----

| 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) |

----

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

----

|                                                                                  |   |   |   |   | December 30, |      |      | March 30, |   |
|---------------------------------------------------------------------------------------|--------|--------|--------|--------|-------------------|-----------|-----------|----------------|--------|
|                                                                             |   | Notes  |   |   | 2008              |      |      | 2008           |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |
| ASSETS                                                                                |   |   |   |   |              |      |      |           |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |
| Cash      and cash equivalents                                                        |   |   |   |   | $                 | 2,132,826 |      |           | $      | 2,291,787 |   |
| Prepaid      expenses                                                                 |   |   |   |   |              | 5,316     |      |           |   |   |   |
| Investment      in local partnerships                                                 |   |   | 2      |   |              |      | 213,172   |           |   |   | 232,411 |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              | $         | 2,351,314 |           |   | $ | 2,524,198 |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
| LIABILITIES      AND PARTNERS' EQUITY (DEFICIT)                                       |   |   |   |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
| Liabilities                                                                           |   |   |   |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
| Accounts payable and accrued      expenses                                            |   |   |   |   |              | $         | 45,170    |           |   | $ | 124,618 |   |
| Payable to general partner and      affiliates                                        |   |   |   |   |              |      | 334,746   |           |   |   | 83,686 |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              |      | 379,916   |           |   |   | 208,304 |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
| Commitments      and contingencies                                                    |   |   | 2,3    |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
| Partners'      equity (deficit)                                                       |   |   |   |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
| General      partner                                                                  |   |   |   |   |              |      | (345,986  | )              |   |   | (342,541 | ) |
| Limited      partners (41,286 units of limited partnership interest      outstanding) |   |   |   |   |              |      | 2,317,384 |           |   |   | 2,658,435 |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              |      | 1,971,398 |           |   |   | 2,315,894 |   |
|                                                                                  |   |   |   |   |              |      |      |           |   |   |   |   |
|                                                                                  |   |   |   |   |              | $         | 2,351,314 |           |   | $ | 2,524,198 |   |

----

|                                                                                                       |   |   Notes |   |   | Three Months Ended December 30, 2008 |   |               | Nine Months Ended December 30, 2008 |   |   | Three Months Ended December 30, 2007 |   |   | Nine Months Ended December 30, 2007 |               |
|------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------|---------------------------------------------------------------|--------|--------------------|--------------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|--------|--------------------------------------------------------------|--------------------|
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |
| REVENUE                                                                                                    |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |
| Interest                                                                                                   |   |              |   |   | $                                                             | 3,252  |               |                                                         | $      | 18,909 |                                                          |   | $      | 26,297                                                       |               |   | $ | 94,686 |   |
| Other      income from local partnerships                                                                  |   |              | 2      |   |                                                          |   |               |                                                         |   |   | 2,500                                                         |   |   |                                                         |               |   |   |   | 13,750 |   |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| TOTAL      REVENUE                                                                                         |   |              |   |   |                                                          |   | 3,252              |                                                         |   |   | 21,409                                                        |   |   |                                                         | 26,297             |   |   |   | 108,436 |   |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| EXPENSES                                                                                                   |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| Administration      fee                                                                                    |   |              |   |   |                                                          |   | 45,930             |                                                         |   |   | 137,792                                                       |   |   |                                                         | 45,930             |   |   |   | 137,792 |   |
| Management      fee                                                                                        |   |              |   |   |                                                          |   | 43,865             |                                                         |   |   | 131,599                                                       |   |   |                                                         | 43,877             |   |   |   | 131,611 |   |
| Professional      fees                                                                                     |   |              |   |   |                                                          |   | 17,611             |                                                         |   |   | 48,828                                                        |   |   |                                                         | 19,246             |   |   |   | 54,264 |   |
| State      of New Jersey filing fee                                                                        |   |              |   |   |                                                          |   | 10,514             |                                                         |   |   | 20,988                                                        |   |   |                                                         | 31,372             |   |   |   | 51,902 |   |
| Printing,      postage and other                                                                           |   |              |   |   |                                                          |   | (744               | )                                                            |   |   | 7,459                                                         |   |   |                                                         | 12,167             |   |   |   | 21,338 |   |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| TOTAL      EXPENSES                                                                                        |   |              |   |   |                                                          |   | 117,176            |                                                         |   |   | 346,666                                                       |   |   |                                                         | 152,592            |   |   |   | 396,907 |   |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
|                                                                                                       |   |              |   |   |                                                          |   | (113,924           | )                                                            |   |   | (325,257                                                      | )      |   |                                                         | (126,295           | ) |   |   | (288,471 | ) |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| Equity      in income (loss) of investment in local partnerships                                           |   |              | 2      |   |                                                          |   | 26,532             |                                                         |   |   | (19,239                                                       | )      |   |                                                         | 32,315             |   |   |   | (45,163 | ) |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| NET      LOSS                                                                                              |   |              |   |   |                                                          |   | (87,392            | )                                                            |   |   | (344,496                                                      | )      |   |                                                         | (93,980            | ) |   |   | (333,634 | ) |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| Other      comprehensive income                                                                            |   |              |   |   |                                                          |   |          |                                                         |   |   |                                                     |   |   |                                                         |          |   |   |   | 99 |   |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| COMPREHENSIVE      LOSS                                                                                    |   |              |   |   |                                                          | $      | (87,392            | )                                                            |   | $      | (344,496                                                      | )      |   | $                                                            | (93,980            | ) |   | $ | (333,535 | ) |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| NET      LOSS ATTRIBUTABLE TO                                                                              |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| General partner                                                                                            |   |              |   |   |                                                          | $      | (874               | )                                                            |   | $      | (3,445                                                        | )      |   | $                                                            | (939               | ) |   | $ | (3,336 | ) |
| Limited partners                                                                                           |   |              |   |   |                                                          |   | (86,518            | )                                                            |   |   | (341,051                                                      | )      |   |                                                         | (93,041            | ) |   |   | (330,298 | ) |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
|                                                                                                       |   |              |   |   |                                                          | $      | (87,392            | )                                                            |   | $      | (344,496                                                      | )      |   | $                                                            | (93,980            | ) |   | $ | (333,634 | ) |
|                                                                                                       |   |              |   |   |                                                          |   |               |                                                         |   |   |                                                          |   |   |                                                         |               |   |   |   |   |   |
| NET LOSS per unit of      limited partnership interest (41,286 units of limited partnership      interest) |   |              |   |   |                                                          | $      | (2.09              | )                                                            |   | $      | (8.26                                                         | )      |   | $                                                            | (2.25              | ) |   | $ | (8.00 | ) |

----

|                                                                                                     |   | 2008   |      |   | 2007   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                                                     |   |   |      |   |   |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES                                                                |   |   |      |   |   |   |
|                                                                                                     |   |   |      |   |   |   |
| Interest      received                                                                                   |   | $      | 18,909    |   |   | $      | 93,261 |   |
| Cash      paid for                                                                                       |   |   |      |   |   |   |   |   |
| administration      fee                                                                                  |   |   | (18,331   | )      |   |   | (173,274 | ) |
| professional      fees                                                                                   |   |   | (77,274   | )      |   |   | (66,925 | ) |
| management      fee                                                                                      |   |   |      |   |   |   | (175,478 | ) |
| State      of New Jersey filing fee                                                                      |   |   | (52,011   | )      |   |   | (65,239 | ) |
| printing,      postage and other expenses                                                                |   |   | (32,754   | )      |   |   | (14,051 | ) |
|                                                                                                     |   |   |      |   |   |   |   |   |
| Net      cash used in operating activities                                                               |   |   | (161,461  | )      |   |   | (401,706 | ) |
|                                                                                                     |   |   |      |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES                                                                |   |   |      |   |   |   |   |   |
|                                                                                                     |   |   |      |   |   |   |   |   |
| Proceeds      in connection with disposal of limited partner interests/local partnership      properties |   |   |      |   |   |   | 11,547 |   |
| Distributions      received from local partnerships                                                      |   |   | 2,500     |   |   |   | 36,613 |   |
| Proceeds      from maturities/redemptions and sales of bonds                                             |   |   |      |   |   |   | 109,000 |   |
|                                                                                                     |   |   |      |   |   |   |   |   |
| Net      cash provided by investing activities                                                           |   |   | 2,500     |   |   |   | 157,160 |   |
|                                                                                                     |   |   |      |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                           |   |   | (158,961  | )      |   |   | (244,546 | ) |
|                                                                                                     |   |   |      |   |   |   |   |   |
| Cash      and cash equivalents at beginning of period                                                    |   |   | 2,291,787 |   |   |   | 2,815,036 |   |
|                                                                                                     |   |   |      |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS AT END OF PERIOD                                                          |   | $      | 2,132,826 |   |   | $      | 2,570,490 |   |

----

----

|                                                                               |   | 2008   |     |   | 2007   |   |
|------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                               |   |   |     |   |   |   |
| RECONCILIATION      OF NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES           |   |   |     |   |   |   |
|                                                                               |   |   |     |   |   |   |
| Net      loss                                                                      |   | $      | (344,496 | )      |   | $      | (333,634 | ) |
|                                                                               |   |   |     |   |   |   |   |   |
| Adjustments      to reconcile net loss to net cash used in operating    activities |   |   |     |   |   |   |   |   |
|                                                                               |   |   |     |   |   |   |   |   |
| Equity in loss of investment in      local partnerships                            |   |   | 19,239   |   |   |   | 45,163 |   |
| Distributions from local      partnerships classified as other income              |   |   | (2,500   | )      |   |   | (13,750 | ) |
| Accretion of zero coupon      bonds                                                |   |   |     |   |   |   | (1,425 | ) |
| Increase in prepaid      expenses                                                  |   |   | (5,316   | )      |   |   |   |   |
| Decrease in accounts payable and      accrued expenses                             |   |   | (79,448  | )      |   |   | (18,711 | ) |
| Increase (decrease) in due to      general partner and affiliates                  |   |   | 251,060  |   |   |   | (79,349 | ) |
|                                                                               |   |   |     |   |   |   |   |   |
| NET      CASH USED IN OPERATING ACTIVITIES                                         |   | $      | (161,461 | )      |   | $      | (401,706 | ) |

----

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

----

| 2. | Investment      in Local Partnerships |
|----|---------------------------------------|

|   | For      the nine months ended December 30, 2008, the investment in local      partnerships activity consists of thefollowing: |
|--------|--------------------------------------------------------------------------------------------------------------------------------|

| Investment      in local partnerships as of March 30, 2008                               |   | $      | 232,411     |     |
|------------------------------------------------------------------------------------------|--------|--------|-------------|----------|
|                                                                                     |   |   |        |     |
| Equity      in loss of investment in local partnerships                                  |   |   | (19,239     | )      * |
|                                                                                     |   |   |        |     |
| Cash      distributions received from Local Partnerships                                 |   |   | (2,500      | )        |
|                                                                                     |   |   |        |     |
| Cash      distributions received from Local Partnerships classified as other      income |   |   |  2,500 |     |
|                                                                                     |   |   |        |     |
| Investment      in local partnerships as of December 30, 2008                            |   | $      | 213,172     |     |

|   | *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 $2,444,717 for the nine months ended September 30,      2008 as reflected in the combined statement of operations of the Local      Partnerships reflected herein Note2. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | Investment in Local      Partnerships (continued) |
|----|---------------------------------------------------|

|                                                                                                  |   | September 30, |        |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------|-------------------|--------|
|                                                                                             |   | 2008               |        |   | 2007              |   |
|                                                                                                  |   |               |        |   |              |   |
| ASSETS                                                                                                |   |               |        |   |              |   |
|                                                                                                  |   |               |        |   |              |   |
| Cash      and cash equivalents                                                                        |   | $                  | 562,648     |   |              | $      | 404,629 |   |
| Rents      receivable                                                                                 |   |               | 241,662     |   |              |   | 227,596 |   |
| Escrow      deposits and reserves                                                                     |   |               | 4,439,147   |   |              |   | 2,752,516 |   |
| Land                                                                                                  |   |               | 2,476,862   |   |              |   | 2,476,862 |   |
| Buildings      and improvements (net of accumulated depreciation of $58,714,648 and      $56,264,959) |   |               | 27,457,208  |   |              |   | 29,626,207 |   |
| Intangible      assets (net of accumulated amortization of $480,831 and      $584,562)                |   |               | 775,153     |   |              |   | 814,725 |   |
| Other      assets                                                                                     |   |               | 657,127     |   |              |   | 664,635 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   | $                  | 36,609,807  |   |              | $      | 36,947,170 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| LIABILITIES      AND PARTNERS’ EQUITY (DEFICIT)                                                 |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| Liabilities                                                                                           |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| Accounts payable and accrued      expenses                                                            |   | $                  | 1,366,770   |   |              | $      | 1,160,232 |   |
| Due to related      parties                                                                           |   |               | 5,275,360   |   |              |   | 4,808,506 |   |
| Mortgage loans                                                                                        |   |               | 54,508,984  |   |              |   | 54,003,733 |   |
| Notes payable                                                                                         |   |               | 1,321,111   |   |              |   | 951,707 |   |
| Accrued interest                                                                                      |   |               | 12,440,475  |   |              |   | 12,067,359 |   |
| Otherliabilities                                                                                      |   |               | 248,513     |   |              |   | 243,916 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | 75,161,213  |   |              |   | 73,235,453 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| Partners'      equity (deficit)                                                                       |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| American      Tax Credit Properties L.P.                                                              |   |               |        |   |              |   |   |   |
| Capital      contributions, net of distributions                                                      |   |               | 23,846,457  |   |              |   | 23,580,170 |   |
| Cumulative      loss                                                                                  |   |               | (23,099,120 | )      |              |   | (23,079,881 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | 747,337     |   |              |   | 500,289 |   |
|                                                                                                  |   |               |        |   |              |   |   |   |
| General      partners and other limited partners                                                      |   |               |        |   |              |   |   |   |
| Capital      contributions, net of distributions                                                      |   |               | 1,104,836   |   |              |   | 1,104,769 |   |
| Cumulative      loss                                                                                  |   |               | (40,403,579 | )      |              |   | (37,893,341 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | (39,298,743 | )      |              |   | (36,788,572 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   |               | (38,551,406 | )      |              |   | (36,288,283 | ) |
|                                                                                                  |   |               |        |   |              |   |   |   |
|                                                                                                  |   | $                  | 36,609,807  |   |              | $      | 36,947,170 |   |

----

| 2. | Investment in Local      Partnerships (continued) |
|----|---------------------------------------------------|

|                                                                                                                                                             |   | Three Months EndedSeptember 30,2008 |      |   | Nine Months EndedSeptember 30, 2008 |   |       | Three Months EndedSeptember 30,2007 |   |   | Nine Months EndedSeptember 30, 2007 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|-----------|--------|---------------------------------------------------------|--------|------------|----------------------------------------------------|--------|--------|---------------------------------------------------------|--------|
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |
| REVENUE                                                                                                                                                          |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |
| Rental                                                                                                                                                           |   | $                                                  | 2,856,965 |   |                                                    | $      | 8,453,865  |                                               |   | $      | 2,964,922                                               |   |   | $ | 8,426,732 |   |
| Interest      and other                                                                                                                                          |   |                                               | 62,908    |   |                                                    |   | 160,188    |                                               |   |   | 47,007                                                  |   |   |   | 163,264 |   |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
| TOTAL      REVENUE                                                                                                                                               |   |                                               | 2,919,873 |   |                                                    |   | 8,614,053  |                                               |   |   | 3,011,929                                               |   |   |   | 8,589,996 |   |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
| EXPENSES                                                                                                                                                         |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
| Administrative                                                                                                                                                   |   |                                               | 638,179   |   |                                                    |   | 1,835,175  |                                               |   |   | 528,564                                                 |   |   |   | 1,621,981 |   |
| Utilities                                                                                                                                                        |   |                                               | 205,509   |   |                                                    |   | 1,045,806  |                                               |   |   | 219,439                                                 |   |   |   | 964,837 |   |
| Operating      and maintenance                                                                                                                                   |   |                                               | 865,944   |   |                                                    |   | 2,422,700  |                                               |   |   | 747,017                                                 |   |   |   | 2,139,770 |   |
| Taxes      and insurance                                                                                                                                         |   |                                               | 238,087   |   |                                                    |   | 800,481    |                                               |   |   | 274,006                                                 |   |   |   | 842,730 |   |
| Financial                                                                                                                                                        |   |                                               | 842,905   |   |                                                    |   | 2,559,385  |                                               |   |   | 831,605                                                 |   |   |   | 2,632,669 |   |
| Depreciation      and amortization                                                                                                                               |   |                                               | 855,452   |   |                                                    |   | 2,479,983  |                                               |   |   | 808,828                                                 |   |   |   | 2,424,499 |   |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
| TOTAL      EXPENSES                                                                                                                                              |   |                                               | 3,646,076 |   |                                                    |   | 11,143,530 |                                               |   |   | 3,409,459                                               |   |   |   | 10,626,486 |   |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
| NET      LOSS                                                                                                                                                    |   | $                                                  | (726,203  | )      |                                                    | $      | (2,529,477 | )                                                  |   | $      | (397,530                                                | )      |   | $ | (2,036,490 | ) |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
| NET      INCOME (LOSS) ATTRIBUTABLE TO                                                                                                                           |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
| American      Tax Credit Properties L.P.                                                                                                                         |   | $                                                  | 26,532    |   |                                                    | $      | (19,239    | )                                                  |   | $      | 32,315                                                  |   |   | $ | (45,163 | ) |
| General      partners and other limited partners, (includes $738,036, $2,444,717,      $415,982 and $1,938,873 of Partnership loss in excess of      investment) |   |                                               | (752,735  | )      |                                                    |   | (2,510,238 | )                                                  |   |   | (429,845                                                | )      |   |   | (1,991,327 | ) |
|                                                                                                                                                             |   |                                               |      |   |                                                    |   |       |                                               |   |   |                                                    |   |   |   |   |   |
|                                                                                                                                                             |   | $                                                  | (726,203  | )      |                                                    | $      | (2,529,477 | )                                                  |   | $      | (397,530                                                | )      |   | $ | (2,036,490 | ) |

----

| 2. | Investment in Local      Partnerships (continued) |
|----|---------------------------------------------------|

| 3. | Additional      Information |
|----|-----------------------------|

----

----

----

|   | · | 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 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 (“FASB”) 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      1. | Legal      Proceedings |
|--------------|------------------------|

| Item      1A.  | Risk      Factors |
|---------------------|-------------------|

| Item      2. | Unregistered Sales of      Equity Securities and Use ofProceeds |
|--------------|-----------------------------------------------------------------|

| Item      3. | Defaults Upon Senior      Securities |
|--------------|--------------------------------------|

|   | None;      see Item 2 of Part I regarding the mortgage default of a certain Local      Partnership. |
|--------|-----------------------------------------------------------------------------------------------------|

| Item      4. | Submission of Matters      to a Vote of SecurityHolders |
|--------------|---------------------------------------------------------|

|   | None |
|--------|------|

| Item      5. | Other      Information |
|--------------|------------------------|

|   | None |
|--------|------|

| Item      6. | Exhibits |
|--------------|----------|

----

|                          | 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:      February 13, 2009 | /s/David      Salzman                    |
|                          | By:                                      | David      Salzman |
|                          |                                     | Chief      Executive Officer |
|                          |                                     |   |
|                          |                                     |   |
| Dated:      February 13, 2009 | /s/James      Hussey                     |
|                          | By:                                      | James      Hussey |
|                          |                                     | Chief      Financial Officer |
|                          |                                     |   |
|                          |                                     |   |
| Dated:      February 13, 2009 | /s/Richard      Paul Richman             |
|                          | By:                                      | Richard      Paul Richman |
|                          |                                     | Director |

----