----

**FORM      10-Q**

**June      29, 2007**

**0-17619**

**American      Tax Credit Properties L.P.**

| **Delaware**                                     |   | **13-3458875**                       |
|--------------------------------------------------|--------|--------------------------------------|
| (State                  or other jurisdiction of |   | (I.R.S.                  Employer    |
| incorporation                  or organization)  |   | Identification                  No.) |

| **Richman                  Tax Credit Properties L.P.**   |   |                        |
|-----------------------------------------------------------|--------|-----------------------------|
| **340                  Pemberwick Road**                  |   |                        |
| **Greenwich,                  Connecticut**               |   | **06831**                   |
| (Address                  of principal executive offices) |   | (Zip                  Code) |

**(203)      869-0900**

| Large                Accelerated Filer o | Accelerated                Filer o | Non-Accelerated                Filer x |
|------------------------------------------|------------------------------------|----------------------------------------|

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**PART      I - **
**FINANCIAL      INFORMATION**

**Item      1. **
**Financial      Statements**

| **Table                  of Contents**         |   | **Page** |   |
|------------------------------------------------|--------|----------|--------|
|                                           |   |     |   |
| Balance                  Sheets                |   |     | 3      |   |
|                                           |   |     |   |   |
| Statements                  of Operations      |   |     | 4      |   |
|                                           |   |     |   |   |
| Statements                  of Cash Flows      |   |     | 5      |   |
|                                           |   |     |   |   |
| Notes                  to Financial Statements |   |     | 7      |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**BALANCE      SHEETS**

**(UNAUDITED)**

|                                                                                                      |   |      |   | **June                29,** |   | **March                30,** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|--------|-----------------------------|--------|------------------------------|--------|
|                                                                                                      |   | **Notes** |   | **2007**                    |   | **2007**                     |   |
|                                                                                                      |   |      |   |                        |   |                         |   |
| **ASSETS**                                                                                                |   |      |   |                        |   |                         |   |
|                                                                                                      |   |      |   |                        |   |                         |   |
| Cash                and cash equivalents                                                                  |   |      |   |                        | $      | 2,767,920                    |   | $ | 2,815,036 |   |
| Investments                in bonds                                                                       |   |      | 2      |                        |   | 108,817                      |   |   | 107,476 |   |
| Due                from local partnership                                                                 |   |      | 3      |                        |   | 11,547                       |   |   | 11,547 |   |
| Investment                in local partnerships                                                           |   |      | 3      |                        |   | 255,268                      |   |   | 325,020 |   |
| Prepaid                expenses                                                                           |   |      |   |                        |   | 13,697                       |   |   |     |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        | $      | 3,157,249                    |   | $ | 3,259,079 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                             |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Liabilities                                                                                               |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |   |                        | $      | 102,218                      |   | $ | 113,337 |   |
| Payable                to general partner and affiliates                                                  |   |      |   |                        |   | 113,036                      |   |   | 79,349 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   | 215,254                      |   |   | 192,686 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Commitments                and contingencies                                                              |   |      | 3,4    |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Partners'                equity (deficit)                                                                 |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| General                partner                                                                            |   |      |   |                        |   | (336,280                     | )      |   | (335,035 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |   |                        |   | 3,278,258                    |   |   | 3,401,527 |   |
| Accumulated                other comprehensive income (loss), net                                         |   |      | 2      |                        |   | 17                           |   |   | (99 | ) |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   | 2,941,995                    |   |   | 3,066,393 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        | $      | 3,157,249                    |   | $ | 3,259,079 |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**STATEMENTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 29, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                                                                      |   | **Notes** |   | **2007** |   | **2006** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|----------|--------|
|                                                                                                                                                      |   |      |   |     |   |     |   |
| **REVENUE**                                                                                                                                               |   |      |   |     |   |     |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |
| Interest                                                                                                                                                  |   |      |   |     | $      | 36,782   |   | $ | 21,489 |   |
| Other                income from local partnerships                                                                                                       |   |      |   |     |   | 8,750    |   |   |                         |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| TOTAL                REVENUE                                                                                                                              |   |      |   |     |   | 45,532   |   |   | 21,489 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| **EXPENSES**                                                                                                                                              |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| Administration                fee                                                                                                                         |   |      |   |     |   | 45,931   |   |   | 45,931 |   |
| Management                fee                                                                                                                             |   |      |   |     |   | 43,867   |   |   | 43,867 |   |
| Professional                fees                                                                                                                          |   |      |   |     |   | 17,266   |   |   | 19,024 |   |
| State                of New Jersey filing fee                                                                                                             |   |      |   |     |   | 10,065   |   |   | 13,362 |   |
| Printing,                postage and other                                                                                                                |   |      |   |     |   | 6,028    |   |   | 9,040 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                             |   |      |   |     |   | 123,157  |   |   | 131,224 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                      |   |      |   |     |   | (77,625  | )      |   | (109,735 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                         |   |      | 3      |     |   | (46,889  | )      |   | (116,741 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| Loss                prior to gain on disposal of limited partner interests/local partnership                properties                                    |   |      |   |     |   | (124,514 | )      |   | (226,476 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                                  |   |      | 3      |     |   |     |   |   | 2,363,851 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                      |   |      |   |     |   | (124,514 | )      |   | 2,137,375 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| Other                comprehensive income (loss), net                                                                                                     |   |      | 2      |     |   | 116      |   |   | (235 | ) |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                            |   |      |   |     | $      | (124,398 | )      | $ | 2,137,140 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                      |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| General                partner                                                                                                                            |   |      |   |     | $      | (1,245   | )      | $ | 21,374 |   |
| Limited                partners                                                                                                                           |   |      |   |     |   | (123,269 | )      |   | 2,116,001 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                      |   |      |   |     | $      | (124,514 | )      | $ | 2,137,375 |   |
|                                                                                                                                                      |   |      |   |     |   |     |   |   |   |   |
| **NET                INCOME (LOSS)**per                unit of limited partnership interest (41,286                units of limited partnership interest) |   |      |   |     | $      | (2.99    | )      | $ | 51.25 |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**STATEMENTS      OF CASH FLOWS**

**THREE      MONTHS ENDED JUNE 29, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                                         |   | **2007** |      | **2006** |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                         |   |     |      |     |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                                      |   |     |      |     |   |
|                                                                                                                         |   |     |      |     |   |
| Interest                received                                                                                             |   | $        | 35,557    |     | $      | 21,092 |   |
| Cash                paid for                                                                                                 |   |     |      |     |   |   |   |
| administration                fee                                                                                            |   |     | (6,111    | )        |   | (6,195 | ) |
| professional                fees                                                                                             |   |     | (992      | )        |   | (3,542 | ) |
| management                fee                                                                                                |   |     | (50,000   | )        |   |   |   |
| State                of New Jersey filing fee                                                                                |   |     | (51,155   | )        |   | (55,000 | ) |
| printing,                postage and other expenses                                                                          |   |     | (6,028    | )        |   | (9,040 | ) |
|                                                                                                                         |   |     |      |     |   |   |   |
| Net                cash used in operating activities                                                                         |   |     | (78,729   | )        |   | (52,685 | ) |
|                                                                                                                         |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                                      |   |     |      |     |   |   |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Advances                to local partnerships                                                                                |   |     |      |     |   | (55,584 | ) |
| Proceeds                in connection with disposal of limited partner interests/local partnership                properties |   |     |      |     |   | 2,363,851 |   |
| Cash                distributions from local partnerships                                                                    |   |     | 31,613    |     |   | 12,820 |   |
| Proceeds                from maturities/redemptions and sales of bonds                                                       |   |     |      |     |   | 17,000 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Net                cash provided by investing activities                                                                     |   |     | 31,613    |     |   | 2,338,087 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Net                increase (decrease) in cash and cash equivalents                                                          |   |     | (47,116   | )        |   | 2,285,402 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Cash                and cash equivalents at beginning of period                                                              |   |     | 2,815,036 |     |   | 256,337 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**                                                                |   | $        | 2,767,920 |     | $      | 2,541,739 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**                                                                 |   |     |      |     |   |   |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Unrealized                gain (loss) on investments in bonds, net                                                           |   | $        | 116       |     | $      | (235 | ) |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

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

**THREE      MONTHS ENDED JUNE 29, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                              |   | **2007** |     | **2006** |   |
|-------------------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|
|                                                                                                              |   |     |     |     |   |
| **RECONCILIATION                OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |     |     |     |   |
|                                                                                                              |   |     |     |     |   |
| Net                income (loss)                                                                                  |   | $        | (124,514 | )        | $      | 2,137,375 |   |
|                                                                                                              |   |     |     |     |   |   |   |
| Adjustments                to reconcile net income (loss) to net cash used in operating                activities |   |     |     |     |   |   |   |
|                                                                                                              |   |     |     |     |   |   |   |
| Equity                in loss of investment in local partnerships                                                 |   |     | 46,889   |     |   | 116,741 |   |
| Gain                on disposal of limited partner interests/local partnership                properties          |   |     |     |     |   | (2,363,851 | ) |
| Distributions                from local partnerships classified as other income                                   |   |     | (8,750   | )        |   |   |   |
| Amortization                of net premium on investments in bonds                                                |   |     |     |     |   | 214 |   |
| Accretion                of zero coupon bonds                                                                     |   |     | (1,225   | )        |   | (1,213 | ) |
| Increase                in prepaid expenses                                                                       |   |     | (13,697  | )        |   | (13,362 | ) |
| Decrease                in interest receivable                                                                    |   |     |     |     |   | 602 |   |
| Decrease                in accounts payable and accrued expenses                                                  |   |     | (11,119  | )        |   | (12,794 | ) |
| Increase                in due to general partner and affiliates                                                  |   |     | 33,687   |     |   | 83,603 |   |
|                                                                                                              |   |     |     |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                          |   | $        | (78,729  | )        | $      | (52,685 | ) |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**NOTES      TO FINANCIAL STATEMENTS**

**JUNE      29, 2007**

**(UNAUDITED)**

**1.      **
**Basis      of Presentation**

**2.      **
**Investments      in Bonds **

** **

| Description                and maturity              |   | Amortizedcost |    | Gross                unrealized gains |   | Grossunrealized                losses |   | Estimatedfair                value |   |
|------------------------------------------------------|--------|---------------|---------|---------------------------------------|--------|---------------------------------------|--------|------------------------------------|--------|
|                                                 |   |          |    |                                  |   |                                  |   |                               |   |
| U.S.                government and agency securities |   |          |    |                                  |   |                                  |   |                               |   |
| Within                one year                       |   | $             | 108,800 |                                  | $      | —                               |   | $                                  | 17     |   | $ | 108,817 |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

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

**JUNE      29, 2007**

**(UNAUDITED)**

**3.      **
**Investment      in Local Partnerships**

| Investment                in local partnerships as of March 30, 2007 |   | $      | 325,020 |   |
|----------------------------------------------------------------------|--------|--------|---------|--------|
|                                                                 |   |   |    |   |
| Equity                in loss of investment in local partnerships    |   |   | (46,889 | )*     |
|                                                                 |   |   |    |   |
| Cash                distributions received from Local Partnerships   |   |   | (22,863 | )      |
|                                                                 |   |   |    |   |
| Investment                in local partnerships as of June 29, 2007  |   | $      | 255,268 |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

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

**JUNE      29, 2007**

**(UNAUDITED)**

**3.      **
**Investment      in Local Partnerships (continued)**

|                                                                                                                                     |   | **March                31,** |        | **December                31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|---------------------------------|--------|
|                                                                                                                                     |   | **2007**                     |        | **2006**                        |   |
|                                                                                                                                     |   |                         |        |                            |   |
| **ASSETS**                                                                                                                               |   |                         |        |                            |   |
|                                                                                                                                     |   |                         |        |                            |   |
| Cash                and cash equivalents                                                                                                 |   | $                            | 587,745     |                            | $      | 566,552 |   |
| Rents                receivable                                                                                                          |   |                         | 255,825     |                            |   | 183,183 |   |
| Escrow                deposits and reserves                                                                                              |   |                         | 3,232,666   |                            |   | 3,260,437 |   |
| Land                                                                                                                                     |   |                         | 2,476,862   |                            |   | 2,476,862 |   |
| Buildings                and improvements (net of accumulated depreciation of $53,932,493                and                $53,146,767) |   |                         | 31,164,764  |                            |   | 31,830,590 |   |
| Intangible                assets (net of accumulated amortization of $560,565 and                $539,622)                               |   |                         | 841,041     |                            |   | 861,983 |   |
| Other                assets                                                                                                              |   |                         | 737,688     |                            |   | 664,938 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   | $                            | 39,296,591  |                            | $      | 39,844,545 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                                                      |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| Liabilities                                                                                                                              |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                            | 1,052,190   |                            | $      | 1,055,183 |   |
| Due                to related parties                                                                                                    |   |                         | 5,154,942   |                            |   | 4,808,008 |   |
| Mortgage                loans                                                                                                            |   |                         | 54,568,604  |                            |   | 54,754,380 |   |
| Notes                payable                                                                                                             |   |                         | 1,021,270   |                            |   | 1,028,002 |   |
| Accrued                interest                                                                                                          |   |                         | 10,717,436  |                            |   | 10,600,232 |   |
| Other                liabilities                                                                                                         |   |                         | 235,773     |                            |   | 238,534 |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | 72,750,215  |                            |   | 72,484,339 |   |
| Partners'                equity (deficit)                                                                                                |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
| American                Tax Credit Properties L.P.                                                                                       |   |                         |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                         | 23,580,170  |                            |   | 23,603,033 |   |
| Cumulative                loss                                                                                                           |   |                         | (22,790,738 | )                               |   | (22,743,849 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | 789,432     |                            |   | 859,184 |   |
| General                partners and other limited partners                                                                               |   |                         |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                         | 1,104,998   |                            |   | 1,104,998 |   |
| Cumulative                loss                                                                                                           |   |                         | (35,348,054 | )                               |   | (34,603,976 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | (34,243,056 | )                               |   | (33,498,978 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   |                         | (33,453,624 | )                               |   | (32,639,794 | ) |
|                                                                                                                                     |   |                         |        |                            |   |   |   |
|                                                                                                                                     |   | $                            | 39,296,591  |                            | $      | 39,844,545 |   |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

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

**JUNE      29, 2007**

**(UNAUDITED)**

**3.          **
**Investment          in Local Partnerships (continued)**

|                                                                                                                                                                       |   | **2007** |      | **2006** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                                                       |   |     |      |     |   |
| **REVENUE**                                                                                                                                                                |   |     |      |     |   |
|                                                                                                                                                                       |   |     |      |     |   |
| Rental                                                                                                                                                                     |   | $        | 2,707,067 |     | $      | 3,070,180 |   |
| Interest                and other                                                                                                                                          |   |     | 63,365    |     |   | 69,319 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| TOTAL                REVENUE                                                                                                                                               |   |     | 2,770,432 |     |   | 3,139,499 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| **EXPENSES**                                                                                                                                                               |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| Administrative                                                                                                                                                             |   |     | 516,955   |     |   | 608,112 |   |
| Utilities                                                                                                                                                                  |   |     | 398,869   |     |   | 514,899 |   |
| Operating                and maintenance                                                                                                                                   |   |     | 676,850   |     |   | 745,790 |   |
| Taxes                and insurance                                                                                                                                         |   |     | 287,329   |     |   | 323,371 |   |
| Financial                                                                                                                                                                  |   |     | 874,727   |     |   | 1,015,218 |   |
| Depreciation                and amortization                                                                                                                               |   |     | 806,669   |     |   | 910,193 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| TOTAL                EXPENSES                                                                                                                                              |   |     | 3,561,399 |     |   | 4,117,583 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| **NET                LOSS**                                                                                                                                                |   | $        | (790,967  | )        | $      | (978,084 | ) |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| American                Tax Credit Properties L.P.                                                                                                                         |   | $        | (46,889   | )        | $      | (116,741 | ) |
| General                partners and other limited partners, which includes $724,995 and                $856,806                of Partnership loss in excess of investment |   |     | (744,078  | )        |   | (861,343 | ) |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   | $        | (790,967  | )        | $      | (978,084 | ) |

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

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

**JUNE      29, 2007**

**(UNAUDITED)**

**3.          **
**Investment          in Local Partnerships (continued)**

**4.      **
**Additional      Information**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**Item      2. **
**Management's      Discussion and Analysis of Financial Condition and Results of      Operations**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**Item      2. **
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued)**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**Item      2. **
**Management's      Discussion and Analysis of Financial Condition and Results of Operations      (continued)**

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

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

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

**Item      3. **
**Quantitative      and Qualitative Disclosure about Market Risk**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**Item      4. **
**Controls      and Procedures**

----

**AMERICAN      TAX CREDIT PROPERTIES L.P.**

**Part      II - **
**OTHER      INFORMATION**

**Item      1.**
**Legal      Proceedings**

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

**Item      2.**
**Unregistered      Sales of Equity Securities and Use of Proceeds**

**Item      3.**
**Defaults      Upon Senior Securities**

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

**Item      5.**
**Other      Information**

**Item      6.**
**Exhibits**

----

**SIGNATURES**

|                                 |   | **AMERICAN                TAX CREDIT PROPERTIES L.P.**      |
|--------------------------------------|--------|-------------------------------------------------------------|
|                                 |   | (a                Delaware limited partnership)             |
|                                 |   |                                                        |
|                                 |   | By: Richman                Tax Credit Properties L.P., |
|                                 |   | General                Partner                              |
|                                 |   |                                                        |
|                                 |   | By: Richman                Tax Credit Properties Inc., |
|                                 |   | general                partner                              |
|                                 |   |                                                        |
|                                 |   |                                                        |
| Dated:                March 28, 2008 |   | /s/ David                Salzman                       |
|                                 |   | By:                 David                Salzman       |
|                                 |   | Chief                Executive Officer                      |
|                                 |   |                                                        |
|                                 |   |                                                        |
| Dated:                March 28, 2008 |   | /s/ Neal                Ludeke                         |
|                                 |   | By: Neal                Ludeke                         |
|                                 |   | Chief                Financial Officer                      |
|                                 |   |                                                        |
|                                 |   |                                                        |
| Dated:                March 28, 2008 |   | /s/ Richard                Paul Richman                |
|                                 |   | By: Richard                Paul Richman                |
|                                 |   | Director                                                    |

----