**FORM        10-Q**

**June        29, 2005**

**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**

** **
** **

** **
** **

----

**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** |   | **2005**                      |   | **2005**                       |   |
|                                                                                                          |   |      |   |                          |   |                           |   |
| **ASSETS**                                                                                                    |   |      |   |                          |   |                           |   |
|                                                                                                          |   |      |   |                          |   |                           |   |
| Cash                  and cash equivalents                                                                    |   |      |   |                          | $      | 701,214                        |   | $ | 724,308 |   |
| Marketable                  equity security                                                                   |   |      | 2      |                          |   | 165,756                        |   |   | 147,286 |   |
| Investments                  in bonds                                                                         |   |      | 2      |                          |   | 124,165                        |   |   | 123,135 |   |
| Investment                  in local partnerships                                                             |   |      | 3      |                          |   | 366,922                        |   |   | 444,113 |   |
| Prepaid                  expenses                                                                             |   |      |   |                          |   | 10,441                         |   |   | 3,960 |   |
| Interest                  receivable                                                                          |   |      |   |                          |   | 199                            |   |   | 684 |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          | $      | 1,368,697                      |   | $ | 1,443,486 |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
| **LIABILITIES                  AND PARTNERS' EQUITY (DEFICIT)**                                               |   |      |   |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
| Liabilities                                                                                                   |   |      |   |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
| Accounts                  payable and accrued expenses                                                        |   |      |   |                          | $      | 75,008                         |   | $ | 60,263 |   |
| Payable                  to general partner and affiliates                                                    |   |      |   |                          |   | 162,192                        |   |   | 79,010 |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          |   | 237,200                        |   |   | 139,273 |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
| Commitments                  and contingencies                                                                |   |      | 3      |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
| Partners'                  equity (deficit)                                                                   |   |      |   |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
| General                  partner                                                                              |   |      |   |                          |   | (355,771                       | )      |   | (353,860 | ) |
| Limited                  partners (41,286 units of limited partnership interest                  outstanding) |   |      |   |                          |   | 1,348,716                      |   |   | 1,537,871 |   |
| Accumulated                  other comprehensive income, net                                                  |   |      | 2      |                          |   | 138,552                        |   |   | 120,202 |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          |   | 1,131,497                      |   |   | 1,304,213 |   |
|                                                                                                          |   |      |   |                          |   |                           |   |   |   |   |
|                                                                                                          |   |      |   |                          | $      | 1,368,697                      |   | $ | 1,443,486 |   |

----

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

**STATEMENTS        OF OPERATIONS**

**THREE        MONTHS ENDED JUNE 29, 2005 AND 2004**

**(UNAUDITED)**

|                                                                                                                                                  |   | **Notes** |   | **2005** |   | **2004** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|----------|--------|
|                                                                                                                                                  |   |      |   |     |   |     |   |
| **REVENUE**                                                                                                                                           |   |      |   |     |   |     |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |
| Interest                                                                                                                                              |   |      |   |     | $      | 5,215    |   | $ | 12,347 |   |
| Other                  income from local partnerships                                                                                                 |   |      |   |     |   | 5,000    |   |   | 2,500 |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| TOTAL                  REVENUE                                                                                                                        |   |      |   |     |   | 10,215   |   |   | 14,847 |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| **EXPENSES**                                                                                                                                          |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| Administration                  fee                                                                                                                   |   |      |   |     |   | 45,931   |   |   | 45,931 |   |
| Management                  fee                                                                                                                       |   |      |   |     |   | 43,867   |   |   | 43,867 |   |
| Professional                  fees                                                                                                                    |   |      |   |     |   | 19,490   |   |   | 19,224 |   |
| State                  of New Jersey filing fee                                                                                                       |   |      |   |     |   | 9,837    |   |   | 15,246 |   |
| Printing,                  postage and other                                                                                                          |   |      |   |     |   | 9,682    |   |   | 11,708 |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| TOTAL                  EXPENSES                                                                                                                       |   |      |   |     |   | 128,807  |   |   | 135,976 |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                  |   |      |   |     |   | (118,592 | )      |   | (121,129 | ) |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| Equity                  in loss of investment in local partnerships                                                                                   |   |      | 3      |     |   | (72,474  | )      |   | (393,210 | ) |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| **NET                  LOSS**                                                                                                                         |   |      |   |     |   | (191,066 | )      |   | (514,339 | ) |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| Other                  comprehensive income, net                                                                                                      |   |      | 2      |     |   | 18,350   |   |   | 15,276 |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| **COMPREHENSIVE                  LOSS**                                                                                                               |   |      |   |     | $      | (172,716 | )      | $ | (499,063 | ) |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| **NET                  LOSS ATTRIBUTABLE TO**                                                                                                         |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| General                  partner                                                                                                                      |   |      |   |     | $      | (1,911   | )      | $ | (5,143 | ) |
| Limited                  partners                                                                                                                     |   |      |   |     |   | (189,155 | )      |   | (509,196 | ) |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                  |   |      |   |     | $      | (191,066 | )      | $ | (514,339 | ) |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
|                                                                                                                                                  |   |      |   |     |   |     |   |   |   |   |
| **NET                  LOSS**per                  unit of limited partnership interest(41,286                  units of limited partnership interest) |   |      |   |     | $      | (4.58    | )      | $ | (12.33 | ) |

----

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

**STATEMENTS        OF CASH FLOWS**

**THREE        MONTHS ENDED JUNE 29, 2005 AND 2004**

**(UNAUDITED)**

|                                                                                                          |   | **2005** |                         | **2004** |   |
|---------------------------------------------------------------------------------------------------------------|--------|----------|------------------------------|----------|--------|
|                                                                                                          |   |     |                         |     |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**                                                     |   |     |                         |     |   |
|                                                                                                          |   |     |                         |     |   |
| Interest                  received                                                                            |   | $        | 4,550                        |     | $      | 5,490 |   |
| Cash                  paid for                                                                                |   |     |                         |     |   |   |   |
| administration                  fee                                                                           |   |     | (6,616                       | )        |   | (8,782 | ) |
| professional                  fees                                                                            |   |     | (4,745                       | )        |   | (29,265 | ) |
| State                  of New Jersey filing fee                                                               |   |     | (16,318                      | )        |   | (60,985 | ) |
| printing,                  postage and other expenses                                                         |   |     | (9,682                       | )        |   | (11,708 | ) |
|                                                                                                          |   |     |                         |     |   |   |   |
| Net                  cash used in operating activities                                                        |   |     | (32,811                      | )        |   | (105,250 | ) |
|                                                                                                          |   |     |                         |     |   |   |   |
|                                                                                                          |   |     |                         |     |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**                                                     |   |     |                         |     |   |   |   |
|                                                                                                          |   |     |                         |     |   |   |   |
| Advances                  to local partnerships                                                               |   |     | (45,926                      | )        |   | (282,039 | ) |
| Cash                  distributions from local partnerships                                                   |   |     | 55,643                       |     |   | 13,607 |   |
| Proceeds                  from maturities/redemptions and sales of bonds                                      |   |     |                    |     |   | 340,086 |   |
|                                                                                                          |   |     |                         |     |   |   |   |
| Net                  cash provided by investing activities                                                    |   |     | 9,717                        |     |   | 71,654 |   |
|                                                                                                          |   |     |                         |     |   |   |   |
| Net                  decrease in cash and cash equivalents                                                    |   |     | (23,094                      | )        |   | (33,596 | ) |
|                                                                                                          |   |     |                         |     |   |   |   |
| Cash                  and cash equivalents at beginning of period                                             |   |     | 724,308                      |     |   | 76,527 |   |
|                                                                                                          |   |     |                         |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS AT END OF PERIOD**                                               |   | $        | 701,214                      |     | $      | 42,931 |   |
|                                                                                                          |   |     |                         |     |   |   |   |
|                                                                                                          |   |     |                         |     |   |   |   |
| **SIGNIFICANT                  NON-CASH INVESTING ACTIVITIES**                                                |   |     |                         |     |   |   |   |
|                                                                                                          |   |     |                         |     |   |   |   |
| Unrealized                  gain on investments in bonds and marketable equity security,                  net |   | $        | 18,350                       |     | $      | 15,276 |   |

----

----

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

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

**THREE        MONTHS ENDED JUNE 29, 2005 AND 2004**

**(UNAUDITED)**

|                                                                                                         |   | **2005** |     | **2004** |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|
|                                                                                                         |   |     |     |     |   |
| **RECONCILIATION                  OF NET LOSS TO NET CASH USED IN OPERATING                  ACTIVITIES**    |   |     |     |     |   |
|                                                                                                         |   |     |     |     |   |
| Net                  loss                                                                                    |   | $        | (191,066 | )        | $      | (514,339 | ) |
|                                                                                                         |   |     |     |     |   |   |   |
| Adjustments                  to reconcile net loss to net cash used in operating                  activities |   |     |     |     |   |   |   |
|                                                                                                         |   |     |     |     |   |   |   |
| Equity                  in loss of investment in local partnerships                                          |   |     | 72,474   |     |   | 393,210 |   |
| Gain                  on redemptions and sales of bonds                                                      |   |     |     |     |   | (5,300 | ) |
| Distributions                  from local partnerships classified as other income                            |   |     | (5,000   | )        |   | (2,500 | ) |
| Amortization                  of net premium on investments in bonds                                         |   |     | 63       |     |   | 505 |   |
| Accretion                  of zero coupon bonds                                                              |   |     | (1,213   | )        |   | (4,792 | ) |
| Increase                  in prepaid expenses                                                                |   |     | (6,481   | )        |   | (15,454 | ) |
| Decrease                  in interest receivable                                                             |   |     | 485      |     |   | 2,730 |   |
| Increase                  (decrease) in accounts payable and accrued expenses                                |   |     | 14,745   |     |   | (40,326 | ) |
| Increase                  in due to general partner and affiliates                                           |   |     | 83,182   |     |   | 81,016 |   |
|                                                                                                         |   |     |     |     |   |   |   |
| **NET                  CASH USED IN OPERATING ACTIVITIES**                                                   |   | $        | (32,811  | )        | $      | (105,250 | ) |

----

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

**NOTES        TO FINANCIAL STATEMENTS**

**JUNE        29, 2005**

**(UNAUDITED)**

| **1.** | **Basis                  of Presentation** |
|--------|--------------------------------------------|

| **2.** | **Investments                  in Bonds and Marketable Equity                  Security** |
|--------|-------------------------------------------------------------------------------------------|

** **

|   Description                  and maturity  |   |  Amortizedcost |    | Gross                  unrealized gains |   | Grossunrealized                  losses |   |  Estimatedfair                  value |    |
|--------------------------------------------------------|--------|---------------------|---------|-----------------------------------------|--------|-----------------------------------------|--------|--------------------------------------------|---------|
|                                                   |   |                |    |                                    |   |                                    |   |                                       |    |
| Corporate                  debt securities             |   |                |    |                                    |   |                                    |   |                                       |    |
| Within                  one year                       |   | $                   | 18,375  |                                    | $      | 312                                     |   | $                                          | — |   | $ | 18,687 |   |
| After                  one year through five years     |   |                | 4,065   |                                    |   | 156                                     |   |                                       | — |   |   | 4,221 |   |
|                                                   |   |                |    |                                    |   |                                    |   |                                       |    |   |   |   |   |
|                                                   |   |                | 22,440  |                                    |   | 468                                     |   |                                       | — |   |   | 22,908 |   |
|                                                   |   |                |    |                                    |   |                                    |   |                                       |    |   |   |   |   |
|                                                   |   |                |    |                                    |   |                                    |   |                                       |    |   |   |   |   |
| U.S.                  government and agency securities |   |                |    |                                    |   |                                    |   |                                       |    |   |   |   |   |
| After                  one year through five years     |   |                | 99,079  |                                    |   | 2,178                                   |   |                                       | — |   |   | 101,257 |   |
|                                                   |   |                |    |                                    |   |                                    |   |                                       |    |   |   |   |   |
|                                                   |   | $                   | 121,519 |                                    | $      | 2,646                                   |   | $                                          | — |   | $ | 124,165 |   |
|                                                   |   |                |    |                                    |   |                                    |   |                                       |    |   |   |   |   |
| Marketable                  Equity Security            |   | $                   | 29,850  |                                    | $      | 135,906                                 |   | $                                          | — |   | $ | 165,756 |   |
|                                                   |   |                |    |                                    |   |                                    |   |                                       |    |   |   |   |   |

----

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

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

**JUNE        29, 2005**

**(UNAUDITED)**

| **3.** | **Investment                  in Local Partnerships** |
|--------|-------------------------------------------------------|

|                                                                      |   |   |    |   |
|---------------------------------------------------------------------------|--------|--------|---------|--------|
| Investment                  in local partnerships as of March 30, 2005    |   | $      | 444,113 |   |
|                                                                      |   |   |    |   |
| Equity                  in loss of investment in local partnerships       |   |   | (72,474 | )*     |
|                                                                      |   |   |    |   |
| Cash                  distributions received from Local Partnerships      |   |   | (55,643 | )      |
|                                                                      |   |   |    |   |
| Cash                  distributions from Local Partnerships classified as |   |   |    |   |
| other                  income                                             |   |   | 5,000   |   |
|                                                                      |   |   |    |   |
| Advances                  to Local Partnerships                           |   |   | 45,926  |   |
|                                                                      |   |   |    |   |
| Investment                  in local partnerships as of June 29, 2005     |   | $      | 366,922 |   |

|  | * | Equity                  in loss of investment in local partnerships is limited to the                  Partnership’s investment balance in each Local Partnership; any excess is                  applied to other partners' capital in any such Local Partnership.                  The                  amount of such excess losses applied to other partners' capital                  was                  $1,406,457 for the three months ended March 31, 2005 as reflected                  in the                  combined statement of operations of the Local Partnerships reflected                  herein Note 3. |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

**JUNE        29, 2005**

**(UNAUDITED)**

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

|                                                                                                                                           |   | **March                  31,** |        | **December                  31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|-------------|-----------------------------------|--------|
|                                                                                                                                           |   | **2005**                       |        | **2004**                          |   |
|                                                                                                                                           |   |                           |        |                              |   |
| **ASSETS**                                                                                                                                     |   |                           |        |                              |   |
|                                                                                                                                           |   |                           |        |                              |   |
| Cash                  and cash equivalents                                                                                                     |   | $                              | 1,553,343   |                              | $      | 1,657,083 |   |
| Rents                  receivable                                                                                                              |   |                           | 258,134     |                              |   | 225,796 |   |
| Escrow                  deposits and reserves                                                                                                  |   |                           | 4,023,454   |                              |   | 2,765,158 |   |
| Land                                                                                                                                           |   |                           | 3,738,736   |                              |   | 3,738,736 |   |
| Buildings                  and improvements (net of accumulated depreciation of $55,275,686                  and                  $54,404,223) |   |                           | 43,180,648  |                              |   | 43,943,944 |   |
| Intangible                  assets (net of accumulated amortization of $731,163 and                  $727,211)                                 |   |                           | 1,332,896   |                              |   | 1,249,973 |   |
| Other                  assets                                                                                                                  |   |                           | 1,032,429   |                              |   | 1,136,876 |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   | $                              | 55,119,640  |                              | $      | 54,717,566 |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| **LIABILITIES                  AND PARTNERS’ EQUITY (DEFICIT)**                                                                          |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| Liabilities                                                                                                                                    |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| Accounts                  payable and accrued expenses                                                                                         |   | $                              | 1,232,514   |                              | $      | 1,334,249 |   |
| Due                  to related parties                                                                                                        |   |                           | 6,785,944   |                              |   | 6,180,381 |   |
| Mortgage                  loans                                                                                                                |   |                           | 66,125,468  |                              |   | 64,965,862 |   |
| Notes                  payable                                                                                                                 |   |                           | 929,066     |                              |   | 929,066 |   |
| Accrued                  interest                                                                                                              |   |                           | 8,777,621   |                              |   | 8,482,445 |   |
| Other                  liabilities                                                                                                             |   |                           | 283,261     |                              |   | 370,402 |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | 84,133,874  |                              |   | 82,262,405 |   |
| Partners'                  equity (deficit)                                                                                                    |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| American                  Tax Credit Properties L.P.                                                                                           |   |                           |        |                              |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |                           | 33,584,239  |                              |   | 33,548,880 |   |
| Cumulative                  loss                                                                                                               |   |                           | (30,949,079 | )                                 |   | (30,876,605 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | 2,635,160   |                              |   | 2,672,275 |   |
| General                  partners and other limited partners                                                                                   |   |                           |        |                              |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |                           | 599,712     |                              |   | 599,712 |   |
| Cumulative                  loss                                                                                                               |   |                           | (32,249,106 | )                                 |   | (30,816,826 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | (31,649,394 | )                                 |   | (30,217,114 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | (29,014,234 | )                                 |   | (27,544,839 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   | $                              | 55,119,640  |                              | $      | 54,717,566 |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |

----

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

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

**JUNE        29, 2005**

**(UNAUDITED)**

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

|                                                                                                                                                              |   | **2005** |       | **2004** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
|                                                                                                                                                              |   |     |       |     |   |
| **REVENUE**                                                                                                                                                       |   |     |       |     |   |
|                                                                                                                                                              |   |     |       |     |   |
| Rental                                                                                                                                                            |   | $        | 3,105,439  |     | $      | 3,754,085 |   |
| Interest                  and other                                                                                                                               |   |     | 59,555     |     |   | 71,853 |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
| TOTAL                  REVENUE                                                                                                                                    |   |     | 3,164,994  |     |   | 3,825,938 |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
| **EXPENSES**                                                                                                                                                      |   |     |       |     |   |   |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
| Administrative                                                                                                                                                    |   |     | 854,192    |     |   | 673,649 |   |
| Utilities                                                                                                                                                         |   |     | 421,373    |     |   | 532,450 |   |
| Operating                  and maintenance                                                                                                                        |   |     | 776,215    |     |   | 847,492 |   |
| Taxes                  and insurance                                                                                                                              |   |     | 347,726    |     |   | 368,686 |   |
| Financial                                                                                                                                                         |   |     | 1,378,022  |     |   | 1,414,102 |   |
| Depreciation                  and amortization                                                                                                                    |   |     | 892,220    |     |   | 957,109 |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
| TOTAL                  EXPENSES                                                                                                                                   |   |     | 4,669,748  |     |   | 4,793,488 |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
| **NET                  LOSS**                                                                                                                                     |   | $        | (1,504,754 | )        | $      | (967,550 | ) |
|                                                                                                                                                              |   |     |       |     |   |   |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
| **NET                  LOSS ATTRIBUTABLE TO**                                                                                                                     |   |     |       |     |   |   |   |
|                                                                                                                                                              |   |     |       |     |   |   |   |
| American                  Tax Credit Properties L.P.                                                                                                              |   | $        | (72,474    | )        | $      | (393,210 | ) |
| General                  partners and other limited partners, which includes $1,406,457 and                  $550,301 of Partnership loss in excess of investment |   |     | (1,432,280 | )        |   | (574,340 | ) |
|                                                                                                                                                              |   |     |       |     |   |   |   |
|                                                                                                                                                              |   | $        | (1,504,754 | )        | $      | (967,550 | ) |
|                                                                                                                                                              |   |     |       |     |   |   |   |

----

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

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

**JUNE        29, 2005**

**(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)**

----

**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. 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                  (“FIN                  46R”), “Consolidation of Variable Interest Entities,” because Registrant                  is not considered the primary                  beneficiary. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

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

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

| **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:                  August 15, 2005 |   | /s/ David                  Salzman                                         |
|                                    |   | By:                   David                  Salzman                       |
|                                    |   | Chief                  Executive Officer                                        |
|                                    |   |                                                                            |
|                                    |   |                                                                            |
|                                    |   |                                                                            |
| Dated:                  August 15, 2005 |   | /s/ Neal                  Ludeke                                           |
|                                    |   | By: Neal                  Ludeke                                           |
|                                    |   | Chief                  Financial Officer                                        |
|                                    |   |                                                                            |
|                                    |   |                                                                            |
|                                    |   |                                                                            |

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