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, 2002

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

                                       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.

Tax Reform Act of 1986, Revenue Act of 1987, Technical and Miscellaneous Revenue
--------------------------------------------------------------------------------
Act of 1988, Omnibus Budget Reconciliation Act of 1989, Omnibus Budget
----------------------------------------------------------------------
Reconciliation Act of 1990, Tax Extension Act of 1991, Omnibus Budget
---------------------------------------------------------------------
Reconciliation Act of 1993, Uruguay Round Agreements Act, Tax and Trade Relief
------------------------------------------------------------------------------
Extension Act of 1998, Tax and Trade Relief Extension Act of 1999, Community
----------------------------------------------------------------------------
Renewal Tax Relief Act of 2000, Economic Growth and Tax Relief Reconciliation
-----------------------------------------------------------------------------
Act of 2001 and Job Creation and Worker Assistance Act of 2002 (collectively the
--------------------------------------------------------------------------------
"Tax Acts")
-----------

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


                                       2
<PAGE>

Item 2.     Properties

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

Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low-income Tax Credits, which are generally available for a ten year period
from the year the Property is placed in service. The required holding period of
each Property, in order to avoid Low-income Tax Credit recapture, is fifteen
years from the year in which the Low-income Tax Credits commence on the last
building of the Property (the "Compliance Period"). In addition, certain of the
Local Partnerships have entered into agreements with the relevant state tax
credit agencies whereby the Local Partnerships must maintain the low-income
nature of the Properties for a period which exceeds the Compliance Period,
regardless of any sale of the Properties by the Local Partnerships after the
Compliance Period. The Properties must satisfy various requirements including
rent restrictions and tenant income limitations (the "Low-income Tax Credit
Requirements") in order to maintain eligibility for the recognition of the
Low-income Tax Credit at all times during the Compliance Period. Once a Local
Partnership has become eligible for the Low-income Tax Credit, it may lose such
eligibility and suffer an event of recapture if its Property fails to remain in
compliance with the Low-income Tax Credit Requirements. Through December 31,
2001, none of the Local Partnerships have suffered an event of recapture of
Low-income Tax Credits.

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

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



                                       3
<PAGE>

Item 2.     Properties (continued)

<TABLE>
<CAPTION>
                                                            Capital contribution
                                                                 obligation                 Mortgage
 Name of Local Partnership                       Number      as of March 30, 2002      loans payable as of     Subsidy
 Name of apartment complex                      of renta l  ----------------------        December 31,          (see
 Apartment complex location                       units      Total           Paid            2001             footnotes)
 --------------------------                     ---------    -----           ----      -------------------    ----------

<S>                                              <C>     <C>             <C>             <C>                  <C>
ACP Housing Associates, L.P.
ACP Housing Apartments
New York, New York                                 28     $   737,222     $   737,222     $ 1,492,108           (1b)

Creative Choice Homes VII, Ltd.
Coral Gardens
Homestead, Florida                                 91       2,382,812       2,382,812       2,001,646           (1a & 1c)

Edgewood Manor Associates, L.P.
Edgewood Manor Apartments
Philadelphia, Pennsylvania                         49       1,963,799       1,963,799       1,848,973           (1b)

Ledge/McLaren Limited Partnership
Ledge/McLaren Apartments
Nashua, New Hampshire                               8         343,079         343,079         451,857           (1b)

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

SB-92 Limited Partnership
Shaker Boulevard Gardens
Cleveland, Ohio                                    73         795,255         795,255       1,973,894           (1b)

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

St. John Housing Associates, L.P.
St. John Homes
Gary, Indiana                                     144       3,546,861       3,546,861       4,171,642           (1a & 1c)

Starved Rock - LaSalle Manor
   Limited Partnership
LaSalle Manor
LaSalle, Illinois                                  48         634,327         634,327       1,704,994           (1a & 1c)

Vision Limited Dividend Housing
   Association Limited Partnership
Helen Odean Butler Apartments
Detroit, Michigan                                  97       1,410,544       1,410,544       4,788,563           (1b)
                                                          -----------     -----------     -----------
                                                          $14,741,864     $14,672,564     $21,576,677
                                                          ===========     ===========     ===========
</TABLE>

     (1)  Description of subsidies:

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

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

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

                                       4
<PAGE>

Item 3.     Legal Proceedings

Registrant is not aware of any material legal proceedings.


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

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



                                       5
<PAGE>

                                     PART II

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

Market Information and Holders
------------------------------

There is no established public trading market for Registrant's Units.
Accordingly, accurate information as to the market value of a Unit at any given
date is not available. The number of Beneficial Owners of Units as of May 31,
2002 was approximately 897, holding 18,654 Units.

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

Distributions
-------------

Registrant owns a limited partnership interest in Local Partnerships that are
the owners of Properties that are leveraged and receive government assistance in
various forms of rental and debt service subsidies. The distribution of cash
flow generated by the Local Partnerships may be restricted, as determined by
each Local Partnership's financing and subsidy agreements. Accordingly,
Registrant does not anticipate that it will provide significant cash
distributions to its owners. There were no cash distributions to the owners
during the years ended March 30, 2002 and 2001.

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, 2001 and
2000 and the cumulative Low-income Tax Credits allocated from inception through
December 31, 2001 are as follows:

                                      First           Second           Third
                                     closing          closing         closing
                                   November 29,      January 28,       May 25,
                                      1993              1994            1994
                                   ------------      -----------      ---------
Low-income Tax Credits:
----------------------
Tax year ended December 31, 2001   $   138.81       $  138.81       $   138.81
Tax year ended December 31, 2000       138.81          138.81           138.81

Cumulative totals                  $   976.38       $  974.20       $   961.68

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,
                                        ----------------------------------------------------------------------------
                                            2002             2001            2000           1999           1998
                                        ------------    ------------    ------------    ------------    ------------

<S>                                     <C>             <C>             <C>             <C>             <C>
Interest revenue                        $    146,753    $    121,363    $    117,050    $    135,553    $    141,902
                                        ============    ============    ============    ============    ============
Equity in loss of investment in
 local partnerships                     $ (1,180,278)   $   (844,680)   $ (1,036,130)   $ (1,059,127)   $ (1,023,224)
                                        ============    ============    ============    ============    ============

Net loss                                $ (1,268,827)   $   (950,341)   $ (1,146,850)   $ (1,170,347)   $ (1,119,287)
                                        ============    ============    ============    ============    ============

Net loss per unit of beneficial
 ownership interest (18,654 Units)      $     (67.34)   $     (50.44)   $     (60.87)   $     (62.11)   $     (59.40)


                                                                       As of March 30,
                                        ----------------------------------------------------------------------------
                                            2002             2001            2000           1999           1998
                                        ------------    ------------    ------------    ------------    ------------

Total assets                            $  9,208,448    $ 10,481,154    $ 11,319,171    $ 12,715,649    $ 14,089,314
                                        ============    ============    ============    ============    ============
</TABLE>


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

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

Capital Resources and Liquidity
-------------------------------

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

As of March 30, 2002, Registrant has unrestricted cash and cash equivalents and
investments in bonds totaling $2,004,272, which is available for operating
expenses of Registrant and circumstances which may arise in connection with the
Local Partnerships. As of March 30, 2002, Registrant's investments in bonds
represent corporate bonds of $1,796,958 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 to be primarily
from interest earned on working capital and limited cash distributions from
Local Partnerships.


                                       7
<PAGE>

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

During the year ended March 30, 2002, Registrant received cash from interest
revenue, maturity/redemption and sale of bonds and distributions from Local
Partnerships and utilized cash for operating expenses. Cash and cash equivalents
and investments in bonds decreased, in the aggregate, by approximately $48,000
during the year ended March 30, 2002 (which includes a net unrealized gain on
investments in bonds of approximately $36,000 and the amortization of net
premium on investments in bonds of approximately $4,000). Notwithstanding
circumstances that may arise in connection with the Properties, Registrant does
not expect to realize significant gains or losses on its investments in bonds,
if any.

During the year ended March 30, 2002, 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, 2001 of $1,180,278 (including an adjustment to
Registrant's carrying value of its investment in three Local Partnerships of
$230,000 in accordance with applicable accounting guidelines) (see discussion
below under Results of Operations) and cash distributions received from Local
Partnerships of $66,768. Payable to manager in the accompanying balance sheet as
of March 30, 2002 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, 2002, no investment in any Local Partnership has reached a
zero balance.

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

Registrant's operations for the years ended March 30, 2002, 2001 and 2000
resulted in net losses of $1,268,827, $950,341 and $1,146,850, respectively. The
increase in net loss from fiscal 2001 to fiscal 2002 is primarily attributable
to an increase in equity in loss of investment in local partnerships of
approximately $336,000, which increase resulted primarily from (i) Registrant
adjusting the Local Partnership Carrying Value in connection with its
investments in certain Local Partnerships as reflected in Note 5 to the
financial statements and (ii) a net increase in the net operating losses of
certain Local Partnerships. The decrease in net loss from fiscal 2000 to fiscal
2001 is primarily attributable to a decrease in equity in loss of investment in
local partnerships of approximately $191,000, which decrease resulted primarily
from a net decrease in the net operating losses of certain Local Partnerships.



                                       8
<PAGE>

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

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

Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low- income Tax Credits, which are generally available for a ten year period
from the year the Property is placed in service. The required holding period of
each Property, in order to avoid Low-income Tax Credit recapture, is fifteen
years from the year in which the Low-income Tax Credits commence on the last
building of the Property (the "Compliance Period"). In addition, certain of the
Local Partnerships have entered into agreements with the relevant state tax
credit agencies whereby the Local Partnerships must maintain the low-income
nature of the Properties for a period which exceeds the Compliance Period,
regardless of any sale of the Properties by the Local Partnerships after the
Compliance Period. The Properties must satisfy various requirements including
rent restrictions and tenant income limitations (the "Low-income Tax Credit
Requirements") in order to maintain eligibility for the recognition of the
Low-income Tax Credit at all times during the Compliance Period. Once a Local
Partnership has become eligible for the Low-income Tax Credit, it may lose such
eligibility and suffer an event of recapture if its Property fails to remain in
compliance with the Low-income Tax Credit Requirements. Through December 31,
2001, none of the Local Partnerships have suffered an event of recapture of
Low-income Tax Credits.

The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States. Certain
of the Local Partnerships receive rental subsidy payments, including payments
under Section 8 of Title II of the Housing and Community Development Act of 1974
("Section 8"). The subsidy agreements expire at various times during the
Compliance Periods of the Local Partnerships. Since October 1997, the United
States Department of Housing and Urban Development ("HUD") has issued a series
of directives related to project based Section 8 contracts that define owners'
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8 contracts,
provide policies and procedures on setting renewal rents and handling renewal
rent adjustments and provide the requirements and procedures for opting-out of a
Section 8 project based contract. Registrant cannot reasonably predict
legislative initiatives and governmental budget negotiations, the outcome of
which could result in a reduction in funds available for the various federal and
state administered housing programs including the Section 8 program. Such
changes could adversely affect the future net operating income before debt
service and debt structure of any or all Local Partnerships currently receiving
such subsidy or similar subsidies. 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, 2001, revenue from operations
of the Local Partnerships has generally been sufficient to cover operating
expenses and Mandatory Debt Service. Substantially all of the Local Partnerships
are effectively operating at or above break even levels, although certain Local
Partnerships' operating information reflects operating deficits that do not
represent cash deficits due to their mortgage and financing structure and the
required deferral of property management fees. However, as discussed below,
certain Local Partnerships' operating information indicates below break even
operations after taking into account their mortgage and financing structure and
any required deferral of property management fees.

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. ACP Housing incurred an operating deficit of
approximately $11,000 for the year ended December 31, 2001. Of Registrant's
total annual Low-income Tax Credits, approximately 5.0% is allocated from ACP
Housing.


                                       9
<PAGE>

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

The terms of the partnership agreement of Creative Choice Homes VII, Ltd.
("Creative Choice") require the Local General Partner to cause the management
agent to defer up to 40% of the property management fees in order to avoid a
default under the mortgages. Creative Choice incurred an operating deficit of
approximately $61,000 for the year ended December 31, 2001, which includes
property management fees of approximately $44,000. Of Registrant's total annual
Low-income Tax Credits, approximately 15.6% is allocated from Creative Choice.

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.

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

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

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

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

Recent Accounting Pronouncement Not Yet Adopted
-----------------------------------------------

In August 2001, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standard ("SFAS") No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets, which is effective for financial
statements issued for fiscal years beginning after December 15, 2001, and
interim periods within those fiscal years, with early application encouraged.
SFAS No. 144 supersedes and provides additional clarification under the
guidelines established by SFAS No. 121. Registrant does not anticipate that the
adoption of SFAS No. 144 will have a material impact on its financial
statements.


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, 2002 and
2001, and the related statements of operations, owners' equity (deficit) and
cash flows for each of the three years in the period ended March 30, 2002. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

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

      In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of American Tax Credit Trust, a
Delaware statutory business trust Series I as of March 30, 2002 and 2001, and
the results of its operations, changes in owners' equity (deficit) and its cash
flows for each of the three years in the period ended March 30, 2002, in
conformity with accounting principles generally accepted in the United States of
America.



/s/ Reznick Fedder & Silverman

Bethesda, Maryland
June 19, 2002



                                       12
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                                 BALANCE SHEETS
                             MARCH 30, 2002 AND 2001

                                                          Notes        2002            2001
                                                      -----------  ------------    ------------
ASSETS

<S>                                                         <C>    <C>             <C>
Cash and cash equivalents                                   3,9    $    207,314    $    188,786
Restricted cash                                           3,5,9         132,183         128,155
Investments in bonds                                        4,9       1,796,958       1,863,424
Investment in local partnerships                            5,8       7,038,900       8,285,946
Interest receivable                                           9          33,093          14,843
                                                                   ------------    ------------
                                                                   $  9,208,448    $ 10,481,154
                                                                   ============    ============
LIABILITIES AND OWNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                            $     27,992    $     29,150
  Payable to manager                                        6,8         599,973         642,237
  Capital contributions payable                             5,9          69,300          69,300
  Interest payable                                          5,9          62,883          58,855
                                                                   ------------    ------------
                                                                        760,148         799,542
                                                                   ------------    ------------

Commitments and contingencies                               5,8

Owners' equity (deficit)                                    2,4

  Manager                                                               (79,560)        (66,872)
  Beneficial owners (18,654 units of beneficial
   ownership interest outstanding)                                    8,511,734       9,767,873
  Accumulated other comprehensive income (loss),                         16,126         (19,389)
   net
                                                                   ------------    ------------

                                                                      8,448,300       9,681,612
                                                                   ------------    ------------

                                                                   $  9,208,448    $ 10,481,154
                                                                   ============    ============
</TABLE>


                       See Notes to Financial Statements.



                                       13
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF OPERATIONS
                    YEARS ENDED MARCH 30, 2002, 2001 AND 2000

                                          Notes        2002           2001          2000
                                        --------   -----------    -----------    -----------

REVENUE

<S>                                                <C>            <C>            <C>
Interest                                           $   146,753    $   121,363    $   117,050
                                                   -----------    -----------    -----------
TOTAL REVENUE                                          146,753        121,363        117,050
                                                   -----------    -----------    -----------

EXPENSES

Management fee                              6,8        192,141        192,117        192,117
Professional fees                                       31,915         26,011         23,914
Printing, postage and other                             11,246          8,896         11,739
                                                   -----------    -----------    -----------

TOTAL EXPENSES                                         235,302        227,024        227,770
                                                   -----------    -----------    -----------

Loss from operations                                   (88,549)      (105,661)      (110,720)


Equity in loss of investment in
   local partnerships                         5     (1,180,278)      (844,680)    (1,036,130)
                                                   -----------    -----------    -----------

NET LOSS                                            (1,268,827)      (950,341)    (1,146,850)

Other comprehensive income (loss)             4         35,515         31,951        (58,730)
                                                   -----------    -----------    -----------

COMPREHENSIVE LOSS                                 $(1,233,312)   $  (918,390)   $(1,205,580)
                                                   ===========    ===========    ===========

NET LOSS ATTRIBUTABLE TO                      2

   Manager                                         $   (12,688)   $    (9,503)   $   (11,469)
   Beneficial owners                                (1,256,139)      (940,838)    (1,135,381)
                                                   -----------    -----------    -----------

                                                   $(1,268,827)   $  (950,341)   $(1,146,850)
                                                   ===========    ===========    ===========

NET LOSS per unit of beneficial
   ownership interest (18,654                      $    (67.34)   $    (50.44)   $    (60.87)
   units of beneficial ownership                   ===========    ===========    ===========
   interest)
</TABLE>


                       See Notes to Financial Statements.


                                       14
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIT)
                    YEARS ENDED MARCH 30, 2002, 2001 AND 2000

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

<S>                                            <C>              <C>                 <C>                <C>
Owners' equity (deficit), March 30, 1999        $ (45,900)       $ 11,844,092        $      7,390        $ 11,805,582

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

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

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

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

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

Owners' equity (deficit), March 30, 2001          (66,872)          9,767,873             (19,389)          9,681,612

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

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

Owners' equity (deficit), March 30, 2002        $ (79,560)       $  8,511,734        $     16,126        $  8,448,300
                                                =========        ============        ============        ============
</TABLE>


                       See Notes to Financial Statements.


                                       15
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                            STATEMENTS OF CASH FLOWS
                    YEARS ENDED MARCH 30, 2002, 2001 AND 2000

                                                            2002                2001                2000
                                                        -----------         -----------         -----------
CASH FLOWS FROM OPERATING ACTIVITIES

<S>                                                     <C>                 <C>                 <C>
Interest received                                       $   134,512         $   151,939         $   127,607
Cash paid for
   Management fee                                          (234,405)           (109,462)           (106,479)
   Professional fees                                        (31,090)            (24,044)            (23,594)
   Printing, postage and other expenses                     (13,229)            (13,368)             (5,760)
                                                        -----------         -----------         -----------
Net cash provided by (used in) operating                   (144,212)              5,065              (8,226)
   activities                                           -----------         -----------         -----------

CASH FLOWS FROM INVESTING ACTIVITIES

Cash distributions from local partnerships                   66,768             105,311              62,385
Transfer from (to) restricted cash                           (4,028)               (223)            282,835
Investment in local partnerships                                                 (7,500)           (270,640)
Proceeds from maturity/redemption and sale                  100,000             105,421
   of bonds
Investments in bonds (includes $20,715 of                                    (1,022,785)
   accrued interest)                                    -----------         -----------         -----------

Net cash provided by (used in) investing                    162,740            (819,776)             74,580
   activities                                           -----------         -----------         -----------

Net increase (decrease) in cash and cash                     18,528            (814,711)             66,354
   equivalents

Cash and cash equivalents at beginning of                   188,786           1,003,497             937,143
   year                                                 -----------         -----------         -----------

CASH AND CASH EQUIVALENTS AT END OF YEAR                $   207,314         $   188,786         $ 1,003,497
                                                        ===========         ===========         ===========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Unrealized gain (loss) on investments in                $    35,515         $    31,951         $   (58,730)
   bonds, net                                           ===========         ===========         ===========

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>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                     STATEMENTS OF CASH FLOWS - (Continued)
                    YEARS ENDED MARCH 30, 2002, 2001 AND 2000

                                                             2002               2001               2000
                                                         ------------        -----------        -----------

RECONCILIATION OF NET LOSS TO NET CASH
  PROVIDED BY (USED IN) OPERATING ACTIVITIES
<S>                                                      <C>                 <C>                <C>
Net loss                                                 $ (1,268,827)       $  (950,341)       $(1,146,850)

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

     Equity in loss of investment in local
       partnerships                                         1,180,278            844,680          1,036,130
     Gain on sale/redemption of bonds                          (1,543)            (2,572)
     Amortization of net premium on investments
       in bonds                                                 3,524              3,827              3,575
     Decrease (increase) in interest receivable               (18,250)            21,598
     Increase (decrease) in accounts payable
       and accrued expenses                                    (1,158)             3,950               (180)
     Increase (decrease) in payable to manager                (42,264)            76,200             92,117
     Increase in interest payable                               4,028              7,723              6,982
                                                         ------------        -----------        -----------
NET CASH PROVIDED BY (USED IN) OPERATING
  ACTIVITIES                                             $   (144,212)       $     5,065        $    (8,226)
                                                         ============        ===========        ===========
</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, 2002, 2001 AND 2000


1. Organization, Purpose and Summary of Significant Accounting Policies

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

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

   Basis of Accounting and Fiscal Year

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

   Investment in Local Partnerships

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

   The Partnership regularly assesses the carrying value of its investments in
   local partnerships. If the carrying value of an investment in a Local
   Partnership exceeds the estimated value derived by management, the Trust
   reduces its investment in any such Local Partnership and includes such
   reduction in equity in loss of investment in local partnerships.

   Use of Estimates

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

   Reclassifications

   Certain prior year amounts have been reclassified to conform to the current
   year presentation.


                                       18

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000

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

   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.

   Restricted Cash

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

   Investments in Bonds

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

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

   Interest on Capital Contributions Payable to Local Partnerships

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

   Income Taxes

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

   Recent Accounting Pronouncement Not Yet Adopted

   In August 2001, the Financial Accounting Standards Board ("FASB") issued SFAS
   No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets,
   which is effective for financial statements issued for fiscal years beginning
   after December 15, 2001, and interim periods within those fiscal years, with
   early application encouraged. SFAS No. 144 supersedes and provides additional
   clarification under the guidelines established by SFAS No. 121. The Trust
   does not anticipate that the adoption of SFAS No. 144 will have a material
   impact on its financial statements.


                                       19
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000

2. Capital Contributions

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

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

3. Cash and Cash Equivalents and Restricted Cash

   As of March 30, 2002, the Trust has cash and cash equivalents and restricted
   cash in the aggregate of $339,497, which are deposited in interest-bearing
   accounts with an institution that is not insured by the Federal Deposit
   Insurance Corporation.

4. Investments in Bonds

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

   As of March 30, 2002, certain information concerning investments in bonds is
   as follows:

<TABLE>
<CAPTION>

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

<S>                          <C>           <C>            <C>            <C>
Corporate debt securities
  After one year through
    five years               $ 1,448,269   $    28,954    $   (15,951)   $ 1,461,272
  After five years through
    ten years                    133,613         2,355           (282)       135,686
  After ten years                198,950         1,050           --          200,000
                             -----------   -----------    -----------    -----------
                             $ 1,780,832   $    32,359    $   (16,233)   $ 1,796,958
                             ===========   ===========    ===========    ===========
</TABLE>

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

<TABLE>
<CAPTION>

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

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


                                       20
<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000


5. Investment in Local Partnerships

   As of March 30, 2002, the Trust owns a 98.9%-99% limited partnership interest
   in the following Local Partnerships:

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

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

   The Properties are principally comprised of subsidized and leveraged
   low-income multifamily residential complexes located throughout the United
   States. The required holding period of each Property, in order to avoid
   Low-income Tax Credit recapture, is fifteen years from the year in which the
   Low-income Tax Credits commence on the last building of the Property (the
   "Compliance Period"). The rents of the Properties are controlled by federal
   and state agencies pursuant to applicable laws and regulations. Under the
   terms of each of the Local Partnership's partnership agreements, the Trust
   has committed to make capital contribution payments in the aggregate amount
   of $14,741,864, of which the Trust has paid $14,672,564 and $69,300 is
   payable as of March 30, 2002. Restricted cash in the accompanying balance
   sheet as of March 30, 2002 represents such outstanding capital contribution
   along with accrued interest thereon of $62,883. The outstanding capital
   contribution is payable upon one Local Partnership's satisfaction of
   specified conditions. As of December 31, 2001, the Local Partnerships have
   outstanding mortgage loans payable totaling approximately $21,577,000 and
   accrued interest payable on such loans totaling approximately $1,702,000,
   which are secured by security interests and liens common to mortgage loans on
   the Local Partnerships' real property and other assets.

   As a result of management's assessment of the carrying value of the
   investment in local partnerships under applicable accounting guidelines (see
   Note 1), the Partnership reduced its investment in Edgewood, Ledge/McLaren
   and St. Christopher by $58,000, $39,000 and $133,000, respectively during the
   year ended March 30, 2002. Such losses are included in equity in loss of
   investment in local partnerships in the accompanying statement of operations
   of the Partnership for the year ended March 30, 2002.

   The combined balance sheets of the Local Partnerships as of December 31, 2001
   and 2000 and the combined statements of operations of the Local Partnerships
   for the years ended December 31, 2001, 2000 and 1999 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, 2002, 2001 AND 2000

5. Investment in Local Partnerships (continued)

The combined balance sheets of the Local Partnerships as of December 31, 2001
and 2000 are as follows:

<TABLE>
<CAPTION>

                                                                               2001            2000
                                                                           ------------    ------------
    ASSETS

<S>                                                                        <C>             <C>
Cash and cash equivalents                                                  $    397,277    $    411,588
Rents receivable                                                                 69,615          60,415
Capital contributions receivable                                                 69,300          76,800
Escrow deposits and reserves                                                  1,598,559       1,605,749
Land                                                                          1,267,153       1,267,153
Buildings and improvements (net of accumulated depreciation of
  $9,214,043 and $7,989,706)                                                 28,040,052      29,168,885
Intangible assets (net of accumulated amortization of $179,001
  and $168,156)                                                                 265,154         281,716
Other assets                                                                    246,331         252,357
                                                                           ------------    ------------

                                                                           $ 31,953,441    $ 33,124,663
                                                                           ============    ============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

   Accounts payable and accrued expenses                                   $    469,979    $    404,348
   Due to related parties                                                       626,723         721,984
   Mortgage loans                                                            21,576,677      21,974,376
   Notes payable                                                                100,000         100,000
   Accrued interest                                                           1,702,416       1,413,749
   Other liabilities                                                            163,823         169,057
                                                                           ------------    ------------

                                                                             24,639,618      24,783,514
                                                                           ------------    ------------
Partners' equity (deficit)

   American Tax Credit Trust, Series I
     Capital contributions, net of distributions (includes receivable
       of $69,300 and $76,800)                                               14,277,565      14,344,333
     Cumulative loss                                                         (7,008,665)     (6,058,387)
                                                                           ------------    ------------
                                                                              7,268,900       8,285,946
                                                                           ------------    ------------
   General partners and other limited partners
     Capital contributions, net of distributions                                339,529         340,203
     Cumulative loss                                                           (294,606)       (285,000)
                                                                           ------------    ------------

                                                                                 44,923          55,203
                                                                           ------------    ------------

                                                                              7,313,823       8,341,149
                                                                           ------------    ------------

                                                                           $ 31,953,441    $ 33,124,663
                                                                           ============    ============
</TABLE>


                                       22
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000


5.    Investment in Local Partnerships (continued)

The combined statements of operations of the Local Partnerships for the years
ended December 31, 2001, 2000 and 1999 are as follows:

                                                           2001               2000               1999
                                                        -----------        -----------        -----------
    REVENUE

<S>                                                     <C>                <C>                <C>
Rental                                                  $ 3,911,032        $ 3,824,494        $ 3,759,527
Interest and other                                          162,154            168,682            172,059
                                                        -----------        -----------        -----------
TOTAL REVENUE                                             4,073,186          3,993,176          3,931,586
                                                        -----------        -----------        -----------

EXPENSES

Administrative                                              741,985            780,597            839,372
Utilities                                                   607,441            488,186            505,172
Operating and maintenance                                   973,373            916,487            908,592
Taxes and insurance                                         551,121            485,418            475,010
Financial                                                   918,253            927,908            961,450
Depreciation and amortization                             1,240,897          1,247,813          1,288,599
                                                        -----------        -----------        -----------

 TOTAL EXPENSES                                           5,033,070          4,846,409          4,978,195
                                                        -----------        -----------        -----------

NET LOSS                                                $  (959,884)       $  (853,233)       $(1,046,609)
                                                        ===========        ===========        ===========

 NET LOSS ATTRIBUTABLE TO

    American Tax Credit Trust, Series I                 $  (950,278)       $  (844,680)       $(1,036,130)
    General partners and other limited partners              (9,606)            (8,553)           (10,479)
                                                        -----------        -----------        -----------

                                                        $  (959,884)       $  (853,233)       $(1,046,609)
                                                        ===========        ===========        ===========
</TABLE>



                                       23
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000


5.    Investment in Local Partnerships (continued)

Investment and capital contribution activity with respect to each Local
Partnership for the year ended March 30, 2002 is as follows:


                                                                        Adjustment to        Cash         Investment
                                       Investment in      Trust's       carrying value   distributions     in Local       Capital
                                          Local        equity in loss    during the      received during  Partnership  contributions
                                       Partnership      for the year     year ended      the year ended   balance as    payable as
                                      balance as of        ended          March 30,         March 30,     of March 30,  of March 30,
   Name of Local Partnership          March 30, 2001  December 31, 2001     2002              2002           2002          2002
   -------------------------          --------------  ----------------- --------------  --------------- -------------- -------------

<S>                                    <C>            <C>               <C>               <C>            <C>           <C>
ACP Housing Associates, L.P.           $   284,738    $   (75,344)      $      --         $      --      $   209,394   $      --

Creative Choice Homes VII, Ltd.          1,466,379       (227,358)             --                --        1,239,021          --

Edgewood Manor Associates, L.P.            919,298       (169,308)          (58,000)(1)          --          691,990          --

Ledge/McLaren Limited Partnership          266,891        (11,633)          (39,000)(1)          --          216,258          --

Penn Apartment Associates                  170,534        (99,397)             --                --           71,137          --

SB-92 Limited Partnership                  309,405       (131,742)             --                --          177,663          --

St. Christopher's Associates, L.P. V     1,073,078        (71,735)         (133,000)(1)          --          868,343        69,300

St. John Housing Associates, L.P.        2,645,182        (50,969)             --             (66,768)     2,527,445          --

Starved Rock - LaSalle Manor Limited
 Partnership                               418,070        (29,986)             --                --          388,084          --

Vision Limited Dividend Housing
 Association Limited Partnership           732,371        (82,806)             --                --          649,565          --
                                       -----------    -----------       -----------       -----------    -----------   -----------
                                       $ 8,285,946    $  (950,278)      $  (230,000)      $   (66,768)   $ 7,038,900   $    69,300
                                       ===========    ===========       ===========       ===========    ===========   ===========
</TABLE>


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


                                       24
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000


5.    Investment in Local Partnerships (continued)

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

                                                 Investment in      Trust's           Cash         Investment
                                                    Local        equity in loss   distributions     in Local       Capital
                                                  Partnership     for the year    received during  Partnership   contributions
                                                 balance as of       ended        the year ended   balance as     payable as
                                                   March 30,      December 31,       March 30,     of March 30,   of March 30,
   Name of Local Partnership                         2000            2000              2001           2001           2001
   -------------------------                    --------------  -----------------  --------------- -------------  -------------

<S>                                              <C>            <C>                <C>             <C>              <C>
ACP Housing Associates, L.P.                     $   343,366     $   (58,628)            $--        $   284,738          $--

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

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

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

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

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

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

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

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

Vision Limited Dividend Housing Association
 Limited Partnership                                 848,379        (116,008)           --              732,371           --
                                                 -----------     -----------     -----------        -----------    -----------

                                                 $ 9,235,937     $  (844,680)    $  (105,311)       $ 8,285,946    $    69,300
                                                 ===========     ===========     ===========        ===========    ===========

</TABLE>


                                       25
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000

5.    Investment in Local Partnerships (continued)

      Property information for each Local Partnership as of December 31, 2001 is
as follows:


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

<S>                                                  <C>                <C>                <C>                 <C>
ACP Housing Associates, L.P.                         $  1,492,108       $     14,000       $  2,505,364        $   (431,495)
Creative Choice Homes VII, Ltd.                         2,001,646            500,000          4,091,851            (786,693)
Edgewood Manor Associates, L.P.                         1,848,973             53,850          3,680,123          (1,104,168)
Ledge/McLaren Limited
   Partnership                                            451,857            123,673            689,848            (139,481)
Penn Apartment Associates                                 963,000             13,357          1,784,922            (387,335)
SB-92 Limited Partnership                               1,973,894             73,000          3,051,734            (908,133)
St. Christopher's
   Associates, L.P. V                                   2,180,000             31,829          3,821,073          (1,048,838)
St. John Housing
   Associates, L.P.                                     4,171,642             74,800          8,279,308          (2,086,806)
Starved Rock - LaSalle Manor Limited
   Partnership                                          1,704,994            202,845          2,561,195            (533,569)
Vision Limited Dividend Housing Association
   Limited Partnership                                  4,788,563            179,799          6,788,677          (1,787,525)
                                                     ------------       ------------       ------------        ------------

                                                     $ 21,576,677       $  1,267,153       $ 37,254,095        $ (9,214,043)
                                                     ============       ============       ============        ============

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

<CAPTION>

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

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

                                                     $ 21,974,376       $  1,267,153       $ 37,158,591        $ (7,989,706)
                                                     ============       ============       ============        ============
</TABLE>



                                       26

<PAGE>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000


5. Investment in Local Partnerships (continued)

   The summary of property activity during the year ended December 31, 2001 is
   as follows:

<TABLE>
<CAPTION>

                                                          Net change
                                                          during the
                                   Balance as of          year ended          Balance as of
                                 December 31, 2000     December 31, 2001     December 31, 2001
                                 -----------------     -----------------     -----------------

<S>                                <C>                   <C>                   <C>
Land                               $  1,267,153          $       --            $  1,267,153
Buildings and improvements               95,504            37,158,591            37,254,095
                                   ------------          ------------          ------------
                                     38,425,744                95,504            38,521,248

Accumulated depreciation             (7,989,706)           (1,224,337)           (9,214,043)
                                   ------------          ------------          ------------
                                   $ 30,436,038          $ (1,128,833)         $ 29,307,205
                                   ============          ============          ============
</TABLE>


6. Transactions with Manager and Affiliates

   For the years ended March 30, 2002, 2001 and 2000, 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>

                                      2002                  2001                   2000
                               -------------------    -------------------   -------------------
                                Paid      Incurred     Paid      Incurred    Paid      Incurred
                               --------   --------    --------  ---------   --------   --------

<S>                           <C>        <C>        <C>        <C>        <C>        <C>
Management fee (see Note 8)    $234,405   $192,141   $109,462   $192,117   $106,479   $192,117

</TABLE>


For the years ended December 31, 2001, 2000 and 1999, 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>

                                     2001                 2000                 1999
                               ------------------  --------------------   -------------------
                                Paid     Incurred    Paid      Incurred    Paid      Incurred
                               -------   --------  --------   ---------   -------    --------

<S>                           <C>         <C>        <C>        <C>        <C>        <C>
Property management fees       $10,658    $12,180   $ 2,625     $12,180    $12,180     $12,479

Insurance and other services    10,343     13,343    14,150      14,075     16,706      14,957

</TABLE>


                                       27
<PAGE>

<TABLE>
<CAPTION>

                           AMERICAN TAX CREDIT TRUST,
                       a Delaware statutory business trust
                                    Series I
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                          MARCH 30, 2002, 2001 AND 2000


7.    Taxable Loss

      A reconciliation of the financial statement net loss of the Trust for the
      years ended March 30, 2002, 2001 and 2000 to the tax return net loss for
      the years ended December 31, 2001, 2000 and 1999 is as follows:

                                                                                    2002             2001             2000
                                                                                 -----------      -----------      -----------

<S>                                                                             <C>              <C>               <C>
Financial statement net loss for the years ended March 30, 2002, 2001
   and 2000                                                                      $(1,268,827)     $  (950,341)     $(1,146,850)

Add (less) net transactions occurring between
   January 1, 1999 and March 30, 1999                                                   --               --            (26,666)
   January 1, 2000 and March 30, 2000                                                   --            (23,342)          23,342
   January 1, 2001 and March 30, 2001                                                (40,720)          40,720             --
   January 1, 2002 and March 30, 2002                                                 22,979             --               --
                                                                                 -----------      -----------      -----------

Adjusted financial statement net loss for the years ended December 31,
   2001, 2000 and 1999                                                            (1,286,568)        (932,963)      (1,150,174)

Adjustment to management fee pursuant to Internal Revenue Code
  Section 267                                                                         10,892           86,133           90,558

Differences arising from equity in loss of investment in local
   partnerships                                                                       33,311         (315,564)         (23,550)

Other differences                                                                      2,332           (3,612)             461
                                                                                 -----------      -----------      -----------
Tax return net loss for the years ended December 31, 2001,
  2000 and 1999                                                                  $(1,240,033)     $(1,166,006)     $(1,082,705)
                                                                                 ===========      ===========      ===========

The differences between the investment in local partnerships for tax and
financial reporting purposes as of December 31, 2001 and 2000 are as follows:

<CAPTION>

                                                                       2001             2000
                                                                   -----------      -----------

<S>                                                                <C>              <C>
     Investment in local partnerships - financial reporting        $ 7,038,900      $ 8,285,946
     Investment in local partnerships - tax*                         6,078,736        7,284,971
                                                                   -----------      -----------
                                                                   $   960,164      $ 1,000,975
                                                                   ===========      ===========
</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, 2002, 2001 AND 2000

8. Commitments and Contingencies

   Pursuant to the Trust Agreement, the Trust incurs an annual management fee
   ("Management Fee") payable to the Manager for its services in connection with
   the management of the affairs of the Trust. The annual Management Fee is
   equal to 0.5% of all proceeds as of December 31 of any year, invested or
   committed for investment in Local Partnerships plus all debts of the Local
   Partnerships related to the Properties. The Trust incurred a Management Fee
   of $192,141, $192,117 and $192,117 for the years ended March 30, 2002, 2001
   and 2000, respectively. Unpaid Management Fees in the amount of $599,973 and
   $642,237 are recorded as payable to manager in the accompanying balance
   sheets as of March 30, 2002 and 2001, respectively.

   The rents of the Properties, certain of which receive rental subsidy
   payments, including payments under Section 8 of Title II of the Housing and
   Community Development Act of 1974 ("Section 8"), are subject to specific
   laws, regulations and agreements with federal and state agencies. The subsidy
   agreements expire at various times during and after the Compliance Periods of
   the Local Partnerships. Since October 1997, the United States Department of
   Housing and Urban Development ("HUD") has issued a series of directives
   related to project based Section 8 contracts that define owners' notification
   responsibilities, advise owners of project based Section 8 properties of what
   their options are regarding the renewal of Section 8 contracts, provide
   guidance and procedures to owners, management agents, contract administrators
   and HUD staff concerning renewal of Section 8 contracts, provide policies and
   procedures on setting renewal rents and handling renewal rent adjustments and
   provide the requirements and procedures for opting-out of a Section 8 project
   based contract. The Trust cannot reasonably predict legislative initiatives
   and governmental budget negotiations, the outcome of which could result in a
   reduction in funds available for the various federal and state administered
   housing programs including the Section 8 program. Such changes could
   adversely affect the future net operating income before debt service and debt
   structure of any or all Local Partnerships currently receiving such subsidy
   or similar subsidies. 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,
   2002 and 2001 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              Director
David A. Salzman            February 1, 2001          President
Stephen B. Smith            May 10, 1993              Executive Vice President
Neal Ludeke                 May 10, 1993              Vice President and
                                                      Treasurer

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

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

Richard Paul Richman, age 54, is the sole Director of the Manager. Mr. Richman
is the Chairman 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 58, 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 41, is the President of the Manager and is a minority
stockholder and the President of Richman Group. Mr. Salzman is responsible for
the acquisition and development of residential real estate for syndication for
Richman Group.

Neal Ludeke, age 44, is a Vice President and the Treasurer of the Manager. Mr.
Ludeke, a Vice President and the Treasurer of Richman Group, is engaged
primarily in the syndication, asset management and finance operations of Richman
Group. In addition, Mr. Ludeke is a Vice President and the Treasurer of Richman
Asset Management, Inc. ("RAM"), an affiliate of the Manager. Mr. Ludeke's
responsibilities in connection with RAM include various partnership management
functions.


Item 11.  Executive Compensation

Registrant has no officers or directors. Registrant does not pay the officers or
director of the Manager any remuneration. During the year ended March 30, 2002,
the Manager did not pay any remuneration to any of its officers or its director.


Item 12.  Security Ownership of Certain Beneficial Owners and Management

As of May 31, 2002, 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, 2001 allocated to the Manager were $12,400 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, 2002.



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

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

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

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

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

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

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

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

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

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

                                       32
<PAGE>

<CAPTION>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                       33

<PAGE>

<CAPTION>

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

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

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


   (b) Reports on Form 8-K

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

   (c) Exhibits

   See (a)(3) above.

   (d) Financial Statement Schedules

   See (a)(2) above.



                                       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, 2002               /s/ Richard Paul Richman
        -------------               ------------------------------------
                                    by:  Richard Paul Richman
                                         Director

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     Director of the                 June 28, 2002
     -------------------------    Manager                         -------------
     (Richard Paul Richman)


     /s/ Neal Ludeke              Vice President and               June 28, 2002
     -------------------------    Treasurer of the                 -------------
     (Neal Ludeke)                Manager (Principal
                                  Financial and
                                  Accounting Officer
                                  of the Trust)


                                       35