | 811,148   |                                                                                                      |   | (210,514                                                                                    | )                     |                                                                            | (294,000) | (1)                                                                           |   | —                                                             |                     |   | 306,634 |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| Edgewood                Manor Associates, L.P.                                 |   |                                                                              | 5,322     |                                                                                                      |   | (5,322)                                                                                     | (2)                   |                                                                            | —   |                                                                                    |   | —                                                             |                     |   | — |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| Ledge/McLaren                Limited Partnership                               |   |                                                                              | 98,633    |                                                                                                      |   | 4,436                                                                                       |                  |                                                                            | —   |                                                                                    |   | (3,750                                                              | )                        |   | 99,319 |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| Penn                Apartment Associates                                       |   |                                                                              | —   |                                                                                                      |   | —                                                                                     | (3)                   |                                                                            | —   |                                                                                    |   | —                                                             |                     |   | — |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| SB-92                Limited Partnership                                       |   |                                                                              | —   |                                                                                                      |   | —                                                                                     | (3)                   |                                                                            | —   |                                                                                    |   | —                                                             |                     |   | — |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| St.                Christopher’s Associates, L.P. V                      |   |                                                                              | —   |                                                                                                      |   | —                                                                                     | (3)                   |                                                                            | —   |                                                                                    |   | —                                                             |                     |   | — |   |   | 31,758 |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| St.                John Housing Associates, L.P.                               |   |                                                                              | 2,292,382 |                                                                                                      |   | (11,676                                                                                     | )                     |                                                                            | —   |                                                                                    |   | (83,328                                                             | )                        |   | 2,197,378 |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                                                              | 351,674   |                                                                                                      |   | (42,450                                                                                     | )                     |                                                                            | —   |                                                                                    |   | —                                                             |                     |   | 309,224 |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                                                              | 439,848   |                                                                                                      |   | (69,657                                                                                     | )                     |                                                                            | (17,000)  | (1)                                                                                     |   | (5,000                                                              | )                        |   | 348,191 |   |   | — |   |
|                                                                           |   |                                                                              |      |                                                                                                      |   |                                                                                        |                  |                                                                            |      |                                                                                    |   |                                                                |                     |   |   |   |   |   |   |
|                                                                           |   | $                                                                                 | 4,040,247 |                                                                                                      | $      | (376,423                                                                                    | )                     | $                                                                               | (311,000  | )                                                                                       | $      | (92,078                                                             | )                        | $ | 3,260,746 |   | $ | 31,758 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

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

|    Name                of Local Partnership                     |   |   Mortgageloans                payable |       |    Land |   |   Buildings                andimprovements |   |   Accumulateddepreciation |       |
|--------------------------------------------------------------------------------|--------|--------------------------------------------------|------------|------------------------|--------|------------------------------------------------------|--------|-------------------------------------|------------|
|                                                                           |   |                                             |       |                   |   |                                                 |   |                                |       |
| ACP                Housing Associates, L.P.                                    |   | $                                                | 1,483,872  |                   | $      | 14,000                                               |   | $                                   | 2,505,364  |   | $ | (615,602 | ) |
| Creative                Choice Homes VII, Ltd.                                 |   |                                             | 1,846,418  |                   |   | 500,000                                              |   |                                | 4,137,851  |   |   | (1,149,156 | ) |
| Edgewood                Manor Associates, L.P.                                 |   |                                             | 1,827,168  |                   |   | 53,850                                               |   |                                | 3,682,905  |   |   | (1,511,681 | ) |
| Ledge/McLaren                LimitedPartnership                                |   |                                             | 443,241    |                   |   | 123,673                                              |   |                                | 692,445    |   |   | (203,301 | ) |
| Penn                Apartment Associates                                       |   |                                             | 963,000    |                   |   | 13,357                                               |   |                                | 1,784,922  |   |   | (526,695 | ) |
| SB-92                Limited Partnership                                       |   |                                             | 1,848,579  |                   |   | 73,000                                               |   |                                | 3,095,670  |   |   | (1,266,105 | ) |
| St.                Christopher’s Associates,                L.P. V       |   |                                             | 2,180,000  |                   |   | 31,829                                               |   |                                | 2,784,550  |   |   | (1,429,936 | ) |
| St.                John HousingAssociates,                L.P.                 |   |                                             | 3,793,543  |                   |   | 74,800                                               |   |                                | 8,279,308  |   |   | (2,709,671 | ) |
| Starved                Rock - LaSalle Manor Limited Partnership                |   |                                             | 1,602,496  |                   |   | 202,845                                              |   |                                | 2,744,150  |   |   | (755,950 | ) |
| Vision                Limited Dividend Housing Association Limited Partnership |   |                                             | 4,263,242  |                   |   | 179,799                                              |   |                                | 6,881,846  |   |   | (2,633,878 | ) |
|                                                                           |   |                                             |       |                   |   |                                                 |   |                                |       |   |   |   |   |
|                                                                           |   | $                                                | 20,251,559 |                   | $      | 1,267,153                                            |   | $                                   | 36,589,011 |   | $ | (12,801,975 | ) |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

|                                      |   |  Balance                as ofDecember                31,2004 |        | Net change duringthe year endedDecember 31,2005 |   |  Balance as ofDecember 31,2005 |   |
|-------------------------------------------|--------|-------------------------------------------------------------------|-------------|--------------------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                      |   |                                                              |        |                                                                     |   |                                               |   |
| Land                                      |   | $                                                                 | 1,267,153   |                                                                     | $      | (53,850                                            | )      | $ | 1,213,303 |   |
| Buildings                and improvements |   |                                                              | 36,589,011  |                                                                     |   | (3,565,989                                         | )      |   | 33,023,022 |   |
|                                      |   |                                                              | 37,856,164  |                                                                     |   | (3,619,839                                         | )      |   | 34,236,325 |   |
| Accumulated                depreciation   |   |                                                              | (12,801,975 | )                                                                        |   | 481,102                                            |   |   | (12,320,873 | ) |
|                                      |   | $                                                                 | 25,054,189  |                                                                     | $      | (3,138,737                                         | )      | $ | 21,915,452 |   |

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

|                                       |   | 2006   |    | 2005     |   | 2004    |   |
|--------------------------------------------|--------|--------|---------|----------|--------|---------|--------|
|                                       |   | Paid   |    | Incurred |   | Paid    |   | Incurred |   | Paid |   | Incurred |   |
|                                       |   |   |    |     |   |    |   |   |   |   |   |   |   |
| Management                fee (see Note 8) |   | $      | 195,214 |     | $      | 192,141 |   | $ | 146,603 |   | $ | 192,141 |   | $ | 171,026 |   | $ | 192,141 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

|                                                                                                                                    |   | 2006   |       | 2005   |   | 2004       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
| Financial                statement net loss for the years ended March 30, 2006, 2005 and                2004                            |   | $      | (880,402   | )      | $      | (862,968   | )      | $ | (1,532,141 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Add                (less) net transactions occurring between                                                                            |   |   |       |   |   |       |   |   |   |   |
| January                1, 2003 and March 30, 2003                                                                                       |   |   | —    |   |   | —    |   |   | (23,894 | ) |
| January                1, 2004 and March 30, 2004                                                                                       |   |   | —    |   |   | (42,837    | )      |   | 42,837 |   |
| January                1, 2005 and March 30, 2005                                                                                       |   |   | (41,716    | )      |   | 41,716     |   |   | — |   |
| January                1, 2006 and March 30, 2006                                                                                       |   |   | 37,423     |   |   | —    |   |   | — |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjusted                financial statement net loss for the years ended December 31, 2005,                2004                and 2003 |   |   | (884,695   | )      |   | (864,089   | )      |   | (1,513,198 | ) |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Adjustment                to management fee pursuant to Internal Revenue Code Section                267                                |   |   | 22,260     |   |   | 18,467     |   |   | 21,115 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Differences                arising from equity in loss of investment in local                partnerships                               |   |   | (454,063   | )      |   | (522,482   | )      |   | 59,909 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Other                differences                                                                                                        |   |   | (351       | )      |   | 1,041      |   |   | 918 |   |
|                                                                                                                                    |   |   |       |   |   |       |   |   |   |   |
| Tax                return net loss for the years ended December 31, 2005, 2004 and                2003                                  |   | $      | (1,316,849 | )      | $      | (1,367,063 | )      | $ | (1,431,256 | ) |

|                                                                  |   | 2005   |      | 2004   |   |
|-----------------------------------------------------------------------|--------|--------|-----------|--------|--------|
|                                                                  |   |   |      |   |   |
| Investment                in local partnerships - financial reporting |   | $      | 2,511,855 |   | $      | 3,260,746 |   |
| Investment                in local partnerships - tax                 |   |   | 867,586   |   |   | 2,070,540 |   |
|                                                                  |   |   |      |   |   |   |   |
|                                                                  |   | $      | 1,644,269 |   | $      | 1,190,206 |   |

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

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

----

**AMERICAN      TAX CREDIT TRUST,**

**a      Delaware statutory business trust**

**Series      I**

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

**MARCH      30, 2006, 2005 AND 2004**

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

|                                                                                          |   | First   |    | Second  |   | Third   |   | Fourth  |     |
|-----------------------------------------------------------------------------------------------|--------|---------|---------|---------|--------|---------|--------|---------|----------|
|                                                                                          |   | Quarter |    | Quarter |   | Quarter |   | Quarter |     |
| 2006                                                                                          |   |    |    |    |   |    |   |    |     |
|                                                                                          |   |    |    |    |   |    |   |    |     |
| Total                revenue                                                                  |   | $       | 17,119  |    | $      | 19,650  |   | $       | 21,013   |   | $ | 21,076 |   |
|                                                                                          |   |    |    |    |   |    |   |    |     |   |   |   |   |
| Expenses                                                                                      |   |    | (61,094 | )       |   | (65,931 | )      |    | (64,784  | ) |   | (58,499 | ) |
|                                                                                          |   |    |    |    |   |    |   |    |     |   |   |   |   |
|                                                                                          |   |    |    |    |   |    |   |    |     |   |   |   |   |
| Equity                    in loss of investment in local                    partnerships |   |    | (30,533 | )       |   | (43,543 | )      |    | (75,993  | ) |   | (558,883 | ) |
|                                                                                          |   |    |    |    |   |    |   |    |     |   |   |   |   |
| Net                loss                                                                       |   |    | (74,508 | )       |   | (89,824 | )      |    | (119,764 | ) |   | (596,306 | ) |
|                                                                                          |   |    |    |    |   |    |   |    |     |   |   |   |   |
|                                                                                          |   |    |    |    |   |    |   |    |     |   |   |   |   |
| Net                    loss per unit of beneficial ownership                    interest |   |    | (3.95   | )       |   | (4.77   | )      |    | (6.36    | ) |   | (31.64 | ) |
|                                                                                          |   |    |    |    |   |    |   |    |     |   |   |   |   |

| 2005                                                                     |   |   |     |   |   |     |   |   |     |   |   |     |    |
|--------------------------------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|--------|----------|--------|--------|----------|---------|
|                                                                     |   |   |     |   |   |     |   |   |     |   |   |     |    |
| Total                revenue                                             |   | $      | 22,199   |   | $      | 16,832   |   | $      | 13,893   |   | $      | 15,123   |    |
|                                                                     |   |   |     |   |   |     |   |   |     |   |   |     |    |
| Expenses                                                                 |   |   | (63,976  | )      |   | (63,003  | )      |   | (59,774  | )      |   | (56,839  | )       |
|                                                                     |   |   |     |   |   |     |   |   |     |   |   |     |    |
|                                                                     |   |   |     |   |   |     |   |   |     |   |   |     |    |
| Equity                  in loss of investment in local partnerships      |   |   | (99,563  | )      |   | (159,028 | )      |   | (66,592  | )      |   | (362,240 | )       |
|                                                                     |   |   |     |   |   |     |   |   |     |   |   |     |    |
| Net                loss                                                  |   |   | (141,340 | )      |   | (205,199 | )      |   | (112,473 | )      |   | (403,956 | )       |
|                                                                     |   |   |     |   |   |     |   |   |     |   |   |     |    |
| Net                  loss per unit of beneficial ownership interest |   |        | (7.50    | )      |        | (10.89   | )      |        | (5.97    | )      |        | (21.44   |  ) |

----

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

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

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

**PART      III**

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

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

----

**Richard      Paul Richman**

**Stephen      B. Smith**

**David      A. Salzman, **

**Neal      Ludeke**

----

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

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

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

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

----

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

|                              |   | 2006   |    | 2005   |   |
|-----------------------------------|--------|--------|---------|--------|--------|
|                              |   |   |    |   |   |
| Audit                Fees         |   | $      | 24,247  |   | $      | 22,854 |   |
| Audit-Related                Fees |   |   | — |   |   | — |   |
| Tax                Fees           |   | $      | 5,000   |   | $      | 5,000 |   |
| All                Other Fees     |   |   | — |   |   | — |   |

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**PART      IV**

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

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

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

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

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

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

----

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

----

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

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

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

----

**SIGNATURES**

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

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

----