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

                                    FORM 10-K

                      (Mark One)
                  [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934
                      For the fiscal year ended March 30, 2000

                                       OR

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

                                     0-24600
                            (Commission File Number)

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

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

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

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

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

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

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

                     Units of Beneficial Ownership Interest
                                (Title of Class)

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

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

Registrant has no voting stock.

Documents incorporated by reference:

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

<PAGE>

                                     PART I

Item 1. Business

Formation

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

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

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

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

Competition

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

Employees

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

                                       2

<PAGE>

Item 1. Business (continued)

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

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

Item 2. Properties

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

Registrant's   primary  objective  is  to  provide  Low-income  Tax  Credits  to
Beneficial  Owners  generally  over a ten year period.  The  relevant  state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low- income Tax Credits,  which are  generally  available  for a ten year period
from the year the Property is placed in service.  The required holding period of
each Property,  in order to avoid  Low-income Tax Credit  recapture,  is fifteen
years from the year in which the  Low-income  Tax  Credits  commence on the last
building of the Property (the "Compliance Period"). In addition,  certain of the
Local  Partnerships  have entered into  agreements  with the relevant  state tax
credit  agencies  whereby the Local  Partnerships  must maintain the  low-income
nature of the  Properties  for a period  which  exceeds the  Compliance  Period,
regardless  of any sale of the  Properties by the Local  Partnerships  after the
Compliance  Period. The Properties must satisfy various  requirements  including
rent  restrictions  and tenant income  limitations  (the  "Low-income Tax Credit
Requirements")  in order to  maintain  eligibility  for the  recognition  of the
Low-income  Tax Credit at all times during the Compliance  Period.  Once a Local
Partnership has become eligible for the Low-income Tax Credit,  it may lose such
eligibility  and suffer an event of recapture if its Property fails to remain in
compliance  with the Low-income Tax Credit  Requirements.  Through  December 31,
1999,  none of the Local  Partnerships  have  suffered an event of  recapture of
Low-income Tax Credits.

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

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

                                       3

<PAGE>

Item 2. Properties (continued)
<TABLE>
<CAPTION>

                                    Number       Capital contribution         Mortgage
 Name of Local Partnership          rental           obligation          loans payable as of    Subsidy
 Name of apartment complex            of        as of March 30, 2000        December 31,         (see
 Apartment complex location          units       Total         Paid             1999           footnotes)
 --------------------------          -----       -----         ----             ----           ----------
<S>                                   <C>     <C>          <C>            <C>                    <C>
 ACP Housing Associates, L.P.
 ACP Housing Apartments
 New York, New York                   28      $  737,222   $   737,222    $    1,499,61          (1b)

 Creative Choice Homes VII, Ltd.
 Coral Gardens
 Homestead, Florida                   91        2,382,812    2,382,812         2,085,258     (1a & 1c)

 Edgewood Manor Associates, L.P.
 Edgewood Manor Apartments
 Philadelphia, Pennsylvania           49        1,963,799    1,963,799         1,854,306         (1b)

 Ledge / McLaren Limited Partnership
 Ledge / McLaren Apartments
 Nashua, New Hampshire                 8          343,079      343,079           456,643         (1b)

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

 SB-92 Limited Partnership
 Shaker Boulevard Gardens
 Cleveland, Ohio                      73          795,255      795,255         2,043,114         (1b)

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

 St. John Housing Associates, L.P.
 St. John Homes
 Gary, Indiana                        144       3,546,861    3,546,861         4,382,140     (1a & 1c)

 Starved Rock - LaSalle Manor
    Limited Partnership
 LaSalle Manor
 LaSalle, Illinois                    48          634,327      634,327         1,761,610     (1a & 1c)

 Vision Limited Dividend Housing
    Association Limited Partnership
 Helen Odean Butler Apartments
 Detroit, Michigan                    97        1,410,544    1,410,544         5,130,127         (1b)
                                              -----------  -----------    --------------
                                              $14,741,864  $14,665,064    $  22,355,808
                                              ===========  ===========    =============
</TABLE>

      (1) Description of subsidies:

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

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

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

                                       4

<PAGE>


Item 3. Legal Proceedings

Registrant is not aware of any material legal proceedings.

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

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


                                       5

<PAGE>

                                     PART II

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

Market Information and Holders

There  is  no  established   public  trading  market  for  Registrant's   Units.
Accordingly,  accurate information as to the market value of a Unit at any given
date is not  available.  The number of Beneficial  Owners of Units as of June 1,
2000 was 918, holding 18,654 Units.

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

Distributions

Registrant owns a limited  partnership  interest in Local  Partnerships that are
the owners of Properties which are leveraged and receive  government  assistance
in various forms of rental and debt service subsidies.  The distribution of cash
flow generated by the Local  Partnerships  may be  restricted,  as determined by
each  Local  Partnership's   financing  and  subsidy  agreements.   Accordingly,
Registrant   does  not  anticipate  that  it  will  provide   significant   cash
distributions  to its  owners.  There were no cash  distributions  to the owners
during the years ended March 30, 2000 and 1999.

Low-income Tax Credits, which are subject to various limitations, may be used by
Beneficial  Owners to offset federal income tax liabilities.  The Low-income Tax
Credits per Unit for each of the three  closings,  generated by  Registrant  and
allocated to the Beneficial Owners for the tax years ended December 31, 1999 and
1998 and the cumulative  Low-income Tax Credits allocated from inception through
December 31, 1999 are as follows:
<TABLE>
<CAPTION>

                                           First closing       Second closing       Third closing
                                         November 29, 1993    January 28, 1994      May 25, 1994
                                         -----------------    ----------------      ------------
<S>                                         <C>              <C>                    <C>
Low-income Tax Credits:
-----------------------
Tax year ended December 31, 1999            $  138.81        $  138.81                $  138.81
Tax year ended December 31, 1998               138.81           138.81                   138.81

Cumulative totals                           $  698.76        $  696.58                $  684.06
</TABLE>

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

                                       6

<PAGE>

Item 6. Selected Financial Data

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

<TABLE>
<CAPTION>
                                                   Years Ended March 30,
                           --------------------------------------------------------------------
                              2000          1999           1998           1997          1996
                           ------------  ------------   -----------   ------------  -----------
<S>                        <C>           <C>           <C>             <C>           <C>
 Interest revenue          $  117,050    $  135,553    $    141,902    $    156,201  $  268,044
                           ==========    ==========    ============    ============  ==========
 Equity in loss of
  investment in local
  partnerships             $(1,036,130)  $(1,059,127)  $ (1,023,224)   $ (1,070,651) $ (590,457)
                           ===========   ===========   ============    ============  ==========

 Net loss                  $(1,146,850)  $(1,170,347)  $ (1,119,287)   $ (1,170,580) $ (590,132)
                           ===========   ===========   ============    ============  ==========

 Net loss per unit of
  beneficial ownership
  interest (18,654
  Units)                  $     (60.87)  $    (62.11)  $     (59.40)   $     (62.12) $   (31.32)
                          ============   ===========   ============    ============  ==========

                           --------------------------------------------------------------------
                                                     As of March 30,
                              2000          1999           1998          1997          1996
                           ------------  ------------   -----------   ------------  -----------
<S>                        <C>           <C>            <C>           <C>           <C>
 Total assets              $ 11,319,171  $ 12,715,649   $14,089,314   $ 15,071,351  $17,438,812
                           ============  ============   ===========   ============  ===========
</TABLE>


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

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

Capital Resources and Liquidity

Registrant  admitted  beneficial  owners  (the  "Beneficial  Owners")  in  three
closings with aggregate Beneficial Owners' capital contributions of $18,654,000.
In connection  with the offering of the sale of units of  beneficial  ownership,
Registrant incurred organization and offering costs of approximately  $2,331,000
and  established a working  capital  reserve of  approximately  $1,287,000.  The
remaining net proceeds of  approximately  $15,036,000  (the "Net Proceeds") were
available to be applied to the acquisition of limited  partnership  interests in
local partnerships (the "Local  Partnerships") which own low-income  multifamily
residential  complexes (the  "Property" or  "Properties")  which qualify for the
low-income tax credit in accordance with Section 42 of the Internal Revenue Code
(the  "Low-income  Tax  Credit").  Registrant  has  utilized the Net Proceeds in
acquiring an interest in ten Local Partnerships.  Restricted cash in the balance
sheet as of March  30,  2000  represents  an  outstanding  capital  contribution
payable to a Local  Partnership and accrued interest  thereon,  which is payable
upon such Local Partnership's satisfaction of specified conditions.

As of March 30, 2000,  Registrant has unrestricted cash and cash equivalents and
investments  in bonds  totaling  $1,939,576,  which is available  for  operating
expenses of Registrant and circumstances  which may arise in connection with the
Local  Partnerships.  As of March 30, 2000,  Registrant's  investments  in bonds
represent  corporate bonds of $936,079 with various  maturity dates ranging from
2003 to 2016.  Registrant  acquired such investments in bonds with the intention
of  utilizing  proceeds  generated  by  such  investments  to  meet  its  annual
obligations.  Future  sources of Registrant  funds are expected  primarily  from
interest  earned on working  capital and limited cash  distributions  from Local
Partnerships.

                                       7

<PAGE>

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

During the year ended March 30, 2000,  Registrant  received  cash from  interest
revenue  and  distributions  from  Local  Partnerships  and  utilized  cash  for
operating expenses and a capital  contribution to a Local Partnership.  Cash and
cash  equivalents  and  investments in bonds  increased,  in the  aggregate,  by
approximately $4,000 during the year ended March 30, 2000 (which is net of a net
unrealized  loss on  investments  in  bonds  of  approximately  $59,000  and the
amortization of net premium on investments in bonds of approximately $4,000) and
restricted cash decreased by approximately  $283,000  primarily as a result of a
capital contribution paid to a Local Partnership.  Notwithstanding circumstances
that may arise in connection with the Properties,  Registrant does not expect to
realize significant gains or losses on its investments in bonds, if any.

During the year ended  March 30,  2000,  the  investment  in local  partnerships
decreased as a result of Registrant's equity in the Local Partnerships' net loss
for the year  ended  December  31,  1999 of  $1,036,130  and cash  distributions
received  from  Local  Partnerships  of  $62,385.  Payable  to  manager  in  the
accompanying  balance sheet as of March 30, 2000 represents  accrued  management
fees.

Results of Operations

Registrant's  operating  results are dependent upon the operating results of the
Local  Partnerships and are  significantly  impacted by the Local  Partnerships'
policies. In addition, the operating results herein are not necessarily the same
for tax reporting.  Registrant accounts for its investment in local partnerships
in accordance with the equity method of accounting.  Accordingly, the investment
is carried at cost which includes capital contributions payable, and is adjusted
for Registrant's share of each Local Partnership's  results of operations and by
cash  distributions  received.  Equity  in  loss  of each  investment  in  Local
Partnership  allocated to Registrant is recognized to the extent of Registrant's
investment  balance  in each  Local  Partnership.  Equity  in loss in  excess of
Registrant's  investment  balance in a Local  Partnership  is allocated to other
partners'  capital  in any such Local  Partnership.  As a result,  the  reported
equity in loss of  investment in local  partnerships  is expected to decrease as
Registrant's  investment  balances in the respective Local  Partnerships  become
zero. As of March 30, 2000, no investment in any Local Partnership has reached a
zero balance.

Registrant's  operations  for the  years  ended  March 30,  2000,  1999 and 1998
resulted in net losses of $1,146,850, $1,170,347 and $1,119,287, respectively.

The Local Partnerships' net loss of approximately  $1,047,000 for the year ended
December  31,  1999   includes   depreciation   and   amortization   expense  of
approximately  $1,289,000 and interest on  non-mandatory  debt of  approximately
$295,000,  and does not include  principal  payments on  permanent  mortgages of
approximately  $364,000.  The  Local  Partnerships'  net  loss of  approximately
$1,068,000  for the year ended  December  31,  1998  includes  depreciation  and
amortization  expense of approximately  $1,396,000 and interest on non-mandatory
debt of  approximately  $300,000,  and does not  include  principal  payments on
permanent mortgages of approximately  $349,000. The Local Partnerships' net loss
of  approximately  $1,032,000  for the year ended  December  31,  1997  includes
depreciation and amortization  expense of approximately  $1,439,000 and interest
on non-mandatory debt of approximately  $309,000, and does not include principal
payments  on  permanent   mortgages  and  construction  loans  of  approximately
$330,000. The results of operations of the Local Partnerships for the year ended
December  31, 1999 are not  necessarily  indicative  of the results  that may be
expected in future periods.

Local Partnership Matters

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

                                       8

<PAGE>

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

such  eligibility  and suffer an event of  recapture  if its  Property  fails to
remain in  compliance  with the  Low-income  Tax  Credit  Requirements.  Through
December  31, 1999,  none of the Local  Partnerships  have  suffered an event of
recapture of Low-income Tax Credits.

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

The Local  Partnerships  have various  financing  structures  which  include (i)
required debt service payments  ("Mandatory Debt Service") and (ii) debt service
payments  which are payable only from  available  cash flow subject to the terms
and conditions of the notes, which may be subject to specific laws,  regulations
and agreements with appropriate federal and state agencies  ("Non-Mandatory Debt
Service or Interest").  In the event rents are not sufficient to cover operating
expenses, Mandatory Debt Service requirements and other charges, certain general
partners of the Local  Partnerships (the "Local General Partners") are obligated
to provide advances to cover deficits for a certain period of time up to certain
amounts (the "Deficit  Guarantee").  A Local General  Partner's  funding of such
Deficit  Guarantee  is  dependent  on its  liquidity  or  ability  to borrow the
required funds. During the year ended December 31, 1999, revenue from operations
of the Local  Partnerships  has generally  been  sufficient  to cover  operating
expenses and Mandatory Debt Service. Substantially all of the Local Partnerships
are effectively operating at or above break even levels,  although certain Local
Partnerships'  operating  information  reflects  operating  deficits that do not
represent  cash deficits due to their  mortgage and financing  structure and the
required deferral of property  management fees. However, as discussed below, one
Local Partnership's  operating  information indicates an operating deficit after
taking into  account its  mortgage  and  financing  structure  and any  required
deferral of property management fees.

The terms of the  partnership  agreement of ACP Housing  Associates,  L.P. ("ACP
Housing") require the Local General Partners to advance funds to cover operating
deficits  through  October  2003  and to  cause  the  management  agent to defer
property  management  fees in order to avoid a default under the  mortgage.  ACP
Housing  incurred an  operating  deficit of  approximately  $21,000 for the year
ended  December  31,  1999,   which  includes   property   management   fees  of
approximately  $9,000.  As of December 31, 1999, the Local General Partners have
advanced approximately $14,000 under their Deficit Guarantee obligation (none of
which was  advanced  during  1999) and  payments on the mortgage and real estate
taxes  are  current.  Of  Registrant's  total  annual  Low-income  Tax  Credits,
approximately 5% is allocated from ACP Housing.

Inflation

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

Year 2000

Registrant  successfully completed a program to ensure Year 2000 readiness. As a
result, Registrant had no Year 2000 problems that affected its business, results
of operations or financial condition.

                                       9

<PAGE>

Item 7a.  Quantitative and Qualitative Disclosure About Market Risk

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


                                       10

<PAGE>

                           AMERICAN TAX CREDIT TRUST,

                       a Delaware statutory business trust

                                    Series I

Item 8. Financial Statements and Supplementary Data

                             Table of Contents                             Page

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

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

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

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

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

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


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


                                       11

<PAGE>

                          Independent Auditors' Report

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

        We have audited the  accompanying  balance sheets of American Tax Credit
Trust,  a Delaware  statutory  business  trust Series I as of March 30, 2000 and
1999,  and the  related  statements  of  operations,  changes in owners'  equity
(deficit)  and cash flows for each of the three years in the period  ended March
30, 2000.  These  financial  statements  are the  responsibility  of the trust's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

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

        In our  opinion,  the  financial  statements  referred to above  present
fairly, in all material respects,  the financial position of American Tax Credit
Trust,  a Delaware  statutory  business  trust Series I as of March 30, 2000 and
1999, and the results of its operations and its cash flows for each of the three
years in the period ended March 30, 2000, in conformity with generally  accepted
accounting principles.

/s/ Reznick Fedder & Silverman

Bethesda, Maryland
May 26, 2000


                                       12

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                                 BALANCE SHEETS
                             MARCH 30, 2000 AND 1999

<TABLE>
<CAPTION>
                                                                 Notes         2000             1999
                                                                -------     ------------    ------------
<S>                                                                  <C>    <C>             <C>
ASSETS

Cash and cash equivalents                                            3,9    $  1,003,497    $    937,143
Restricted cash                                                    3,5,9         127,932         410,767
Investments in bonds                                                 4,9         936,079         998,384
Investment in local partnerships                                     5,8       9,235,937      10,353,629
Interest receivable                                                    9          15,726          15,726
                                                                            ------------    ------------

                                                                            $ 11,319,171    $ 12,715,649
                                                                            ============    ============

LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                                     $     25,200    $     25,380
  Payable to manager                                                 6,8         566,037         473,920
  Capital contributions payable                                      5,9          76,800         366,617
  Interest payable                                                   5,9          51,132          44,150
                                                                            ------------    ------------

                                                                                 719,169         910,067
                                                                            ------------    ------------
Commitments and contingencies                                        5,8

Owners' equity (deficit)                                             2,4

  Manager                                                                       (57,369)        (45,900)
  Beneficial owners (18,654 units of beneficial ownership
    interest outstanding)                                                    10,708,711      11,844,092
  Accumulated other comprehensive income (loss), net                            (51,340)          7,390

                                                                              10,600,002      11,805,582
                                                                            ------------    ------------
                                                                            $ 11,319,171    $ 12,715,649
                                                                            ============    ============
</TABLE>

                       See Notes to Financial Statements.


                                       13
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF OPERATIONS
                    YEARS ENDED MARCH 30, 2000, 1999 AND 1998

<TABLE>
<CAPTION>
                                                Notes      2000           1999           1998
                                               -------  -----------    -----------    -----------
<S>                                                     <C>            <C>            <C>
REVENUE

Interest                                                $   117,050    $   135,553    $   141,902
                                                        -----------    -----------    -----------
TOTAL REVENUE                                               117,050        135,553        141,902
                                                        -----------    -----------    -----------

EXPENSES

Management fee                                   6,8        192,117        192,238        193,819
Professional fees                                            23,914         30,454         16,477
Printing, postage and other                                  11,739         14,081         12,669
Amortization                                                                10,000         15,000
                                                        -----------    -----------    -----------
TOTAL EXPENSES                                              227,770        246,773        237,965
                                                        -----------    -----------    -----------
Loss from operations                                       (110,720)      (111,220)       (96,063)

Equity in loss of investment in local
   partnerships                                    5
                                                         (1,036,130)    (1,059,127)    (1,023,224)
                                                        -----------    -----------    -----------
NET LOSS
                                                         (1,119,287)    (1,146,850)    (1,170,347)
                                                        -----------    -----------    -----------
Other comprehensive income (loss)                  4        (58,730)         2,302         70,325

COMPREHENSIVE LOSS                                      $(1,205,580)   $(1,168,045)   $(1,048,962)
                                                        -----------    -----------    -----------


                                                   2

NET LOSS ATTRIBUTABLE TO

   Manager                                              $   (11,469)   $   (11,703)   $   (11,193)
   Beneficial owners
                                                         (1,135,381)    (1,158,644)    (1,108,094)
                                                        -----------    -----------    -----------

                                                        $(1,146,850)   $(1,170,347)   $(1,119,287)
                                                        ===========    ===========    ===========

NET LOSS per unit of beneficial
   ownership interest (18,654 units of                  $    (60.87)   $    (62.11)   $    (59.40)
      beneficial ownership interest)                    ===========    ===========    ===========
</TABLE>

                       See Notes to Financial Statements.


                                       14
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIT)
                    YEARS ENDED MARCH 30, 2000, 1999 AND 1998

<TABLE>
<CAPTION>
                                                                            Accumulated
                                                                               Other
                                                                           Comprehensive
                                                             Beneficial    Income (Loss),
                                             Manager          Owners            Net            Total
                                           ------------    ------------    ------------    ------------
<S>                                        <C>             <C>             <C>             <C>
Owners' equity (deficit), March 30, 1997   $    (23,004)   $ 14,110,830    $    (65,237)   $ 14,022,589

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

Other comprehensive income, net                                                  70,325          70,325
                                           ------------    ------------    ------------    ------------
Owners' equity (deficit), March 30, 1998        (34,197)     13,002,736           5,088      12,973,627

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

Other comprehensive income, net                                                   2,302           2,302
                                           ------------    ------------    ------------    ------------
Owners' equity (deficit), March 30, 1999        (45,900)     11,844,092           7,390      11,805,582

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

Other comprehensive loss, net                                                   (58,730)        (58,730)
                                           ------------    ------------    ------------    ------------
Owners' equity (deficit), March 30, 2000   $    (57,369)   $ 10,708,711    $    (51,340)   $ 10,600,002
                                           ============    ============    ============    ============
</TABLE>

                       See Notes to Financial Statements.


                                       15
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                    YEARS ENDED MARCH 30, 2000, 1999 AND 1998

<TABLE>
<CAPTION>
                                                         2000           1999           1998
                                                      -----------    -----------    -----------
<S>                                                   <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                                     $   127,607    $   144,822    $   148,210
Cash paid for
   management fee                                        (100,000)      (100,000)      (125,000)
   professional fees                                      (23,594)       (29,574)       (23,777)
   printing, postage and other expenses                   (12,239)       (12,081)       (12,830)
                                                      -----------    -----------    -----------
Net cash provided by (used in) operating activities        (8,226)         3,167        (13,397)
                                                      -----------    -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                 62,385        102,497        124,338
Transfer from (to) restricted cash                        282,835        300,738         (5,567)
Investment in local partnerships                         (270,640)      (306,433)
Investments in bonds (includes $282 of accrued
   interest)                                                                            (98,490)
                                                      -----------    -----------    -----------
Net cash provided by investing activities                  74,580         96,802         20,281
                                                      -----------    -----------    -----------
Net increase in cash and cash equivalents                  66,354         99,969          6,884

Cash and cash equivalents at beginning of year            937,143        837,174        830,290
                                                      -----------    -----------    -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR              $ 1,003,497    $   937,143    $   837,174
                                                      ===========    ===========    ===========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain (loss) on investments in bonds, net   $   (58,730)   $     2,302    $    70,325
                                                      ===========    ===========    ===========

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

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

                       See Notes to Financial Statements.


                                       16
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                    YEARS ENDED MARCH 30, 2000, 1999 AND 1998

<TABLE>
<CAPTION>
                                                                2000             1999            1998
                                                            -----------    -----------    -----------
<S>                                                         <C>            <C>            <C>
RECONCILIATION OF NET LOSS TO NET CASH
  PROVIDED BY (USED IN) OPERATING ACTIVITIES

Net loss                                                    $(1,146,850)   $(1,170,347)   $(1,119,287)

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

      Equity in loss of investment in local partnerships      1,036,130      1,059,127      1,023,224
      Amortization of organization costs                                        10,000         15,000
      Amortization of net premium on investments in bonds         3,575          3,574          3,574
      Increase in interest receivable                                                          (2,833)
      Increase (decrease) in accounts payable and accrued
      expenses                                                     (180)         2,880         (7,461)
      Increase in payable to manager                             92,117         92,238         68,819
      Increase in interest payable                                6,982          5,695          5,567
                                                            -----------    -----------    -----------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES         $    (8,226)   $     3,167    $   (13,397)
                                                            ===========    ===========    ===========
</TABLE>

                       See Notes to Financial Statements.


                                       17
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                          NOTES TO FINANCIAL STATEMENTS
                          MARCH 30, 2000, 1999 AND 1998

1.  Organization, Purpose and Summary of Significant Accounting Policies

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

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

    Basis of Accounting and Fiscal Year

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

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

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

    Use of Estimates

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

    Cash and Cash Equivalents

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


                                       18
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

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

    Restricted Cash

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

    Investments in Bonds

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

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

    Interest on Capital Contributions Payable to Local Partnerships

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

    Organization Costs

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

    Income Taxes

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

2.  Capital Contributions

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

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


                                       19
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

3.  Cash and Cash Equivalents and Restricted Cash

    As of March 30, 2000, the Trust has cash and cash equivalents and restricted
    cash in the aggregate of $1,131,429 which are deposited in  interest-bearing
    accounts  with an  institution  which is not insured by the Federal  Deposit
    Insurance Corporation.

4.  Investments in Bonds

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

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

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


    As of March 30, 1999, certain information concerning investments in bonds is
    as follows:

<TABLE>
<CAPTION>
                                                     Gross        Gross      Estimated
                                        Amortized  unrealized   unrealized      fair
   Description and maturity               cost       gains        losses       value
   ------------------------            ----------  ----------   ----------   ---------
<S>                                    <C>         <C>          <C>          <C>
Corporate debt securities
  After one year through five years    $  98,806   $   3,105    $    --      $ 101,911
  After five years through ten years     690,081       9,317       (2,681)     696,717
  After ten years                        202,107         158       (2,509)     199,756
                                       ---------   -------      ---------    ---------
                                       $ 990,994   $  12,580    $  (5,190)   $ 998,384
                                       =========   =======      =========    =========
</TABLE>


                                       20
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

5.  Investment in Local Partnerships

    As of March  30,  2000,  the  Trust  owns a  98.9%-99%  limited  partnership
    interest in the following Local Partnerships:

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

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

    The  Properties  are  principally  comprised  of  subsidized  and  leveraged
    low-income  multifamily  residential complexes located throughout the United
    States.  The required  holding  period of each  Property,  in order to avoid
    Low-income Tax Credit recapture, is fifteen years from the year in which the
    Low-income  Tax Credits  commence on the last  building of the Property (the
    "Compliance Period").  The rents of the Properties are controlled by federal
    and state agencies  pursuant to applicable laws and  regulations.  Under the
    terms of each of the Local Partnership's  partnership agreements,  the Trust
    has committed to make capital contribution  payments in the aggregate amount
    of  $14,741,864,  of which the Trust has paid  $14,665,064  and  $76,800  is
    payable as of March 30, 2000.  Restricted cash in the  accompanying  balance
    sheet as of March 30, 2000 represents such outstanding capital  contribution
    along with accrued  interest  thereon of $51,132.  The  outstanding  capital
    contribution  is  payable  upon  one  Local  Partnership's  satisfaction  of
    specified  conditions.  As of December 31, 1999, the Local Partnerships have
    outstanding  mortgage loans payable totaling  approximately  $22,356,000 and
    accrued  interest payable on such loans totaling  approximately  $1,222,000,
    which are secured by security  interests and liens common to mortgage  loans
    on the Local Partnerships' real property and other assets.

    The combined  balance  sheets of the Local  Partnerships  as of December 31,
    1999  and  1998 and the  combined  statements  of  operations  of the  Local
    Partnerships  for the  years  ended  December  31,  1999,  1998 and 1997 are
    reflected on pages 22 and 23, respectively.


                                       21
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

5.  Investment in Local Partnerships (continued)

    The combined  balance  sheets of the Local  Partnerships  as of December 31,
    1999 and 1998 are as follows:

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

Cash and cash equivalents                                        $    515,116    $    487,409
Rents receivable                                                      117,466          35,870
Capital contributions receivable                                       76,800         366,617
Escrow deposits and reserves                                        1,647,606       1,538,075
Land                                                                1,267,153       1,267,153
Buildings and improvements (net of accumulated depreciation of
  $6,762,545 and $5,525,125)                                       30,321,993      31,464,189
Intangible assets (net of accumulated amortization of $176,272
  and $140,093)                                                       302,368         353,547
Other                                                                 250,222         257,139
                                                                 ------------    ------------
                                                                 $ 34,498,724    $ 35,769,999
                                                                 ============    ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                          $    465,926    $    311,095
  Due to related parties                                              896,462       1,078,506
  Mortgage loans                                                   22,355,808      22,720,227
  Notes payable                                                       100,000         100,000
  Accrued interest                                                  1,221,503         979,948
  Other                                                               158,432         147,844
                                                                 ------------    ------------
                                                                   25,198,131      25,337,620
                                                                 ------------    ------------
Partners' equity (deficit)

  American Tax Credit Trust, Series I
    Capital contributions, net of distributions (includes
      receivable of $76,800 and $366,617)                          14,449,644      14,534,206
    Cumulative loss                                                (5,213,707)     (4,177,577)
                                                                 ------------    ------------

                                                                    9,235,937      10,356,629
  General partners and other limited partners
    Capital contributions, net of distributions                       341,103         341,718
    Cumulative loss                                                  (276,447)       (265,968)
                                                                 ------------    ------------
                                                                       64,656          75,750
                                                                 ------------    ------------
                                                                    9,300,593      10,432,379
                                                                 ------------    ------------
                                                                 $ 34,498,724    $ 35,769,999
                                                                 ============    ============
</TABLE>


                                       22
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

5.  Investment in Local Partnerships (continued)

    The combined  statements  of operations  of the Local  Partnerships  for the
    years ended December 31, 1999, 1998 and 1997 are as follows:

<TABLE>
<CAPTION>
                                                       1999         1998           1997
                                                  -----------    -----------    -----------
<S>                                               <C>            <C>            <C>
REVENUE

Rental                                            $ 3,807,841    $ 3,737,970    $ 3,730,675
Interest and other                                    172,059        160,274        142,800
                                                  -----------    -----------    -----------
TOTAL REVENUE                                       3,979,900      3,898,244      3,873,475
                                                  -----------    -----------    -----------

EXPENSES

Administrative                                        722,397        721,849        695,834
Utilities                                             505,172        480,467        477,870
Operating, maintenance and other                    1,073,881        934,059        814,082
Taxes and insurance                                   475,010        453,325        472,030
Financial (including amortization of $51,179,
  $34,464 and $35,478)                              1,012,629      1,015,095      1,041,730
Depreciation                                        1,237,420      1,361,510      1,403,541
                                                  -----------    -----------    -----------
 TOTAL EXPENSES                                     5,026,509      4,966,305      4,905,087
                                                  -----------    -----------    -----------
NET LOSS                                          $(1,046,609)   $(1,068,061)   $(1,031,612)
                                                  ===========    ===========    ===========

 NET LOSS ATTRIBUTABLE TO

   American Tax Credit Trust, Series I            $(1,036,130)   $(1,059,127)   $(1,023,224)
   General partners and other limited partners,
    which includes specially allocated items of
    revenue to certain general partners of
    $1,883 in 1998                                    (10,479)        (8,934)        (8,388)
                                                  -----------    -----------    -----------
                                                  $(1,046,609)   $(1,068,061)   $(1,031,612)
                                                  ===========    ===========    ===========
</TABLE>


                                       23
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

5.  Investment in Local Partnerships (continued)

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


<TABLE>
<CAPTION>
                                          Investment       Trust's      Decrease in         Cash        Investment in    Capital
                                          in Local        equity in      investment     distributions      Local      contributions
                                         Partnership     loss for the     during       received during   Partnership     payable
                                        balance as of     year ended   the year ended  the year ended   balance as of     as of
                                          March 30,     December 31,     March 30,       March 30,       March 30,     March 30,
Name of Local Partnership                   1999           1999           2000             2000            2000           2000
-------------------------              ------------    ------------    ------------    ------------    ------------   ------------
<S>                                    <C>             <C>             <C>             <C>             <C>            <C>
ACP Housing Associates, L.P.           $    453,782    $   (110,416)   $       --      $       --      $    343,366   $       --

Creative Choice Homes VII, Ltd.           1,802,599        (204,654)           --              --         1,597,945           --

Edgewood Manor Associates, L.P.           1,218,131        (157,050)           --              --         1,061,081           --

Ledge / McLaren Limited
 Partnership                                295,721         (16,035)           --            (1,500)        278,186           --


Penn Apartment Associates                   357,786         (97,194)           --              --           260,592           --

SB-92 Limited Partnership                   486,769        (114,686)           --              --           372,083           --

St. Christopher's Associates, L.P. V      1,413,268        (139,437)           --              --         1,273,831         76,800

St. John Housing Associates, L.P.         2,872,142         (61,821)           --           (60,885)      2,749,436           --


Starved Rock - LaSalle Manor
 Limited Partnership                        467,353         (16,315)           --              --           451,038           --

Vision Limited Dividend Housing
 Association Limited Partnership            986,078        (118,522)        (19,177)           --           848,379           --
                                       ------------    ------------    ------------    ------------    ------------   ------------
                                       $ 10,353,629    $ (1,036,130)   $    (19,177)   $    (62,385)   $  9,235,937   $     76,800
                                       ============    ============    ============    ============    ============   ============
</TABLE>


                                       24
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

5.  Investment in Local Partnerships (continued)

    Investment  and capital  contribution  activity  with  respect to each Local
    Partnership for the year ended March 30, 1999 is as follows:

<TABLE>
<CAPTION>
                                       Investment       Trust's         Cash        Investment in    Capital
                                       in Local        equity in    distributions      Local       contributions
                                      Partnership     loss for the received during   Partnership     payable
                                     balance as of     year ended  the year ended   balance as of     as of
                                       March 30,     December 31,    March 30,       March 30,       March 30,
Name of Local Partnership                1998            1998           1999            1999           1999
-------------------------           ------------    ------------    ------------    ------------    ------------
<S>                                <C>             <C>             <C>             <C>            <C>
ACP Housing Associates, L.P.       $    552,217    $    (98,435)   $       --      $    453,782   $       --

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

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

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


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

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

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


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


Starved Rock - LaSalle Manor

 Limited Partnership                    498,033         (30,680)           --           467,353           --

Vision Limited Dividend Housing

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


                                       25
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

5.  Investment in Local Partnerships (continued)

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

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


    Property  information for each Local  Partnership as of December 31, 1998 is
    as follows:

<TABLE>
<CAPTION>
                                        Mortgage                   Buildings and   Accumulated
   Name of Local Partnership          loans payable    Land        improvements    depreciation
   -------------------------         ------------   ------------   ------------    ------------
   <S>                               <C>            <C>            <C>             <C>
   ACP Housing Associates, L.P.      $  1,503,781   $     14,000   $  2,505,364    $   (236,145)
   Creative Choice Homes VII, Ltd.      2,122,043        500,000      4,091,851        (422,382)
   Edgewood Manor Associates, L.P.      1,856,702         53,850      3,641,770        (696,553)
   Ledge / McLaren Limited
     Partnership                          458,804        123,673        677,680         (74,053)
   Penn Apartment Associates              963,000         13,357      1,783,668        (244,010)
   SB-92 Limited Partnership            2,074,031         73,000      2,989,358        (560,859)
   St. Christopher's
     Associates, L.P. V                 2,180,000         31,829      3,783,012        (636,188)
   St. John Housing
     Associates, L.P.                   4,476,604         74,800      8,271,928      (1,419,336)
   Starved Rock - LaSalle Manor
     Limited Partnership                1,786,897        202,845      2,476,872        (325,979)
   Vision Limited Dividend Housing
     Association Limited  Partnership   5,298,365        179,799      6,767,811        (909,620)
                                     ------------   ------------   ------------    ------------
                                     $ 22,720,227   $  1,267,153   $ 36,989,314    $ (5,525,125)
                                     ============   ============   ============    ============
</TABLE>


                                       26
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

5.  Investment in Local Partnerships (continued)

    The summary of property  activity during the year ended December 31, 1999 is
    as follows:

<TABLE>
<CAPTION>
                                                      Net change during
                                   Balance as of        the year ended        Balance as of
                                   December 31,          December 31,         December 31,
                                       1998                  1999                 1999
                                    -----------          -----------           -----------
<S>                                  <C>                  <C>                   <C>
   Land                              $1,267,153           $     --              $1,267,153
   Buildings and improvements        36,989,314             95,224              37,084,538
                                    -----------          -----------           -----------
                                     38,256,467             95,224              38,351,691

   Accumulated depreciation          (5,525,125)          (1,237,420)           (6,762,545)
                                    -----------          -----------           -----------
                                    $32,731,342          $(1,142,196)          $31,589,146
                                    ===========          ===========           ===========
</TABLE>

6.  Transactions with Manager and Affiliates

    For the years ended  March 30,  2000,  1999 and 1998,  the Trust paid and/or
    incurred  the  following   amounts  to  the  Manager  and/or  affiliates  in
    connection with services provided to the Trust:

<TABLE>
<CAPTION>
                                            2000                 1999                 1998
                                     -------------------  -------------------   -------------------
                                       Paid     Incurred    Paid     Incurred     Paid     Incurred
                                     --------   --------  --------   --------   --------   --------
<S>                                  <C>        <C>       <C>        <C>        <C>        <C>
    Management fee (see Note 8)      $100,000   $192,117  $100,000   $192,238   $125,000   $193,819
</TABLE>


    For the years ended December 31, 1999, 1998 and 1997, the Local Partnerships
    paid and/or incurred the following  amounts to the Manager and/or affiliates
    in connection with services provided to the Local Partnerships:

<TABLE>
<CAPTION>
                                                1999                 1998                   1997
                                        -------------------   -------------------   -------------------
                                          Paid     Incurred     Paid     Incurred     Paid     Incurred
                                        --------   --------   --------   --------   --------   --------
<S>                                     <C>        <C>        <C>        <C>        <C>        <C>
      Property management fees          $ 12,180   $ 12,479   $ 12,160   $ 12,920   $ 12,180   $ 12,180

      Insurance and other services        16,706     14,957     10,642     13,096      4,213     13,855
</TABLE>


                                       27
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

7.  Taxable Loss

    A  reconciliation  of the financial  statement net loss of the Trust for the
    years ended March 30, 2000, 1999 and 1998 to the tax return net loss for the
    years ended December 31, 1999, 1998 and 1997 is as follows:

<TABLE>
<CAPTION>
                                                         2000         1999            1998
                                                    -----------    -----------    -----------
<S>                                                 <C>            <C>            <C>
Financial statement net loss for the years ended
  March 30, 2000, 1999 and 1998                     $(1,146,850)   $(1,170,347)   $(1,119,287)

Add (less) net transactions occurring between
  January 1, 1997 and March 30, 1997                       --             --          (35,681)
  January 1, 1998 and March 30, 1998                       --          (15,851)        15,851
  January 1, 1999 and March 30, 1999                    (26,666)        26,666           --
  January 1, 2000 and March 30, 2000                     23,342           --             --
                                                    -----------    -----------    -----------
Adjusted financial statement net loss for the
  years ended December 31, 1999, 1998 and 1997       (1,150,174)    (1,159,532)    (1,139,117)

Adjustment to management fee pursuant to Internal
  Revenue Code Section 267                               90,558         93,819         94,348

Differences arising from equity in loss of
  investment in local partnerships                      (23,550)      (137,771)      (159,124)

Other differences                                           461           (220)           (15)
                                                    -----------    -----------    -----------
Tax return net loss for the years ended December
  31, 1999, 1998 and 1997                           $(1,082,705)   $(1,203,704)   $(1,203,908)
                                                    ===========    ===========    ===========
</TABLE>

    The  differences  between the investment in local  partnerships  for tax and
    financial  reporting  purposes  as of  December  31,  1999  and  1998 are as
    follows:

<TABLE>
<CAPTION>
                                                                       1999              1998
                                                                  ------------      ------------
<S>                                                               <C>               <C>
      Investment in local partnerships - financial reporting      $  9,235,937      $ 10,356,629
      Investment in local partnerships - tax *                       8,550,525         9,404,951
                                                                  ------------      ------------
                                                                  $    685,412      $    951,678
                                                                  ============      ============
</TABLE>

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

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


                                       28
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2000, 1999 AND 1998

8.  Commitments and Contingencies

    Pursuant to the Trust Agreement, the Trust is required to pay to the Manager
    an annual  management fee ("Management  Fee") for its services in connection
    with  the  management  of the  affairs  of the  Trust,  subject  to  certain
    provisions of the Trust  Agreement.  The annual  Management  Fee is equal to
    0.5% of all  proceeds as of December 31 of any year,  invested or  committed
    for  investment  in  Local   Partnerships   plus  all  debts  of  the  Local
    Partnerships related to the Properties.  The Trust incurred a Management Fee
    of $192,117,  $192,238 and $193,819 for the years ended March 30, 2000, 1999
    and 1998, respectively. Unpaid Management Fees in the amount of $566,037 and
    $473,920  are  recorded  as payable to manager in the  accompanying  balance
    sheets as of March 30, 2000 and 1999, respectively.

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

9.  Fair Value of Financial Instruments

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

    Cash and cash equivalents and restricted cash

    The carrying amounts approximate fair value.

    Investments in bonds

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

    Interest receivable

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

    Capital contributions payable and interest payable

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

    The estimated  fair value of the Trust's  financial  instruments as of March
    30, 2000 and 1999 are disclosed elsewhere in the financial statements.


                                       29
<PAGE>

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

None

                                    PART III

Item 10.  Directors and Executive Officers of the Registrant

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

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

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

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

Richard Paul Richman, age 52, is the sole Director and President of the Manager.
Mr. Richman is the President and principal  stockholder  of Richman  Group.  Mr.
Richman  is  involved  in  the   syndication,   development  and  management  of
residential property. Mr. Richman is also a director of Wilder Richman Resources
Corp.,  an  affiliate of the Manager and the general  partner of Secured  Income
L.P., a director of Wilder  Richman  Historic  Corporation,  an affiliate of the
Manager and the general partner of Wilder Richman Historic  Properties II, L.P.,
a director of Richman Tax Credit  Properties  Inc.,  an affiliate of the Manager
and the general partner of the general partner of American Tax Credit Properties
L.P.,  a director of Richman Tax Credits  Inc.,  an affiliate of the Manager and
the general partner of the general partner of American Tax Credit  Properties II
L.P. and a director of Richman Housing Credits Inc., an affiliate of the Manager
and the general partner of the general partner of American Tax Credit Properties
III L.P.

Stephen B. Smith,  age 56, is the Executive Vice  President of the Manager.  Mr.
Smith is  responsible  for  marketing and  investment  program  development  for
Richman Group.  From 1989 until joining  Richman Group in 1993, Mr. Smith was an
independent  advisor to  developers,  lenders  and  institutional  investors  on
matters related to real estate investments.

David A. Salzman,  age 39, is a Vice  President and the Secretary of the Manager
and a minority  stockholder of Richman Group. Mr. Salzman is responsible for the
acquisition and development of residential real estate for syndication as a Vice
President of acquisitions of Richman Group.

Neal Ludeke,  age 42, is a Vice President and the Treasurer of the Manager.  Mr.
Ludeke,  a Vice  President  and the  Treasurer  of  Richman  Group,  is  engaged
primarily in the syndication, asset management and finance operations of Richman
Group. In addition,  Mr. Ludeke is a Vice President and the Treasurer of Richman
Asset  Management,  Inc.  ("RAM"),  an affiliate of the  Manager.  Mr.  Ludeke's
responsibilities  in connection with RAM include advisory services provided to a
small business investment company and various partnership management functions.


Item 11.  Executive Compensation

Registrant has no officers or directors. Registrant does not pay the officers or
director of the Manager any remuneration.  During the year ended March 30, 2000,
the Manager did not pay any remuneration to any of its officers or its director.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

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


                                       30
<PAGE>

Item 13.  Certain Relationships and Related Transactions

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

Transactions with Manager and Affiliates

The net tax losses and Low-income Tax Credits generated by Registrant during the
year ended  December 31, 1999 allocated to the Manager were $10,826 and $26,155,
respectively.

Indebtedness of Management

No officer or director  of the Manager or any  affiliate  of the  foregoing  was
indebted to Registrant at any time during the year ended March 30, 2000.


                                       31
<PAGE>

                                     PART IV

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

   (a) Financial Statements, Financial Statement Schedules and Exhibits

          (1)  Financial Statements

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

          (2)  Financial Statement Schedules

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

          (3)  Exhibits

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

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

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

    10.4       Promissory Note dated December 27, 1993   Exhibit 10.4 to Form 10-Q Report
               from Trust to Citibank N.A.               dated December 30, 1993
                                                         (File No. 33-58032)
    10.5       Tri-Party Agreement dated as of           Exhibit 10.5 to Form 10-Q Report
               December 27, 1993 between Trust,          dated December 30, 1993
               Citibank N.A. and United States Trust     (File No. 33-58032)
               Company of New York

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

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

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

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

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


                                       32
<PAGE>

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

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

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

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

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

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

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

    27         Financial Data Schedule

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

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

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

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

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


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

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

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


                                       33
<PAGE>

<TABLE>
<CAPTION>
                                                               Incorporated by
                              Exhibit                          Reference to
                              -------                          ------------
    <S>        <C>                                       <C>
     99.9      December 31, 1999 financial statements
               of St. John Housing Associates, L.P.
               pursuant to Title 17, Code of Federal
               Regulations
</TABLE>

   (b) Reports on Form 8-K

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

   (c) Exhibits

   See (a)(3) above.

   (d) Financial Statement Schedules

   See (a)(2) above.


                                       34
<PAGE>

                                   SIGNATURES

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

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

                                            By:  Richman American Credit Corp.,
                                                 The Manager

Dated:  June 28, 2000                       /s/ Richard Paul Richman
        -------------                       ------------------------
                                            by: Richard Paul Richman
                                                President

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

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

      /s/ Richard Paul Richman       President, Chief Executive    June 28, 2000
      ----------------------------   Officer and Director of the   -------------
      (Richard Paul Richman)         Manager


      /s/ Neal Ludeke                Vice President and Treasurer  June 28, 2000
      ----------------------------   of the Manager (Principal    -------------
      (Neal Ludeke)                  Financial and Accounting
                                     Officer of the Trust)