----

**FORM      10-Q**

| (Mark                  One)                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------|
| x QUARTERLY                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934  |
|                                                                                                                                               |
| For                  the quarterly period ended  **September                  29, 2006**                                                      |
|                                                                                                                                               |
| OR                                                                                                                                                 |
|                                                                                                                                               |
| o TRANSITION                  REPORT PURSUANT                  TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                  1934 |
|                                                                                                                                               |
| For                  the transition period from                    ____________ to ____________                                          |
|                                                                                                                                               |
| Commission                  file number: **0-17619**                                                                                               |
|                                                                                                                                               |
|                                                                                                                                               |
| **American                  Tax Credit Properties L.P.**                                                                                           |
| (Exact                  name of Registrant as specified in its                  charter)                                                           |

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

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

**(203)      869-0900**

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

----

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

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

| **Item                  1.****Financial                  Statements** |     |
|-----------------------------------------------------------------------|----------|
|                                                                  |     |
|                                                                  |     |
| **Table                  of Contents**                                | **Page** |
|                                                                  |     |
| Balance                  Sheets                                       | 3        |
|                                                                  |     |
| Statements                  of Operations                             | 4        |
|                                                                  |     |
| Statements                  of Cash Flows                             | 5        |
|                                                                  |     |
| Notes                  to Financial Statements                        | 7        |

----

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

**BALANCE      SHEETS**

**(UNAUDITED)**

|                                                                                                      |   |      |   |  **September                29,** |   |  **March                30,** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------------------------------------|--------|------------------------------------|--------|
|                                                                                                      |   | **Notes** |   | **2006**                               |   | **2006**                           |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |
| **ASSETS**                                                                                                |   |      |   |                                   |   |                               |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |
| Cash                and cash equivalents                                                                  |   |      |   |                                   | $      | 2,498,766                          |   | $ | 256,337 |   |
| Investments                in bonds                                                                       |   |      | 2      |                                   |   | 108,958                            |   |   | 123,644 |   |
| Investment                in local partnerships                                                           |   |      | 3      |                                   |   | 283,251                            |   |   | 344,245 |   |
| Interest                receivable                                                                        |   |      |   |                                   |   | 140                                |   |   | 654 |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   | $      | 2,891,115                          |   | $ | 724,880 |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                             |   |      |   |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
| Liabilities                                                                                               |   |      |   |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |   |                                   | $      | 56,056                             |   | $ | 96,115 |   |
| Payable                to general partner and affiliates                                                  |   |      |   |                                   |   | 246,385                            |   |   | 79,095 |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   |   | 302,441                            |   |   | 175,210 |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
| Commitments                and contingencies                                                              |   |      | 3,4    |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
| Partners'                equity (deficit)                                                                 |   |      |   |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
| General                partner                                                                            |   |      |   |                                   |   | (339,811                           | )      |   | (360,200 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |   |                                   |   | 2,928,696                          |   |   | 910,192 |   |
| Accumulated                other comprehensive loss, net                                                  |   |      | 2      |                                   |   | (211                               | )      |   | (322 | ) |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   |   | 2,588,674                          |   |   | 549,670 |   |
|                                                                                                      |   |      |   |                                   |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                   | $      | 2,891,115                          |   | $ | 724,880 |   |

----

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

**STATEMENTS      OF OPERATIONS**

**THREE      AND SIX MONTH PERIODS ENDED SEPTEMBER 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                                                                     |   |    **Notes** |   | **Three                Months****Ended****September                29,****2006** |   | **Six                Months****Ended****September                29,****2006** |   | **Three                Months****Ended****September                29,****2005** |      | **Six                Months****Ended****September                29,****2005** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------|--------|
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |
| **REVENUE**                                                                                                                                                              |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |
| Interest                                                                                                                                                                 |   |                        |   |                                                                             | $      | 33,736                                                                         |   | $                                                                                | 55,225    |                                                                           | $      | 5,673 |   | $ | 10,888 |   |
| Other                income from local partnerships                                                                                                                      |   |                        | 3      |                                                                             |   | 8,750                                                                          |   |                                                                             | 8,750     |                                                                           |   | 5,000 |   |   | 10,000 |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                             |   |                        |   |                                                                             |   | 42,486                                                                         |   |                                                                             | 63,975    |                                                                           |   | 10,673 |   |   | 20,888 |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| **EXPENSES**                                                                                                                                                             |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| Administration                fee                                                                                                                                        |   |                        |   |                                                                             |   | 45,931                                                                         |   |                                                                             | 91,862    |                                                                           |   | 45,931 |   |   | 91,862 |   |
| Management                fee                                                                                                                                            |   |                        |   |                                                                             |   | 43,867                                                                         |   |                                                                             | 87,734    |                                                                           |   | 43,867 |   |   | 87,734 |   |
| Professional                fees                                                                                                                                         |   |                        |   |                                                                             |   | 19,591                                                                         |   |                                                                             | 38,615    |                                                                           |   | 22,739 |   |   | 42,229 |   |
| State                of New Jersey filing fee                                                                                                                            |   |                        |   |                                                                             |   | 15,107                                                                         |   |                                                                             | 28,469    |                                                                           |   | 26,935 |   |   | 36,772 |   |
| Printing,                postage and other                                                                                                                               |   |                        |   |                                                                             |   | 4,455                                                                          |   |                                                                             | 13,495    |                                                                           |   | 2,503 |   |   | 12,185 |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                            |   |                        |   |                                                                             |   | 128,951                                                                        |   |                                                                             | 260,175   |                                                                           |   | 141,975 |   |   | 270,782 |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   | (86,465                                                                        | )      |                                                                             | (196,200  | )                                                                              |   | (131,302 | ) |   | (249,894 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| Equity                in loss of investment in localpartnerships                                                                                                         |   |                        | 3      |                                                                             |   | (12,017                                                                        | )      |                                                                             | (128,758  | )                                                                              |   | (65,162 | ) |   | (137,636 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| Loss                prior to gain on disposal of limited partner                interest/local partnership property                                                      |   |                        |   |                                                                             |   | (98,482                                                                        | )      |                                                                             | (324,958  | )                                                                              |   | (196,464 | ) |   | (387,530 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| Gain                on disposal of limited partner interest/local                partnership property                                                                    |   |                        | 3      |                                                                             |   |                                                                           |   |                                                                             | 2,363,851 |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                                     |   |                        |   |                                                                             |   | (98,482                                                                        | )      |                                                                             | 2,038,893 |                                                                           |   | (196,464 | ) |   | (387,530 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| Other                comprehensive income (loss)                                                                                                                         |   |                        | 2      |                                                                             |   | 124                                                                            |   |                                                                             | 111       |                                                                           |   | (29,560 | ) |   | (11,210 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                                           |   |                        |   |                                                                             | $      | (98,358                                                                        | )      | $                                                                                | 2,039,004 |                                                                           | $      | (226,024 | ) | $ | (398,740 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| **NET                INCOME (LOSS)****ATTRIBUTABLE                TO**                                                                                                   |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| General                partner                                                                                                                                           |   |                        |   |                                                                             | $      | (985                                                                           | )      | $                                                                                | 20,389    |                                                                           | $      | (1,964 | ) | $ | (3,875 | ) |
| Limited                partners                                                                                                                                          |   |                        |   |                                                                             |   | (97,497                                                                        | )      |                                                                             | 2,018,504 |                                                                           |   | (194,500 | ) |   | (383,655 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                                     |   |                        |   |                                                                             | $      | (98,482                                                                        | )      | $                                                                                | 2,038,893 |                                                                           | $      | (196,464 | ) | $ | (387,530 | ) |
|                                                                                                                                                                     |   |                        |   |                                                                             |   |                                                                           |   |                                                                             |      |                                                                           |   |   |   |   |   |   |
| **NET                INCOME (LOSS)**per                unit of limited                partnership interest (41,286 units of limited partnership                interest) |   |                        |   |                                                                             | $      | (2.36                                                                          | )      | $                                                                                | 48.89     |                                                                           | $      | (4.71 | ) | $ | (9.29 | ) |

----

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

**STATEMENTS      OF CASH FLOWS**

**SIX      MONTHS ENDED SEPTEMBER 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                                              |   | **2006** |      | **2005** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                              |   |     |      |     |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**                                                                                         |   |     |      |     |   |
|                                                                                                                                              |   |     |      |     |   |
| Interest                  received                                                                                                                |   | $        | 53,536    |     | $      | 8,604 |   |
| Cash                  paid for                                                                                                                    |   |     |      |     |   |   |   |
| administration                  fee                                                                                                               |   |     | (12,306   | )        |   | (13,149 | ) |
| professional                  fees                                                                                                                |   |     | (52,143   | )        |   | (69,429 | ) |
| State                  of New Jersey filing fee                                                                                                   |   |     | (55,000   | )        |   | (16,318 | ) |
| printing,                  postage and other expenses                                                                                             |   |     | (13,495   | )        |   | (10,294 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Net                  cash used in operating activities                                                                                            |   |     | (79,408   | )        |   | (100,586 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**                                                                                         |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Advances                  to local partnerships                                                                                                   |   |     | (80,584   | )        |   | (103,228 | ) |
| Cash                  distributions from local partnerships                                                                                       |   |     | 21,570    |     |   | 63,143 |   |
| Proceeds                  in connection with disposal of limited partner interests/local                  partnership                  properties |   |     | 2,363,851 |     |   |   |   |
| Proceeds                  from maturities and sales of bonds                                                                                      |   |     | 17,000    |     |   |     |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Net                  cash provided by (used in) investing activities                                                                              |   |     | 2,321,837 |     |   | (40,085 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Net                  increase (decrease) in cash and cash equivalents                                                                             |   |     | 2,242,429 |     |   | (140,671 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Cash                  and cash equivalents at beginning of period                                                                                 |   |     | 256,337   |     |   | 724,308 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS AT END OF PERIOD**                                                                                   |   | $        | 2,498,766 |     | $      | 583,637 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **SIGNIFICANT                  NON-CASH INVESTING ACTIVITIES**                                                                                    |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Unrealized                  (loss) on investments in bonds and marketable equity security,                  net                                   |   | $        | 111       |     | $      | (11,210 | ) |

----

----

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

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

**SIX      MONTHS ENDED SEPTEMBER 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                      |   | **2006** |       | **2005** |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
|                                                                                                                      |   |     |       |     |   |
| **RECONCILIATION                    OF NET INCOME (LOSS) TO NET CASH****USED                    IN OPERATING ACTIVITIES** |   |     |       |     |   |
|                                                                                                                      |   |     |       |     |   |
| Net                    income (loss)                                                                                      |   | $        | 2,038,893  |     | $      | (387,530 | ) |
|                                                                                                                      |   |     |       |     |   |   |   |
| Adjustments                    to reconcile net income (loss) to net cash used in operating                    activities |   |     |       |     |   |   |   |
|                                                                                                                      |   |     |       |     |   |   |   |
| Equity                    in loss of investment in local partnerships                                                     |   |     | 128,758    |     |   | 137,636 |   |
| Gain                    on disposal of limited partner interests/local partnership                    properties          |   |     | (2,363,851 | )        |   |   |   |
| Distributions                    from local partnerships classified as other income                                       |   |     | (8,750     | )        |   | (10,000 | ) |
| Amortization                    of net premium on investments in bonds                                                    |   |     | 221        |     |   | 126 |   |
| Accretion                    of zero coupon bonds                                                                         |   |     | (2,424     | )        |   | (2,438 | ) |
| Decrease                    in prepaid expenses                                                                           |   |     |       |     |   | 3,960 |   |
| Decrease                    in interest receivable                                                                        |   |     | 514        |     |   | 28 |   |
| Decrease                    in accounts payable and accrued expenses                                                      |   |     | (40,059    | )        |   | (8,815 | ) |
| Increase                    in due to general partner and affiliates                                                      |   |     | 167,290    |     |   | 166,447 |   |
|                                                                                                                      |   |     |       |     |   |   |   |
| **NET                    CASH USED IN OPERATING ACTIVITIES**                                                              |   | $        | (79,408    | )        | $      | (100,586 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

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

** **

|   Description                and maturity  |   |  Amortizedcost |    | Gross                unrealized gains |   | Grossunrealized                losses |   |  Estimatedfair                value |   |
|------------------------------------------------------|--------|---------------------|---------|---------------------------------------|--------|---------------------------------------|--------|------------------------------------------|--------|
|                                                 |   |                |    |                                  |   |                                  |   |                                     |   |
| Corporate                debt securities             |   |                |    |                                  |   |                                  |   |                                     |   |
| Within                one year                       |   | $                   | 4,017   |                                  | $      | --                                    |   | $                                        | (6     | ) | $ | 4,011 |   |
|                                                 |   |                |    |                                  |   |                                  |   |                                     |   |   |   |   |   |
| U.S.                government and agency securities |   |                |    |                                  |   |                                  |   |                                     |   |   |   |   |   |
| Within                one year                       |   |                | 105,152 |                                  |   | --                                    |   |                                     | (205   | ) |   | 104,947 |   |
|                                                 |   |                |    |                                  |   |                                  |   |                                     |   |   |   |   |   |
|                                                 |   | $                   | 109,169 |                                  | $      | --                                    |   | $                                        | (211   | ) | $ | 108,958 |   |

----

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

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

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

| Investment                in local partnerships as of March 30, 2006                                        |   | $      | 344,245  |     |
|-------------------------------------------------------------------------------------------------------------|--------|--------|----------|----------|
|                                                                                                        |   |   |          |     |
| Equity                in loss of investment in local partnerships                                           |   |   | (128,758 | )*  |
|                                                                                                        |   |   |          |     |
| Cash                distributions received from Local Partnerships                                          |   |   | (21,570  | )        |
|                                                                                                        |   |   |          |     |
| Cash                distributions from Local Partnerships classified  other                income |   |   | 8,750    |     |
|                                                                                                        |   |   |          |     |
| Advances                to Local Partnerships                                                               |   |   | 80,584   |     |
|                                                                                                        |   |   |          |     |
| Investment                in local partnerships as of September 29, 2006                                    |   | $      | 283,251  |     |

----

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

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

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

|                                                                                                                                           |   | **June                30,** |        | **December                31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-------------|---------------------------------|--------|
|                                                                                                                                           |   | **2006**                    |        | **2005**                        |   |
|                                                                                                                                           |   |                        |        |                            |   |
| **ASSETS**                                                                                                                                     |   |                        |        |                            |   |
|                                                                                                                                           |   |                        |        |                            |   |
| Cash                and cash equivalents                                                                                                       |   | $                           | 477,187     |                            | $      | 573,309 |   |
| Rents                receivable                                                                                                                |   |                        | 248,783     |                            |   | 171,065 |   |
| Escrow                deposits and reserves                                                                                                    |   |                        | 2,980,036   |                            |   | 3,365,243 |   |
| Land                                                                                                                                           |   |                        | 2,541,270   |                            |   | 3,498,222 |   |
| Buildings                  and improvements (net of accumulated depreciation of $52,680,213                  and                  $55,529,671) |   |                        | 34,022,447  |                            |   | 38,533,369 |   |
| Intangible                assets (net of accumulated amortization of $535,855 and                $735,918)                                     |   |                        | 890,438     |                            |   | 1,122,318 |   |
| Other                assets                                                                                                                    |   |                        | 669,064     |                            |   | 725,132 |   |
|                                                                                                                                           |   |                        |             |                            |   |  |   |
|                                                                                                                                           |   | $                           | 41,829,225  |                            | $      | 47,988,658 |   |
|                                                                                                                                           |   |                        |             |                            |   |  |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                                                            |   |                        |             |                            |   |  |   |
|                                                                                                                                           |   |                        |             |                            |   |  |   |
| Liabilities                                                                                                                                    |   |                        |             |                            |   |  |   |
|                                                                                                                                           |   |                        |             |                            |   |  |   |
| Accounts                payable and accrued expenses                                                                                           |   | $                           | 1,168,553   |                            | $      | 1,199,338 |   |
| Due                to related parties                                                                                                          |   |                        | 5,246,596   |                            |   | 6,136,219 |   |
| Mortgage                loans                                                                                                                  |   |                        | 55,398,473  |                            |   | 62,434,670 |   |
| Notes                payable                                                                                                                   |   |                        | 985,105     |                            |   | 1,109,543 |   |
| Accrued                interest                                                                                                                |   |                        | 9,883,716   |                            |   | 9,517,217 |   |
| Other                liabilities                                                                                                               |   |                        | 255,751     |                            |   | 286,442 |   |
|                                                                                                                                           |   |                        |        |                            |   |   |   |
|                                                                                                                                           |   |                        | 72,938,194  |                            |   | 80,683,429 |   |
| Partners'                equity (deficit)                                                                                                      |   |                        |        |                            |   |   |   |
|                                                                                                                                           |   |                        |        |                            |   |   |   |
| American                Tax Credit Properties L.P.                                                                                             |   |                        |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                                     |   |                        | 24,932,157  |                            |   | 26,446,489 |   |
| Cumulative                loss                                                                                                                 |   |                        | (24,139,742 | )                               |   | (25,790,380 | ) |
|                                                                                                                                           |   |                        |        |                            |   |   |   |
|                                                                                                                                           |   |                        | 792,415     |                            |   | 656,109 |   |
| General                partners and other limited partners                                                                                     |   |                        |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                                     |   |                        | 1,104,763   |                            |   | 1,109,087 |   |
| Cumulative                loss                                                                                                                 |   |                        | (33,006,147 | )                               |   | (34,459,967 | ) |
|                                                                                                                                           |   |                        |        |                            |   |   |   |
|                                                                                                                                           |   |                        | (31,901,384 | )                               |   | (33,350,880 | ) |
|                                                                                                                                           |   |                        |        |                            |   |   |   |
|                                                                                                                                           |   |                        | (31,108,969 | )                               |   | (32,694,771 | ) |
|                                                                                                                                           |   |                        |        |                            |   |   |   |
|                                                                                                                                           |   | $                           | 41,829,225  |                            | $      | 47,988,658 |   |
|                                                                                                                                           |   |                        |        |                            |   |   |   |

----

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

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

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

|                                                                                                                                                                                                 |   |  **Three                Months Ended****June                30,****2006** |      |  **Six                Months Ended****June                30,****2006** |   |  **Three                Months Ended****June                30,****2005** |   |  **Six                Months Ended****June                30,****2005** |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|------------|
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |
| **REVENUE**                                                                                                                                                                                          |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |
| Rental                                                                                                                                                                                               |   | $                                                                              | 2,840,631 |                                                                         | $      | 5,910,811                                                                      |   | $                                                                            | 2,730,638  |   | $ | 5,836,077 |   |
| Interest                and other                                                                                                                                                                    |   |                                                                           | 54,621    |                                                                         |   | 123,940                                                                        |   |                                                                         | 43,717     |   |   | 103,272 |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                                         |   |                                                                           | 2,895,252 |                                                                         |   | 6,034,751                                                                      |   |                                                                         | 2,774,355  |   |   | 5,939,349 |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                         |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
| Administrative                                                                                                                                                                                       |   |                                                                           | 596,225   |                                                                         |   | 1,204,337                                                                      |   |                                                                         | 664,214    |   |   | 1,318,406 |   |
| Utilities                                                                                                                                                                                            |   |                                                                           | 343,008   |                                                                         |   | 857,907                                                                        |   |                                                                         | 281,452    |   |   | 702,825 |   |
| Operating                and maintenance                                                                                                                                                             |   |                                                                           | 602,896   |                                                                         |   | 1,348,686                                                                      |   |                                                                         | 713,585    |   |   | 1,489,800 |   |
| Taxes                and insurance                                                                                                                                                                   |   |                                                                           | 309,241   |                                                                         |   | 632,612                                                                        |   |                                                                         | 362,189    |   |   | 709,915 |   |
| Financial                                                                                                                                                                                            |   |                                                                           | 951,123   |                                                                         |   | 1,966,341                                                                      |   |                                                                         | 1,349,145  |   |   | 2,927,167 |   |
| Depreciation                and amortization                                                                                                                                                         |   |                                                                           | 859,646   |                                                                         |   | 1,769,839                                                                      |   |                                                                         | 967,637    |   |   | 1,859,857 |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                                        |   |                                                                           | 3,662,139 |                                                                         |   | 7,779,722                                                                      |   |                                                                         | 4,338,222  |   |   | 9,007,970 |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
| **NET                LOSS**                                                                                                                                                                          |   | $                                                                              | (766,887  | )                                                                            | $      | (1,744,971                                                                     | )      | $                                                                            | (1,563,867 | ) | $ | (3,068,621 | ) |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                                          |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
| American                Tax Credit Properties L.P.                                                                                                                                                   |   | $                                                                              | (12,017   | )                                                                            | $      | (128,758                                                                       | )      | $                                                                            | (65,162    | ) | $ | (137,636 | ) |
| General                partners and other limited partners, which includes $738,623, $1,595,429,                $1,477,183 and $2,883,640 of Partnership loss in excess of                investment |   |                                                                           | (754,870  | )                                                                            |   | (1,616,213                                                                     | )      |                                                                         | (1,498,705 | ) |   | (2,930,985 | ) |
|                                                                                                                                                                                                 |   |                                                                           |      |                                                                         |   |                                                                           |   |                                                                         |       |   |   |   |   |
|                                                                                                                                                                                                 |   | $                                                                              | (766,887  | )                                                                            | $      | (1,744,971                                                                     | )      | $                                                                            | (1,563,867 | ) | $ | (3,068,621 | ) |

----

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

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

**SEPTEMBER      29, 2006**

**(UNAUDITED)**

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

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

----

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

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

----

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

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

----

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

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

----

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

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

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

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

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

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

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

----

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

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

| **Item                  1.**  | **Legal                  Proceedings**                                                                                                                                                                                                            |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                                                                              |
|                          | Registrant                  is not aware of any material legal proceedings.                                                                                                                                                                       |
|                          |                                                                                                                                                                                                                                              |
| **Item                  1A.** | **Risk                  Factors**                                                                                                                                                                                                                 |
|                          |                                                                                                                                                                                                                                              |
|                          | There                  have been no material changes from the risk factors previously                  disclosed                  in Item 1A of Registrant’s Annual Report on Form 10-K for the year ended                  March 30, 2006. |
|                          |                                                                                                                                                                                                                                              |
| **Item                  2.**  | **Unregistered                  Sales of Equity Securities and Use of                  Proceeds**                                                                                                                                                 |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **Item                  3.**  | **Defaults                  Upon Senior Securities**                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
|                          | None;                  see Item 2 of Part I regarding the mortgage default of a certain                  Local                  Partnership.                                                                                                      |
|                          |                                                                                                                                                                                                                                              |
| **Item                  4.**  | **Submission                  of Matters to a Vote of Security Holders**                                                                                                                                                                          |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **Item                  5.**  | **Other                  Information**                                                                                                                                                                                                            |
|                          |                                                                                                                                                                                                                                              |
|                          | None                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                              |
| **Item                  6.**  | **Exhibits**                                                                                                                                                                                                                                      |
|                          |                                                                                                                                                                                                                                              |
|                          | Exhibit                  31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive                  Officer                                                                                                                                  |
|                          | Exhibit                  31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial                  Officer                                                                                                                                  |
|                          | Exhibit                  32.1 Section 1350 Certification of Chief Executive                  Officer                                                                                                                                              |
|                          | Exhibit                  32.2 Section 1350 Certification of Chief Financial                  Officer                                                                                                                                              |

----

**SIGNATURES**

|            |                                                                                                    |                                             |
|-----------------|---------------------------------------------------------------------------------------------------------|--------------------------------------------------|
|            | **AMERICAN                TAX CREDIT PROPERTIES L.P.**(a                  Delaware limited partnership) |
|       |                                                                                               |                                             |
|            | By:                                                                                           | Richman              Tax Credit Properties L.P., |
|            | General                Partner                                                                          |
|            |                                                                                                    |
| By:   | Richman Tax Credit Properties Inc.,                                                                     |
|            | General                partner                                                                          |

|                                 |                                   |                       |   |
|--------------------------------------|----------------------------------------|----------------------------|--------|
|                            |                              |                  |   |
| Dated:                March 14, 2008 | /s/                               | David              Salzman |   |
|                                 | By:                          | David              Salzman |   |
|                                 | Chief                Executive Officer |                       |
|                                 |                                   |                       |

|                               |                                   |                           |   |
|------------------------------------|----------------------------------------|--------------------------------|--------|
| Dated:              March 14, 2008 | /s/                                    |  Neal              Ludeke |   |
|                               | By:                          | Neal              Ludeke       |   |
|                               | Chief                Financial Officer |                           |
|                               |                                   |                           |

|                               |            |                                    |   |
|------------------------------------|-----------------|-----------------------------------------|--------|
|                               |            |                                    |   |
| Dated:              March 14, 2008 | /s/             |  Richard              Paul Richman |   |
|                               | By:   | Richard Paul Richman                    |   |
|                               | Director        |                                    |
|                               |            |                                    |

----