----

**FORM        10-Q**

**June      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)**

|                                                                                                      |   |      |   | **June                29,** |    | **March                30,** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|--------|-----------------------------|---------|------------------------------|--------|
|                                                                                                      |   | **Notes** |   | **2008**                    |    | **2008**                     |   |
|                                                                                                      |   |      |   |                        |    |                         |   |
| **ASSETS**                                                                                                |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
| Cash                and cash equivalents                                                                  |   |      |   |                        | $       | 2,234,414                    |   | $ | 2,291,787 |   |
| Prepaid                expenses                                                                           |   |      |   |                        |    | 13,152                       |   |   |   |   |
| Investment                in local partnerships                                                           |   | 2         |   |                        | 190,558 |                         |   | 232,411 |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        | $       | 2,438,124                    |   | $ | 2,524,198 |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                             |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
| Liabilities                                                                                               |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |   |                        | $       | 107,668                      |   | $ | 124,618 |   |
| Payable                to general partner and affiliates                                                  |   |      |   |                        |    | 169,410                      |   |   | 83,686 |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |    | 277,078                      |   |   | 208,304 |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
| Commitments                and contingencies                                                              |   | 2,3       |   |                        |    |                         |   |   |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
| Partners'                equity (deficit)                                                                 |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
| General                partner                                                                            |   |      |   |                        |    | (344,089                     | )      |   | (342,541 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |   |                        |    | 2,505,135                    |   |   | 2,658,435 |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |    | 2,161,046                    |   |   | 2,315,894 |   |
|                                                                                                      |   |      |   |                        |    |                         |   |   |   |   |
|                                                                                                 |   |      |   |                        | $       | 2,438,124                    |   | $ | 2,524,198 |   |

----

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

**STATEMENTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                                                                              |   | **Notes** |   | **2008** |    | **2007**                         |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|---------|----------------------------------|--------|
|                                                                                                                              |   |      |   |     |    |                             |   |
| **REVENUE**                                                                                                                       |   |      |   |     |    |                             |   |   |   |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| Interest                                                                                                                          |   |      |   |     | $       | 7,577                            |   | $ | 36,782 |   |
| Other                income from local partnerships                                                                               |   |      |   |     |    | 2,500                            |   |   | 8,750 |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| TOTAL                REVENUE                                                                                                      |   |      |   |     |    | 10,077                           |   |   | 45,532 |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| **EXPENSES**                                                                                                                      |   |      |   |     |    |                             |   |   |   |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| Administration                fees                                                                                                |   |      |   |     |    | 45,931                           |   |   | 45,931 |   |
| Management                fee                                                                                                     |   |      |   |     |    | 43,867                           |   |   | 43,867 |   |
| Professional                fees                                                                                                  |   |      |   |     |    | 15,601                           |   |   | 17,266 |   |
| State                of New Jersey filing fee                                                                                     |   |      |   |     |    | 13,152                           |   |   | 10,065 |   |
| Printing,                postage and other                                                                                        |   |      |   |     |    | 4,521                            |   |   | 6,028 |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| TOTAL                EXPENSES                                                                                                     |   |      |   |     |    | 123,072                          |   |   | 123,157 |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
|                                                                                                                              |   |      |   |     |    | (112,995                         | )      |   | (77,625 | ) |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                 |   | 2         |   |     | (41,853 | )                                |   | (46,889 | ) |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| **NET                LOSS**                                                                                                       |   |      |   |     |    | (154,848                         | )      |   | (124,514 | ) |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| Other                comprehensive income, net                                                                                    |   |      |   |     |    |                   |   |   | 116 |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| **COMPREHENSIVE                LOSS**                                                                                             |   |      |   |     | $       | (154,848                         | )      | $ | (124,398 | ) |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                       |   |      |   |     |    |                             |   |   |   |   |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| General                partner                                                                                                    |   |      |   |     | $       | (1,548                           | )      | $ | (1,245 | ) |
| Limited                partners                                                                                                   |   |      |   |     |    | (153,300                         | )      |   | (123,269 | ) |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
|                                                                                                                         |   |      |   |     | $       | (154,848                         | )      | $ | (124,514 | ) |
|                                                                                                                              |   |      |   |     |    |                             |   |   |   |   |
| **NET                LOSS**per unit of limited partnership interest (41,286                units of limited partnership interest) |   |      |   |     | $       | (3.71                            | )      | $ | (2.99 | ) |

----

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

**STATEMENTS      OF CASH FLOWS**

**THREE      MONTHS ENDED JUNE 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                            |   | **2008** |      | **2007** |   |
|-----------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                            |   |     |      |     |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**         |   |     |      |     |   |   |   |
|                                                            |   |     |      |     |   |   |   |
| Interest                received                                |   | $        | 7,577     |     | $      | 35,557 |   |
| Cash                paid for                                    |   |     |      |     |   |   |   |
| administration                fee                               |   |     | (4,074    | )        |   | (6,111 | ) |
| professional                fees                                |   |     | (8,668    | )        |   | (992 | ) |
| management                fee                                   |   |     |      |     |   | (50,000 | ) |
| State                of New Jersey filing fee                   |   |     | (52,011   | )        |   | (51,155 | ) |
| printing,                postage and other expenses             |   |     | (2,697    | )        |   | (6,028 | ) |
|                                                            |   |     |      |     |   |   |   |
| Net                cash used in operating activities            |   |     | (59,873   | )        |   | (78,729 | ) |
|                                                            |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**         |   |     |      |     |   |   |   |
|                                                            |   |     |      |     |   |   |   |
| Cash                distributions from local partnerships       |   |     | 2,500     |     |   | 31,613 |   |
|                                                            |   |     |      |     |   |   |   |
| Net                cash provided by investing activities        |   |     | 2,500     |     |   | 31,613 |   |
|                                                            |   |     |      |     |   |   |   |
| Net                decrease in cash and cash equivalents        |   |     | (57,373   | )        |   | (47,116 | ) |
|                                                            |   |     |      |     |   |   |   |
| Cash                and cash equivalents at beginning of period |   |     | 2,291,787 |     |   | 2,815,036 |   |
|                                                            |   |     |      |     |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**   |   | $        | 2,234,414 |     | $      | 2,767,920 |   |
|                                                            |   |     |      |     |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**    |   |     |      |     |   |   |   |
|                                                            |   |     |      |     |   |   |   |
| Unrealized                gain on investments in bonds, net     |   |     |      |     | $      | 116 |   |

----

----

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

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

**THREE      MONTHS ENDED JUNE 29, 2008 AND 2007**

**(UNAUDITED)**

|                                                                                                     |   | **2008** |     | **2007** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|
|                                                                                                     |   |     |     |     |   |
| **RECONCILIATION                OF NET LOSS TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |     |     |     |   |   |   |
|                                                                                                     |   |     |     |     |   |   |   |
| Net                loss                                                                                  |   | $        | (154,848 | )        | $      | (124,514 | ) |
|                                                                                                     |   |     |     |     |   |   |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |     |     |     |   |   |   |
|                                                                                                     |   |     |     |     |   |   |   |
| Equity                in loss of investment in local partnerships                                        |   |     | 41,853   |     |   | 46,889 |   |
| Distributions                from local partnerships classified as other income                          |   |     | (2,500   | )        |   | (8,750 | ) |
| Accretion                of zero coupon bonds                                                            |   |     |     |     |   | (1,225 | ) |
| Increase                in prepaid expenses                                                              |   |     | (13,152  | )        |   | (13,697 | ) |
| Decrease                in accounts payable and accrued expenses                                         |   |     | (16,950  | )        |   | (11,119 | ) |
| Increase                in due to general partner and affiliates                                         |   |     | 85,724   |     |   | 33,687 |   |
|                                                                                                     |   |     |     |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                 |   | $        | (59,873  | )        | $      | (78,729 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**JUNE      29, 2008**

**(UNAUDITED)**

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

----

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

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

**JUNE      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                                            |   |   | (41,853 | )*     |
|                                                                                                         |   |   |    |   |
| 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 June 29, 2008                                          |   | $      | 190,558 |   |

|  | * | 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                $814,486 for the three months ended March 31, 2008 as reflected in                the                combined statement of operations of the Local Partnerships reflected                herein Note 2. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

**JUNE      29, 2008**

**(UNAUDITED)**

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

|                                                                                                                                     |   | **March 31,** |        | **December 31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|-----------------------|--------|
|                                                                                                                                     |   | **2008**           |        | **2007**              |   |
|                                                                                                                                     |   |               |        |                  |   |
| **ASSETS**                                                                                                                               |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               |        |                  |   |   |   |
| Cash                and cash equivalents                                                                                                 |   | $                  | 559,159     |                  | $      | 404,629 |   |
| Rents                receivable                                                                                                          |   |               | 172,674     |                  |   | 227,596 |   |
| Escrow                deposits and reserves                                                                                              |   |               | 2,784,976   |                  |   | 2,752,516 |   |
| Land                                                                                                                                     |   |               | 2,476,862   |                  |   | 2,476,862 |   |
| Buildings                and improvements (net of accumulated depreciation of $57,075,606                and                $56,264,959) |   |               | 28,904,940  |                  |   | 29,626,207 |   |
| Intangible                assets (net of accumulated amortization of $595,720 and                $584,562)                               |   |               | 812,998     |                  |   | 814,725 |   |
| Other                assets                                                                                                              |   |               | 584,577     |                  |   | 664,635 |   |
|                                                                                                                                     |   |               |        |                  |   |   |   |
|                                                                                                                                     |   | $                  | 36,296,186  |                  | $      | 36,947,170 |   |
|                                                                                                                                     |   |               |        |                  |   |   |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                                                      |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               |        |                  |   |   |   |
| Liabilities                                                                                                                              |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               |        |                  |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                  | 1,183,346   |                  | $      | 1,160,232 |   |
| Due                to related parties                                                                                                    |   |               | 5,069,431   |                  |   | 4,808,506 |   |
| Mortgage                loans                                                                                                            |   |               | 53,810,103  |                  |   | 54,003,733 |   |
| Notes                payable                                                                                                             |   |               | 950,605     |                  |   | 951,707 |   |
| Accrued                interest                                                                                                          |   |               | 12,199,491  |                  |   | 12,067,359 |   |
| Other                liabilities                                                                                                         |   |               | 246,208     |                  |   | 243,916 |   |
|                                                                                                                                     |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               | 73,459,184  |                  |   | 73,235,453 |   |
| Partners'                equity (deficit)                                                                                                |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               |        |                  |   |   |   |
| American                Tax Credit Properties L.P.                                                                                       |   |               |        |                  |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |               | 23,580,170  |                  |   | 23,580,170 |   |
| Cumulative                loss                                                                                                           |   |               | (23,121,734 | )                     |   | (23,079,881 | ) |
|                                                                                                                                     |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               | 458,436     |                  |   | 500,289 |   |
| General                partners and other limited partners                                                                               |   |               |        |                  |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |               | 1,104,769   |                  |   | 1,104,769 |   |
| Cumulative                loss                                                                                                           |   |               | (38,726,203 | )                     |   | (37,893,341 | ) |
|                                                                                                                                     |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               | (37,621,434 | )                     |   | (36,788,572 | ) |
|                                                                                                                                     |   |               |        |                  |   |   |   |
|                                                                                                                                     |   |               | (37,162,998 | )                     |   | (36,288,283 | ) |
|                                                                                                                                     |   |               |        |                  |   |   |   |
|                                                                                                                                     |   | $                  | 36,296,186  |                  | $      | 36,947,170 |   |

----

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

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

**JUNE      29, 2008**

**(UNAUDITED)**

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

|                                                                                                                                                                       |   | **2008** |      | **2007** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                                                       |   |     |      |     |   |
| **REVENUE**                                                                                                                                                                |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| Rental                                                                                                                                                                     |   | $        | 2,867,355 |     | $      | 2,707,067 |   |
| Interest                and other                                                                                                                                          |   |     | 53,630    |     |   | 63,365 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| TOTAL                REVENUE                                                                                                                                               |   |     | 2,920,985 |     |   | 2,770,432 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| **EXPENSES**                                                                                                                                                               |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| Administrative                                                                                                                                                             |   |     | 572,245   |     |   | 516,955 |   |
| Utilities                                                                                                                                                                  |   |     | 520,587   |     |   | 398,869 |   |
| Operating                and maintenance                                                                                                                                   |   |     | 709,522   |     |   | 676,850 |   |
| Taxes                and insurance                                                                                                                                         |   |     | 284,773   |     |   | 287,329 |   |
| Financial                                                                                                                                                                  |   |     | 886,197   |     |   | 874,727 |   |
| Depreciation                and amortization                                                                                                                               |   |     | 822,376   |     |   | 806,669 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| TOTAL                EXPENSES                                                                                                                                              |   |     | 3,795,700 |     |   | 3,561,399 |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| **NET                LOSS**                                                                                                                                                |   | $        | (874,715  | )        | $      | (790,967 | ) |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
| American                Tax Credit Properties L.P.                                                                                                                         |   | $        | (41,853   | )        | $      | (46,889 | ) |
| General                partners and other limited partners, which includes $814,486 and                $724,995                of Partnership loss in excess of investment |   |     | (832,862  | )        |   | (744,078 | ) |
|                                                                                                                                                                       |   |     |      |     |   |   |   |
|                                                                                                                                                                       |   | $        | (874,715  | )        | $      | (790,967 | ) |

----

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

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

**JUNE      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)**

|   | · | 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**

----

**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** |
|--------------------------|--------------|

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**SIGNATURES**

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

----