----

**FORM        10-Q**

**September        29, 2008**

**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)**

|                                                                                                          |   |      |   | **September 29,** |   | **March 30,** |   |
|---------------------------------------------------------------------------------------------------------------|--------|-----------|--------|------------------------|--------|--------------------|--------|
|                                                                                                          |   | **Notes** |   | **2008**               |   | **2008**           |   |
|                                                                                                          |   |      |   |                   |   |               |   |
| **ASSETS**                                                                                                    |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
| Cash                  and cash equivalents                                                                    |   |      |   |                   | $      | 2,148,301          |   | $ | 2,291,787 |   |
| Prepaid                  expenses                                                                             |   |      |   |                   |   | 15,830             |   |   |   |   |
| Investment                  in local partnerships                                                             |   |      | 2      |                   |   | 186,640            |   |   | 232,411 |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   | $      | 2,350,771          |   | $ | 2,524,198 |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
| **LIABILITIES                  AND PARTNERS' EQUITY (DEFICIT)**                                               |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
| Liabilities                                                                                                   |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
| Accounts                  payable and accrued expenses                                                        |   |      |   |                   | $      | 38,884             |   | $ | 124,618 |   |
| Payable                  to general partner and affiliates                                                    |   |      |   |                   |   | 253,097            |   |   | 83,686 |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   |   | 291,981            |   |   | 208,304 |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
| Commitments                  and contingencies                                                                |   |      | 2,3    |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
| Partners'                  equity (deficit)                                                                   |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
| General                  partner                                                                              |   |      |   |                   |   | (345,112           | )      |   | (342,541 | ) |
| Limited                  partners (41,286 units of limited partnership interest                  outstanding) |   |      |   |                   |   | 2,403,902          |   |   | 2,658,435 |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   |   | 2,058,790          |   |   | 2,315,894 |   |
|                                                                                                          |   |      |   |                   |   |               |   |   |   |   |
|                                                                                                          |   |      |   |                   | $      | 2,350,771          |   | $ | 2,524,198 |   |

----

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

**STATEMENTS        OF OPERATIONS**

**THREE        AND SIX MONTH PERIODS ENDED SEPTEMBER 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                                                                                                   |   |  **Notes** |   | **Three Months ****Ended ****September 29, ****2008** |   | **Six Months ****Ended ****September 29, ****2008** |   | **Three Months ****Ended ****September 29, ****2007** |     | **Six Months ****Ended ****September 29, ****2007** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|--------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|----------|------------------------------------------------------------------------------|--------|
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |
| **REVENUE**                                                                                                                                            |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| Interest                                                                                                                                               |   |            |   |                                                                           | $      | 8,080                                                                        |   | $                                                                              | 15,657   |                                                                         | $      | 31,607 |   | $ | 68,389 |   |
| Other                  income from local partnerships                                                                                                  |   |            | 2      |                                                                           |   |                                                                         |   |                                                                           | 2,500    |                                                                         |   | 5,000 |   |   | 13,750 |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| TOTAL                  REVENUE                                                                                                                         |   |            |   |                                                                           |   | 8,080                                                                        |   |                                                                           | 18,157   |                                                                         |   | 36,607 |   |   | 82,139 |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| **EXPENSES**                                                                                                                                           |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| Administration                  fee                                                                                                                    |   |            |   |                                                                           |   | 45,931                                                                       |   |                                                                           | 91,862   |                                                                         |   | 45,931 |   |   | 91,862 |   |
| Management                  fee                                                                                                                        |   |            |   |                                                                           |   | 43,867                                                                       |   |                                                                           | 87,734   |                                                                         |   | 43,867 |   |   | 87,734 |   |
| Professional                  fees                                                                                                                     |   |            |   |                                                                           |   | 15,616                                                                       |   |                                                                           | 31,217   |                                                                         |   | 17,752 |   |   | 35,018 |   |
| State                  of New Jersey filing fee                                                                                                        |   |            |   |                                                                           |   | (2,678                                                                       | )      |                                                                           | 10,474   |                                                                         |   | 10,465 |   |   | 20,530 |   |
| Printing,                  postage and other                                                                                                           |   |            |   |                                                                           |   | 3,682                                                                        |   |                                                                           | 8,203    |                                                                         |   | 3,143 |   |   | 9,171 |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| TOTAL                  EXPENSES                                                                                                                        |   |            |   |                                                                           |   | 106,418                                                                      |   |                                                                           | 229,490  |                                                                         |   | 121,158 |   |   | 244,315 |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
|                                                                                                                                                   |   |            |   |                                                                           |   | (98,338                                                                      | )      |                                                                           | (211,333 | )                                                                            |   | (84,551 | ) |   | (162,176 | ) |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| Equity                  in loss of investment in local partnerships                                                                                    |   |            | 2      |                                                                           |   | (3,918                                                                       | )      |                                                                           | (45,771  | )                                                                            |   | (30,589 | ) |   | (77,478 | ) |
|                                                                                                                                                   |   |            |        |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| **NET                  LOSS**                                                                                                                          |   |            |   |                                                                           |   | (102,256                                                                     | )      |                                                                           | (257,104 | )                                                                            |   | (115,140 | ) |   | (239,654 | ) |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| Other                  comprehensive income (loss)                                                                                                     |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   | (17 | ) |   | 99 |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| **COMPREHENSIVE                  LOSS**                                                                                                                |   |            |   |                                                                           | $      | (102,256                                                                     | )      | $                                                                              | (257,104 | )                                                                            | $      | (115,157 | ) | $ | (239,555 | ) |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| **NET                  LOSS ATTRIBUTABLE TO**                                                                                                          |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| General                  partner                                                                                                                       |   |            |   |                                                                           | $      | (1,023                                                                       | )      | $                                                                              | (2,571   | )                                                                            | $      | (1,152 | ) | $ | (2,397 | ) |
| Limited                  partners                                                                                                                      |   |            |   |                                                                           |   | (101,233                                                                     | )      |                                                                           | (254,533 | )                                                                            |   | (113,988 | ) |   | (237,257 | ) |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
|                                                                                                                                                   |   |            |   |                                                                           | $      | (102,256                                                                     | )      | $                                                                              | (257,104 | )                                                                            | $      | (115,140 | ) | $ | (239,654 | ) |
|                                                                                                                                                   |   |            |   |                                                                           |   |                                                                         |   |                                                                           |     |                                                                         |   |   |   |   |   |   |
| **NET                  LOSS**per                  unit of limited partnership interest (41,286 units of limited partnership                  interest) |   |            |   |                                                                           | $      | (2.46                                                                        | )      | $                                                                              | (6.17    | )                                                                            | $      | (2.76 | ) | $ | (5.75 | ) |

----

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

**STATEMENTS        OF CASH FLOWS**

**SIX        MONTHS ENDED SEPTEMBER 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                                                                                              |   | **2008** |      | **2007** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                              |   |     |      |     |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**                                                                                         |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Interest                  received                                                                                                                |   | $        | 15,657    |     | $      | 66,964 |   |
| Cash                  paid for                                                                                                                    |   |     |      |     |   |   |   |
| administration                  fee                                                                                                               |   |     | (10,185   | )        |   | (12,223 | ) |
| professional                  fees                                                                                                                |   |     | (69,077   | )        |   | (64,269 | ) |
| management                  fee                                                                                                                   |   |     |      |     |   | (75,000 | ) |
| State                  of New Jersey filing fee                                                                                                   |   |     | (52,011   | )        |   | (48,101 | ) |
| printing,                  postage and other expenses                                                                                             |   |     | (30,370   | )        |   | (9,171 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Net                  cash used in operating activities                                                                                            |   |     | (145,986  | )        |   | (141,800 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**                                                                                         |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Proceeds                  in connection with disposal of limited partner interests/local                  partnership                  properties |   |     |      |     |   | 11,547 |   |
| Cash                  distributions 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                  increase (decrease) in cash and cash equivalents                                                                             |   |     | (143,486  | )        |   | 15,360 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Cash                  and cash equivalents at beginning of period                                                                                 |   |     | 2,291,787 |     |   | 2,815,036 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS AT END OF PERIOD**                                                                                   |   | $        | 2,148,301 |     | $      | 2,830,396 |   |

----

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

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

**SIX      MONTHS ENDED SEPTEMBER 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                                                     |   | **2008** |     | **2007** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|
|                                                                                                     |   |     |     |     |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |     |     |     |   |   |   |
|                                                                                                     |   |     |     |     |   |   |   |
| Net                loss                                                                                  |   | $        | (257,104 | )        | $      | (239,654 | ) |
|                                                                                                     |   |     |     |     |   |   |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |     |     |     |   |   |   |
|                                                                                                     |   |     |     |     |   |   |   |
| Equity                in loss of investment in local partnerships                                        |   |     | 45,771   |     |   | 77,478 |   |
| Distributions                from local partnerships classified as other income                          |   |     | (2,500   | )        |   | (13,750 | ) |
| Accretion                of zero coupon bonds                                                            |   |     |     |     |   | (1,425 | ) |
| Increase                in prepaid expenses                                                              |   |     | (15,830  | )        |   |   |   |
| Decrease                in accounts payable and accrued expenses                                         |   |     | (85,734  | )        |   | (56,822 | ) |
| Increase                in due to general partner and affiliates                                         |   |     | 169,411  |     |   | 92,373 |   |
|                                                                                                     |   |     |     |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                 |   | $        | (145,986 | )        | $      | (141,800 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**SEPTEMBER      29, 2008**

**(UNAUDITED)**

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

----

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

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

**SEPTEMBER      29, 2008**

**(UNAUDITED)**

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

| Investment                in local partnerships as of March 30, 2008                                         |   | $      | 232,411 |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
|                                                                                                         |   |   |    |   |
| Equity                in loss of investment in local partnerships                                            |   |   | (45,771 | )*     |
|                                                                                                         |   |   |    |   |
| 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 September 29, 2008                                     |   | $      | 186,640 |   |

----

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

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

**SEPTEMBER      29, 2008**

**(UNAUDITED)**

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

|                                                                                                                                     |   | **June 30,** |        | **December 31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|-----------------------|--------|
|                                                                                                                                     |   | **2008**          |        | **2007**              |   |
|                                                                                                                                     |   |              |        |                  |   |
| **ASSETS**                                                                                                                               |   |              |        |                  |   |   |   |
|                                                                                                                                     |   |              |        |                  |   |   |   |
| Cash                and cash equivalents                                                                                                 |   | $                 | 499,636     |                  | $      | 404,629 |   |
| Rents                receivable                                                                                                          |   |              | 334,757     |                  |   | 227,596 |   |
| Escrow                deposits and reserves                                                                                              |   |              | 4,227,238   |                  |   | 2,752,516 |   |
| Land                                                                                                                                     |   |              | 2,476,862   |                  |   | 2,476,862 |   |
| Buildings                and improvements (net of accumulated depreciation of $57,870,176                and                $56,264,959) |   |              | 28,214,304  |                  |   | 29,626,207 |   |
| Intangible                assets (net of accumulated amortization of $468,710 and                $584,562)                               |   |              | 785,067     |                  |   | 814,725 |   |
| Other                assets                                                                                                              |   |              | 583,098     |                  |   | 664,635 |   |
|                                                                                                                                     |   |              |        |                  |   |   |   |
|                                                                                                                                     |   | $                 | 37,120,962  |                  | $      | 36,947,170 |   |
|                                                                                                                                     |   |              |        |                  |   |   |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                                                      |   |              |        |                  |   |   |   |
|                                                                                                                                     |   |              |        |                  |   |   |   |
| Liabilities                                                                                                                              |   |              |        |                  |   |   |   |
|                                                                                                                                     |   |              |        |                  |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                 | 1,210,910   |                  | $      | 1,160,232 |   |
| Due                to related parties                                                                                                    |   |              | 5,167,662   |                  |   | 4,808,506 |   |
| Mortgage                loans                                                                                                            |   |              | 54,689,861  |                  |   | 54,003,733 |   |
| Notes                payable                                                                                                             |   |              | 1,322,245   |                  |   | 951,707 |   |
| Accrued                interest                                                                                                          |   |              | 12,307,906  |                  |   | 12,067,359 |   |
| Other                liabilities                                                                                                         |   |              | 247,581     |                  |   | 243,916 |   |
|                                                                                                                                     |   |              |        |                  |   |   |   |
|                                                                                                                                     |   |              | 74,946,165  |                  |   | 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                                                                                                           |   |              | (23,125,652 | )                     |   | (23,079,881 | ) |
|                                                                                                                                     |   |              |        |                  |   |   |   |
|                                                                                                                                     |   |              | 720,805     |                  |   | 500,289 |   |
| General                partners and other limited partners                                                                               |   |              |        |                  |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |              | 1,104,836   |                  |   | 1,104,769 |   |
| Cumulative                loss                                                                                                           |   |              | (39,650,844 | )                     |   | (37,893,341 | ) |
|                                                                                                                                     |   |              |        |                  |   |   |   |
|                                                                                                                                     |   |              | (38,546,008 | )                     |   | (36,788,572 | ) |
|                                                                                                                                     |   |              |        |                  |   |   |   |
|                                                                                                                                     |   |              | (37,825,203 | )                     |   | (36,288,283 | ) |
|                                                                                                                                     |   |              |        |                  |   |   |   |
|                                                                                                                                     |   | $                 | 37,120,962  |                  | $      | 36,947,170 |   |

----

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

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

**SEPTEMBER      29, 2008**

**(UNAUDITED)**

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

|                                                                                                                                                                                               |   | **Three Months****Ended****June 30,****2008** |      | **Six Months**** Ended****June 30,****2008** |   | **Three Months****Ended****June 30,****2007** |   | **Six Months****Ended****June 30,****2007** |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|-----------|-------------------------------------------------------------|--------|---------------------------------------------------------|--------|-------------------------------------------------------|-----------|
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |
| **REVENUE**                                                                                                                                                                                        |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| Rental                                                                                                                                                                                             |   | $                                                       | 2,729,545 |                                                        | $      | 5,596,900                                               |   | $                                                     | 2,754,743 |   | $ | 5,461,810 |   |
| Interest                and other                                                                                                                                                                  |   |                                                    | 43,650    |                                                        |   | 97,280                                                  |   |                                                  | 52,892    |   |   | 116,257 |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                                       |   |                                                    | 2,773,195 |                                                        |   | 5,694,180                                               |   |                                                  | 2,807,635 |   |   | 5,578,067 |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                       |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| Administrative                                                                                                                                                                                     |   |                                                    | 624,751   |                                                        |   | 1,196,996                                               |   |                                                  | 576,462   |   |   | 1,093,417 |   |
| Utilities                                                                                                                                                                                          |   |                                                    | 319,710   |                                                        |   | 840,297                                                 |   |                                                  | 346,529   |   |   | 745,398 |   |
| Operating                and maintenance                                                                                                                                                           |   |                                                    | 847,234   |                                                        |   | 1,556,756                                               |   |                                                  | 715,903   |   |   | 1,392,753 |   |
| Taxes                and insurance                                                                                                                                                                 |   |                                                    | 277,621   |                                                        |   | 562,394                                                 |   |                                                  | 281,395   |   |   | 568,724 |   |
| Financial                                                                                                                                                                                          |   |                                                    | 830,283   |                                                        |   | 1,716,480                                               |   |                                                  | 926,337   |   |   | 1,801,064 |   |
| Depreciation                and amortization                                                                                                                                                       |   |                                                    | 802,155   |                                                        |   | 1,624,531                                               |   |                                                  | 809,002   |   |   | 1,615,671 |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                                      |   |                                                    | 3,701,754 |                                                        |   | 7,497,454                                               |   |                                                  | 3,655,628 |   |   | 7,217,027 |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| **NET                LOSS**                                                                                                                                                                        |   | $                                                       | (928,559  | )                                                           | $      | (1,803,274                                              | )      | $                                                     | (847,993  | ) | $ | (1,638,960 | ) |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                                        |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
| American                Tax Credit Properties L.P.                                                                                                                                                 |   | $                                                       | (3,918    | )                                                           | $      | (45,771                                                 | )      | $                                                     | (30,589   | ) | $ | (77,478 | ) |
| General                partners and other limited partners, which includes $892,195, $1,706,681,                $797,896 and $1,522,891 of Partnership loss in excess of                investment |   |                                                    | (924,641  | )                                                           |   | (1,757,503                                              | )      |                                                  | (817,404  | ) |   | (1,561,482 | ) |
|                                                                                                                                                                                               |   |                                                    |      |                                                        |   |                                                    |   |                                                  |      |   |   |   |   |
|                                                                                                                                                                                               |   | $                                                       | (928,559  | )                                                           | $      | (1,803,274                                              | )      | $                                                     | (847,993  | ) | $ | (1,638,960 | ) |

----

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

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

**SEPTEMBER      29, 2008**

**(UNAUDITED)**

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

| **3.** | **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. 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. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

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

| **Item              1.** | **Legal                Proceedings** |
|--------------------------|--------------------------------------|

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

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

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

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

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

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

----

**SIGNATURES**

|                                    | **AMERICAN                TAX CREDIT PROPERTIES L.P.**      |
|-----------------------------------------|-------------------------------------------------------------|
|                                    | (a                Delaware limited partnership)             |
|                                    |                                                        |
|                                    | By: Richman                Tax Credit Properties L.P., |
|                                    | General                Partner                              |
|                                    |                                                        |
|                                    | By: Richman                Tax Credit Properties Inc., |
|                                    | general                partner                              |
|                                    |                                                        |
| Dated:                November 13, 2008 | /s/David                Salzman                             |
|                                    | By:                 David                Salzman       |
|                                    | Chief                Executive Officer                      |
|                                    |                                                        |
| Dated:                November 13, 2008 | /s/Neal                Ludeke                               |
|                                    | By: Neal                Ludeke                         |
|                                    | Chief                Financial Officer                      |
|                                    |                                                        |
| Dated:                November 13, 2008 | /s/Richard                Paul Richman                      |
|                                    | By: Richard                Paul Richman                |
|                                    | Director                                                    |

----