UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                            ________________________

                                    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 June 29, 2003
                               -------------

                                       OR

[   ] 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.
599 West Putnam Avenue, 3rd Floor
Greenwich, Connecticut                                             06830
-------------------------------------                           -----------
(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, including area code:  (203) 869-0900
                                                     --------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to filing requirements
for the past 90 days.

Yes  X   No ___
    ---


<PAGE>


                       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



                                       2
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                                 BALANCE SHEETS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                      June 29,          March 30,
                                                  Notes                2003               2003
                                                  -----              --------           ---------

ASSETS
<S>                                                <C>          <C>                  <C>
Cash and cash equivalents                                        $   132,525          $   112,459
Restricted cash                                     2                278,257
Marketable equity securities                        2                 29,850
Investments in bonds                                2                813,038            1,222,323
Investment in local partnerships                    3                895,782            1,182,145
Interest receivable                                                    7,449               29,706
                                                                 -----------          -----------
                                                                 $ 2,156,901          $ 2,546,633
                                                                 ===========          ===========
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                          $    74,836          $   127,263
  Payable to general partner and affiliates                          160,062               79,004
                                                                 -----------          -----------
                                                                     234,898              206,267
                                                                 -----------          -----------
Commitments and contingencies                       3

Partners' equity (deficit)

  General partner                                                   (347,127)            (342,205)
  Limited partners (41,286 units of limited
   partnership interest outstanding)
   interest outstanding)                                           2,204,401            2,691,695
  Accumulated other comprehensive income            2
   (loss), net                                                        64,729               (9,124)
                                                                  -----------          -----------
                                                                   1,922,003            2,340,366

                                                                  $ 2,156,901          $ 2,546,633
                                                                  ===========          ===========
</TABLE>






                       See Notes to Financial Statements.


                                       3


<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                            STATEMENTS OF OPERATIONS
                    THREE MONTHS ENDED JUNE 29, 2003 AND 2002
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                         Notes            2003              2002
                                                         -----         ----------         ---------

REVENUE
<S>                                                        <C>       <C>                <C>

Interest                                                              $  19,565          $  15,199
Other income from local partnerships                                                         8,750
                                                                      ---------          ---------
TOTAL REVENUE                                                            19,565             23,949
                                                                      ---------          ---------

EXPENSES

Administration fee                                                       45,931             45,931
Management fee                                                           43,867             43,867
Professional fees                                                        13,064             15,568
State of New Jersey filing fee                                           13,099
Printing, postage and other                                              12,107              8,002
                                                                      ----------          ---------
TOTAL EXPENSES                                                          128,068            113,368
                                                                      ----------          ---------
Loss from operations                                                   (108,503)           (89,419)

Loss on conversion of bond to marketable
equity security                                                         (66,150)

Equity in loss of investment in local
  partnerships                                             3           (317,563)           (36,196)
                                                                      ----------          ---------
NET LOSS                                                               (492,216)          (125,615)

Other comprehensive income, net                            2             73,853              7,914
                                                                      ----------          ---------
COMPREHENSIVE LOSS                                                    $(418,363)         $(117,701)
                                                                      ==========          =========

NET LOSS ATTRIBUTABLE TO

  General partner                                                     $  (4,922)         $  (1,256)
  Limited partners                                                     (487,294)          (124,359)
                                                                      ----------          ---------
                                                                      $(492,216)         $(125,615)
                                                                      ==========          =========

NET LOSS per unit of limited partnership
  interest (41,286 units of limited partnership
  interest)                                                           $  (11.80)         $   (3.01)
                                                                      ==========          =========
</TABLE>





                       See Notes to Financial Statements.


                                       4
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                            STATEMENTS OF CASH FLOWS
                    THREE MONTHS ENDED JUNE 29, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                          2003              2002
                                                                      -----------         ----------
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                  <C>                 <C>
Interest received                                                     $  38,960           $  50,971
Cash paid for
   administration fee                                                    (8,740)             (8,659)
   professional fees                                                       (498)            (53,266)
   State of New Jersey filing fee                                       (78,593)
   printing, postage and other expenses                                 (11,606)            (12,290)
                                                                      ----------          ----------
Net cash used in operating activities                                   (60,477)            (23,244)
                                                                      ----------          ----------

CASH FLOWS FROM INVESTING ACTIVITIES

Investment in local partnerships                                        (31,200)
Transfer to restricted cash                                            (278,257)
Cash distributions from local partnerships                                                  135,890
Investments in bonds (includes accrued interest of $ 198)                                  (249,573)
Maturities/redemptions and sales of bonds                               390,000             251,000
                                                                      ----------          ----------

Net cash provided by investing activities                                80,543             137,317
                                                                      ---------           ---------

Net increase in cash and cash equivalents                                20,066             114,073

Cash and cash equivalents at beginning of period                        112,459             223,677
                                                                      ---------           ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                            $ 132,525           $ 337,750
                                                                      =========           =========

SIGNIFICANT NON-CASH INVESTING ACTIVITIES

Investment in marketable equity security                              $  29,850
                                                                      =========

Unrealized gain on investments in bonds, net                          $  73,853           $   7,914
                                                                      =========           =========
</TABLE>


_______________________________________________________________________________
See reconciliation of net loss to net cash used in operating activities on page
6.






                       See Notes to Financial Statements.



                                       5
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                     STATEMENTS OF CASH FLOWS - (Continued)
                    THREE MONTHS ENDED JUNE 29, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                            2003             2002
                                                                         ---------        ----------
RECONCILIATION OF NET LOSS TO NET CASH USED IN
  OPERATING ACTIVITIES
<S>                                                                     <C>              <C>
Net loss                                                                 $(492,216)       $(125,615)

Adjustments to reconcile net loss to net cash used
  in operating activities

    Equity in loss of investment in local partnerships                     317,563           36,196
    Distributions from local partnerships classified as other income                         (8,750)
    Loss on conversion of bond to marketable equity security                66,150
    Amortization of net premium on investments in bonds                      1,197           10,887
    Accretion of zero coupon bonds                                          (4,059)          (4,059)
    Decrease in interest receivable                                         22,257           28,944
    Decrease in accounts payable and accrued expenses                      (52,427)         (41,986)
    Increase in due to general partner and affiliates                       81,058           81,139
                                                                         ----------       ----------
NET CASH USED IN OPERATING ACTIVITIES                                    $ (60,477)       $ (23,244)
</TABLE>










                       See Notes to Financial Statements.


                                       6
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 29, 2003
                                   (UNAUDITED)

1. Basis of Presentation

   The accompanying unaudited financial statements have been prepared in
   accordance with accounting principles generally accepted in the United States
   of America for interim financial information. They do not include all
   information and footnotes required by accounting principles generally
   accepted in the United States of America for complete financial statements.
   The results of operations are impacted significantly by the combined results
   of operations of the Local Partnerships, which are provided by the Local
   Partnerships on an unaudited basis during interim periods. Accordingly, the
   accompanying financial statements are dependent on such unaudited
   information. In the opinion of the General Partner, the financial statements
   include all adjustments necessary to present fairly the financial position as
   of June 29, 2003 and the results of operations and cash flows for the interim
   periods presented. All adjustments are of a normal recurring nature. The
   results of operations for the three months ended June 29, 2003 are not
   necessarily indicative of the results that may be expected for the entire
   year.


2. Investments in Bonds

   As of June 29, 2003, certain information concerning investments in bonds is
   as follows:

<TABLE>
<CAPTION>

                                                                    Gross              Gross
                                               Amortized          unrealized         unrealized         Estimated
    Description and maturity                     cost               gains              losses           fair value
    ------------------------                   ----------         ----------         ----------         ----------

<S>                                            <C>                <C>                <C>                <C>
Corporate debt securities
  After one year through five years            $116,081           $ 10,388           $   --             $126,469
                                               --------           --------           --------           --------

U.S. Treasury debt securities
  Within one year                               333,058             21,113               --              354,171
                                               --------           --------           --------           --------

U.S. government and agency securities
  After one year through five years             299,170             33,228               --              332,398
                                               --------           --------           --------           --------

                                               $748,309           $ 64,729           $   --             $813,038
                                               ========           ========           ========           ========
</TABLE>


   The Partnership has provided collateral for a standby letter of credit in the
   amount of $242,529 issued in connection with Cobbet Hill Associates Limited
   Partnership ("Cobbet") under the terms of the financing documents whereby the
   lender has required security for future operating deficits, if any, of
   Cobbet. The letter of credit is secured by $278,257 in a segregated cash
   account classified as restricted cash in the accompanying balance sheet as of
   June 29, 2003. As of August 12, 2003, no amounts have been drawn under the
   terms of the letter of credit.

   In connection with the reorganization of an issuer of one of the
   Partnership's investments in bonds, such investment was converted to a
   marketable equity security. In connection with such conversion, the
   Partnership recognized a loss of $66,150 as reflected in the accompanying
   statement of operations for the three months ended June 29, 2003.





                                       7
<PAGE>




                       AMERICAN TAX CREDIT PROPERTIES L.P.
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2003
                                   (UNAUDITED)


3. Investment in Local Partnerships

   The Partnership originally acquired limited partnership interests in Local
   Partnerships representing capital contributions in the aggregate amount of
   $35,172,965, which includes advances made to certain Local Partnerships. As
   of March 31, 2003, the Local Partnerships have outstanding mortgage loans
   payable totaling approximately $72,473,000 and accrued interest payable on
   such loans totaling approximately $5,987,000, which are secured by security
   interests and liens common to mortgage loans on the Local Partnerships' real
   property and other assets.

   For the three months ended June 29, 2003, the investment in local
   partnerships activity consists of the following:

         Investment in local partnerships as of March
           30, 2003                                       $ 1,182,145

         Equity in loss of investment in local
           partnerships                                      (317,563) *

         Advances to local partnerships                        31,200
                                                          -----------
         Investment in local partnerships as of June
           29, 2003                                       $   895,782
                                                          ===========

   *Equity in loss of investment in local partnerships is limited to the
    Partnership's investment balance in each Local Partnership; any excess is
    applied to other partners' capital in any such Local Partnership. The amount
    of such excess losses applied to other partners' capital was $894,698 for
    the three months ended March 31, 2003 as reflected in the combined statement
    of operations of the Local Partnerships reflected herein Note 3.

   The combined unaudited balance sheets of the Local Partnerships as of March
   31, 2003 and December 31, 2002 and the combined unaudited statements of
   operations of the Local Partnerships for the three months ended March 31,
   2003 and 2002 are reflected on pages 9 and 10, respectively.





                                       8
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2003
                                   (UNAUDITED)


3. Investment in Local Partnerships (continued)

   The combined balance sheets of the Local Partnerships as of March 31, 2003
   and December 31, 2002 are as follows:

<TABLE>
<CAPTION>

                                                                        March 31,          December 31,
                                                                          2003                 2002
                                                                     --------------      ---------------

   ASSETS
<S>                                                                <C>                  <C>
Cash and cash equivalents                                           $  1,148,433         $  1,563,601
Rents receivable                                                         199,014              138,465
Escrow deposits and reserves                                           3,595,997            3,711,505
Land                                                                   3,850,061            3,850,061
Buildings and improvements (net of accumulated
 depreciation of $53,120,045 and $52,143,396)                         55,309,950           55,939,017
Intangible assets (net of accumulated amortization
  of $841,545 and $824,571)                                            1,598,853            1,615,827
Other assets                                                             990,647              990,098
                                                                    ------------         ------------

                                                                    $ 66,692,955         $ 67,808,574
                                                                    ============         ============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Accounts payable and accrued expenses                             $  1,580,158         $  1,469,731
  Due to related parties                                               6,466,394            6,381,473
  Mortgage loans                                                      72,473,000           72,804,866
  Notes payable                                                          938,877              939,899
  Accrued interest                                                     5,986,559            5,804,195
  Other liabilities                                                      431,835              377,957
                                                                    ------------         ------------

                                                                      87,876,823           87,778,121
                                                                    ------------         ------------

Partners' equity (deficit)

  American Tax Credit Properties L.P.
    Capital contributions, net of distributions                       33,988,586           33,964,161
    Cumulative loss                                                  (32,168,392)         (31,850,829)
                                                                    ------------         ------------

                                                                       1,820,194            2,113,332
                                                                    ------------         ------------
  General partners and other limited partners
    Capital contributions, net of distributions                          599,824              599,824
    Cumulative loss                                                  (23,603,886)         (22,682,703)
                                                                    ------------         ------------

                                                                     (23,004,062)         (22,082,879)
                                                                    ------------         ------------

                                                                     (21,183,868)         (19,969,547)
                                                                    ------------         ------------

                                                                    $ 66,692,955         $ 67,808,574
                                                                    ============         ============
</TABLE>


                                       9
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2003
                                   (UNAUDITED)


3. Investment in Local Partnerships (continued)

   The combined statements of operations of the Local Partnerships for the three
   months ended March 31, 2003 and 2002 are as follows:

<TABLE>
<CAPTION>
                                                               2003                2002

   REVENUE
<S>                                                       <C>                  <C>

Rental                                                     $ 3,816,781          $ 3,712,141
Interest and other                                              89,354               61,449
                                                           -----------          -----------
TOTAL REVENUE                                                3,906,135            3,773,590
                                                           -----------          -----------


EXPENSES

Administrative                                                 643,197              605,813
Utilities                                                      557,042              463,343
Operating and maintenance                                    1,052,749              811,736
Taxes and insurance                                            501,693              510,255
Financial                                                    1,393,700            1,431,404
Depreciation and amortization                                  996,500              982,999
                                                           -----------          -----------

TOTAL EXPENSES                                               5,144,881            4,805,550
                                                           -----------          -----------

NET LOSS                                                   $(1,238,746)         $(1,031,960)
                                                           ============         ============

NET LOSS ATTRIBUTABLE TO

  American Tax Credit Properties L.P.                      $  (317,563)         $   (36,196)
  General partners and other limited partners,
   which includes $894,698 and $970,250 of
   Partnership loss in excess of investment                   (921,183)            (995,764)
                                                           ------------         ------------

                                                           $(1,238,746)         $(1,031,960)
                                                           ============         ============
</TABLE>

   The combined results of operations of the Local Partnerships for the three
   months ended March 31, 2003 are not necessarily indicative of the results
   that may be expected for an entire operating period.




                                       10
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.
                   NOTES TO FINANCIAL STATEMENTS - (Continued)
                                  JUNE 29, 2003
                                   (UNAUDITED)


3. Investment in Local Partnerships (continued)

   Cobbet was originally financed with a first mortgage with mandatory monthly
   payment terms with the Massachusetts Housing Finance Agency ("MHFA") and a
   second mortgage with MHFA under the State Housing Assistance for Rental
   Production Program (the "SHARP Operating Loan") whereby proceeds would be
   advanced monthly as an operating subsidy (the "Operating Subsidy Payments").
   The terms of the SHARP Operating Loan called for declining Operating Subsidy
   Payments over its term (not more than 15 years). However, due to the economic
   condition of the Northeast region in the early 1990's, MHFA instituted an
   operating deficit loan (the "ODL") program that supplemented the scheduled
   reduction in the Operating Subsidy Payments. Effective October 1, 1997, MHFA
   announced its intention to eliminate the ODL program, such that Cobbet no
   longer receives the ODL, without which Cobbet is unable to make the full
   mandatory debt service payments on its first mortgage. MHFA notified Cobbet
   and, to the Local General Partners' knowledge, other ODL recipients as well,
   that MHFA considers such mortgages to be in default. Since the date MHFA
   ceased funding the ODL through March 31, 2003, Cobbet has accumulated
   approximately $1,686,000 of principal and interest arrearages. On August 7,
   2000, the Local General Partners met with MHFA to discuss future capital
   improvements and the future of the Property. A contribution payment of
   $300,000 was offered by the Partnership, utilizing Partnership and Local
   General Partner funds, to help fund the capital improvements. As of June 29,
   2003, the Partnership has advanced $150,000 and the Local General Partners
   have advanced $125,000. MHFA approved all of the items on the agenda and
   indicated a strong interest in pursuing a recapitalization of Cobbet. At
   different times over the past few years, the Local General Partners answered
   affirmatively to MHFA correspondence concerning the admission of Cobbet in a
   recapitalization program, but Cobbet has not qualified due to its project
   based Section 8 subsidy. The Partnership's investment balance in Cobbet,
   after cumulative equity losses, became zero during the year ended March 30,
   1994. By January 1, 2004 the Partnership will have no liability with respect
   to Low-income Tax Credit recapture as a result of the Compliance Period
   ending on December 31, 2003.

   The Partnership advanced $31,200 during the three months ended June 29, 2003
   to 4611 South Drexel Limited Partnership to fund operating deficits.
   Cumulative advances as of June 29, 2003 are $456,466. Such advances have been
   recorded as investment in local partnerships and have been offset by
   additional equity in loss of investment in local partnerships.


4. Additional Information

   Additional information, including the audited March 30, 2003 Financial
   Statements and the Organization, Purpose and Summary of Significant
   Accounting Policies, is included in the Partnership's Annual Report on Form
   10-K for the fiscal year ended March 30, 2003 on file with the Securities and
   Exchange Commission.



                                       11
<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.


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

Material Changes in Financial Condition
---------------------------------------

As of June 29, 2003, American Tax Credit Properties L.P. (the "Registrant") has
not experienced a significant change in financial condition as compared to March
30, 2003. Principal changes in assets are comprised of periodic transactions and
adjustments and anticipated equity in loss from operations of the local
partnerships (the "Local Partnerships") which own low-income multifamily
residential complexes (the "Properties") that qualify for the low-income tax
credit in accordance with Section 42 of the Internal Revenue Code (the
"Low-income Tax Credit"). During the three months ended June 29, 2003,
Registrant received cash from interest revenue and maturities/redemptions and
sales of bonds and utilized cash for operating expenses and advances to a Local
Partnership (see Local Partnership Matters below), which advances have been
recorded as investment in local partnerships. Cash and cash equivalents,
restricted cash, marketable equity securities and investments in bonds
decreased, in the aggregate, by approximately $81,000 during the three months
ended June 29, 2003 (which includes a net unrealized gain on investments in
bonds of approximately $74,000, amortization of net premium on investments in
bonds of approximately $1,000, accretion of zero coupon bonds of approximately
$4,000 and a loss of approximately $66,000 upon the conversion of a corporate
debt instrument to an equity security). Notwithstanding circumstances that may
arise in connection with the Properties, Registrant does not expect to realize
significant gains or losses on its investments in bonds, if any. During the
three months ended June 29, 2003, the investment in local partnerships decreased
as a result of Registrant's equity in the Local Partnerships' net loss for the
three months ended March 31, 2003 of $317,563, partially offset by advances made
to a Local Partnership of $31,200 (see discussion below under Local Partnership
Matters). Payable to general partner and affiliates in the accompanying balance
sheet as of June 29, 2003 represents accrued administration and management fees.

Results of Operations
---------------------

Registrant's operating results are dependent upon the operating results of the
Local Partnerships and are significantly impacted by the Local Partnerships'
policies. In addition, the operating results herein are not necessarily the same
for tax reporting. Registrant accounts for its investment in local partnerships
in accordance with the equity method of accounting. Accordingly, the investment
is carried at cost and is adjusted for Registrant's share of each Local
Partnership's results of operations and by cash distributions received. Equity
in loss of each investment in Local Partnership allocated to Registrant is
recognized to the extent of Registrant's investment balance in each Local
Partnership. Equity in loss in excess of Registrant's investment balance in a
Local Partnership is allocated to other partners' capital in any such Local
Partnership. As a result, the reported equity in loss of investment in local
partnerships is expected to decrease as Registrant's investment balances in the
respective Local Partnerships become zero. The combined statements of operations
of the Local Partnerships reflected in Note 3 to Registrant's financial
statements include the operating results of all Local Partnerships, irrespective
of Registrant's investment balances.

Cumulative losses and cash distributions in excess of investment in local
partnerships may result from a variety of circumstances, including a Local
Partnership's accounting policies, subsidy structure, debt structure and
operating deficits, among other things. In addition, the carrying value of
Registrant's investment in local partnerships may be reduced if the book value
(the "Local Partnership Carrying Value") is considered to exceed the estimated
value derived by management. Accordingly, cumulative losses and cash
distributions in excess of the investment or an adjustment to a Local
Partnership's Carrying Value are not necessarily indicative of adverse operating
results of a Local Partnership. See discussion below under Local Partnership
Matters regarding certain Local Partnerships currently operating below economic
break even levels.

Registrant's operations for the three months ended June 29, 2003 and 2002
resulted in net losses of $492,216 and $125,615, respectively. The increase in
net loss is primarily the result of (i) an increase in the equity in loss of
investment in local partnerships of approximately $281,000, which increase is
primarily the result of an increase in the net operating losses of certain Local
Partnerships in which Registrant continues to have an investment balance and
(ii) a loss of approximately $66,000 during the three months ended June 29, 2003
on the conversion of an investment in bonds to a marketable equity security
resulting from the corporate restructuring of the bond issuer's debt. Other
comprehensive income for the three months ended June 29, 2003 and 2002 resulted
from a net unrealized gain in investments in bonds of $73,853 and $7,914,
respectively.


                                       12


<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.


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

The Local Partnerships' net loss of approximately $1,239,000 for the three
months ended March 31, 2003 was attributable to rental and other revenue of
approximately $3,906,000, exceeded by operating and interest expenses (including
interest on non-mandatory debt) of approximately $4,148,000 and approximately
$997,000 of depreciation and amortization expense. The Local Partnerships' net
loss of approximately $1,032,000 for the three months ended March 31, 2002 was
attributable to rental and other revenue of approximately $3,774,000, exceeded
by operating and interest expenses (including interest on non-mandatory debt) of
approximately $3,823,000 and approximately $983,000 of depreciation and
amortization expense. The results of operations of the Local Partnerships for
the three months ended March 31, 2003 are not necessarily indicative of the
results that may be expected in future periods.

Local Partnership Matters
-------------------------

Registrant's primary objective is to provide Low-income Tax Credits to limited
partners generally over a ten year period. The relevant state tax credit agency
has allocated each of Registrant's Local Partnerships an amount of Low-income
Tax Credits, which are generally available for a ten year period from the year
the Property is placed in service (the "Ten Year Credit Period"). The Ten Year
Credit Period was fully exhausted by all of the Properties as of December 31,
2001. The required holding period of each Property, in order to avoid Low-income
Tax Credit recapture, is fifteen years from the year in which the Low-income Tax
Credits commence on the last building of the Property (the "Compliance Period").
The Properties must satisfy various requirements including rent restrictions and
tenant income limitations (the "Low-income Tax Credit Requirements") in order to
maintain eligibility for the recognition of the Low-income Tax Credit at all
times during the Compliance Period. Once a Local Partnership has become eligible
for the Low-income Tax Credit, it may lose such eligibility and suffer an event
of recapture if its Property fails to remain in compliance with the Low-income
Tax Credit Requirements.

The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States and
Puerto Rico. Many of the Local Partnerships receive rental subsidy payments,
including payments under Section 8 of Title II of the Housing and Community
Development Act of 1974 ("Section 8"). The subsidy agreements expire at various
times during and after the Compliance Periods of the Local Partnerships. Since
October 1997, the United States Department of Housing and Urban Development
("HUD") has issued a series of directives related to project based Section 8
contracts that define owners' notification responsibilities, advise owners of
project based Section 8 properties of what their options are regarding the
renewal of Section 8 contracts, provide guidance and procedures to owners,
management agents, contract administrators and HUD staff concerning renewal of
Section 8 contracts, provide policies and procedures on setting renewal rents
and handling renewal rent adjustments and provide the requirements and
procedures for opting-out of a Section 8 project based contract. Registrant
cannot reasonably predict legislative initiatives and governmental budget
negotiations, the outcome of which could result in a reduction in funds
available for the various federal and state administered housing programs
including the Section 8 program. Such changes could adversely affect the future
net operating income before debt service ("NOI") and debt structure of any or
all Local Partnerships currently receiving such subsidy or similar subsidies.
Two Local Partnerships' Section 8 contracts are currently subject to renewal
under applicable HUD guidelines. In addition, two Local Partnerships entered
into restructuring agreements in 2001, resulting in both a lower rent subsidy
(resulting in lower NOI) and lower mandatory debt service.

The Local Partnerships have various financing structures which include (i)
required debt service payments ("Mandatory Debt Service") and (ii) debt service
payments that are payable only from available cash flow subject to the terms and
conditions of the notes, which may be subject to specific laws, regulations and
agreements with appropriate federal and state agencies ("Non-Mandatory Debt
Service or Interest"). During the three months ended March 31, 2003, revenue
from operations of the Local Partnerships has generally been sufficient to cover
operating expenses and Mandatory Debt Service. Most of the Local Partnerships
are effectively operating at or above break even levels, although certain Local
Partnerships' operating information reflects operating deficits that do not
represent cash deficits due to their mortgage and financing structure and the
required deferral of property management fees. However, as discussed below,
certain Local Partnerships' operating information indicates below break even
operations after taking into account their mortgage and financing structure and
any required deferral of property management fees.



                                       13


<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.


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

4611 South Drexel Limited Partnership ("South Drexel") reported an operating
deficit of approximately $26,000 for the three ended March 31, 2003 due to
vacancies resulting from deferred unit maintenance and associated required
capital improvements. As of June 29, 2003, Registrant has advanced $456,466, of
which $31,200 was advanced during the three months then ended. Payments on the
mortgage and real estate taxes are current. Registrant's investment balance in
South Drexel, after cumulative equity losses, became zero during the year ended
March 30, 1996 and advances made by Registrant have been offset by additional
equity in loss of investment in local partnerships. South Drexel generated
approximately $1.7 per Unit per year of credits to the limited partners upon the
expiration of its Low-income Tax Credit allocation in 2000.

Cobbet Hill Associates Limited Partnership ("Cobbet") was originally financed
with a first mortgage with mandatory monthly payment terms with the
Massachusetts Housing Finance Agency ("MHFA") and a second mortgage with MHFA
under the State Housing Assistance for Rental Production Program (the "SHARP
Operating Loan") whereby proceeds would be advanced monthly as an operating
subsidy (the "Operating Subsidy Payments"). The terms of the SHARP Operating
Loan called for declining Operating Subsidy Payments over its term (not more
than 15 years). However, due to the economic condition of the Northeast region
in the early 1990's, MHFA instituted an operating deficit loan (the "ODL")
program that supplemented the scheduled reduction in the Operating Subsidy
Payments. Effective October 1, 1997, MHFA announced its intention to eliminate
the ODL program, such that Cobbet no longer receives the ODL, without which
Cobbet is unable to make the full mandatory debt service payments on its first
mortgage. MHFA notified Cobbet and, to the Local General Partners' knowledge,
other ODL recipients as well, that MHFA considers such mortgages to be in
default. Since the date MHFA ceased funding the ODL through March 31, 2003,
Cobbet has accumulated approximately $1,686,000 of principal and interest
arrearages. On August 7, 2000, the Local General Partners met with MHFA to
discuss future capital improvements and the future of the Property. A
contribution payment of $300,000 was offered by the Partnership, utilizing
Partnership and Local General Partner funds, to help fund the capital
improvements. As of June 29, 2003, the Partnership has advanced $150,000 and the
Local General Partners have advanced $125,000. MHFA approved all of the items on
the agenda and indicated a strong interest in pursuing a recapitalization of
Cobbet. At different times over the past few years, the Local General Partners
answered affirmatively to MHFA correspondence concerning the admission of Cobbet
in a recapitalization program, but Cobbet has not qualified due to its project
based Section 8 subsidy. The future financial viability of Cobbet is highly
uncertain. By January 1, 2004, Registrant will have no liability with respect to
Low-income Tax Credit recapture as a result of the Compliance Period ending on
December 31, 2003. The property's historic tax credit was allocated in 1988 and
all of the Low-income Tax Credits were allocated since 1989. The Registrant's
investment balance in Cobbet, after cumulative equity losses, became zero during
the year ended March 30, 1994. Cobbet generated approximately $19.2 per Unit per
year of credits to the limited partners upon the expiration of its Low-income
Tax Credit allocation in 1999.

Dunbar Limited Partnership ("Dunbar") and Dunbar Limited Partnership No. 2
("Dunbar 2") (collectively the "Dunbars"), which Local Partnerships have common
general partner interests and each of which restructured their respective
mortgage and housing assistance contracts under the mark to market program in
2001, incurred operating deficits for the three months ended March 31, 2003 of
approximately $39,000 and approximately $43,000, respectively. The Local General
Partner reports that during the process of the Dunbars' debt and subsidy
restructuring, certain operating expenses were not considered in the
underwriting budgets of the Properties when the Mandatory Debt Service and rents
were restructured. The Local General Partner is currently working with HUD and
the lenders to modify the loans and subsidy agreements in an effort to eliminate
or reduce the operating deficits. Payments on the mortgages and real estate
taxes are current. Registrant's investment balances in Dunbar and Dunbar 2,
after cumulative equity losses, became zero during the years ended March 30,
1998 and 1997, respectively. Dunbar and Dunbar 2 generated approximately $7.3
and approximately $8.2 per Unit per year to the limited partners upon the
expiration of their Low-income Tax Credit allocations in 1999. The Compliance
Period in connection with the Dunbars expires on December 31, 2003.

Grove Park Housing, A California Limited Partnership ("Grove Park") reported an
operating deficit of approximately $23,000 for the three months ended March 31,
2003. Payments on the mortgage and real estate taxes are current. Registrant's
investment balance in Grove Park, after cumulative equity losses, became zero
during the year ended March 30, 1995. Grove Park generated approximately $7.6
per Unit per year of credits to the limited partners upon the expiration of its
Low-income Tax Credit allocation in 1999.


                                       14


<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.


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

Critical Accounting Policies and Estimates
------------------------------------------

The financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America, which requires Registrant to
make certain estimates and assumptions. The following section is a summary of
certain aspects of those accounting policies that may require subjective or
complex judgments and are most important to the portrayal of Registrant's
financial condition and results of operations. Registrant believes that there is
a low probability that the use of different estimates or assumptions in making
these judgments would result in materially different amounts being reported in
the financial statements.

      o  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.

      o  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.


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

Registrant has invested a significant portion of its working capital reserves in
corporate bonds, U.S. Treasury instruments and U.S. government and agency
securities. The market value of such investments is subject to fluctuation based
upon changes in interest rates relative to each investment's maturity date and
the associated bond rating. Since Registrant's investments in bonds have various
maturity dates through 2007, the value of such investments may be adversely
impacted in an environment of rising interest rates in the event Registrant
decides to liquidate any such investment prior to its maturity. Although
Registrant may utilize reserves to assist an under performing Property, it
otherwise intends to hold such investments to their respective maturities.
Therefore, Registrant does not anticipate any material adverse impact in
connection with such investments.


Item 4.  Controls and Procedures
         -----------------------
Evaluation of Disclosure Controls and Procedures

a. Within the 90 days prior to the date of this report, Registrant's Chief
   Executive Officer and Chief Financial Officer carried out an evaluation of
   the effectiveness of Registrant's "disclosure controls and procedures" as
   defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and
   15(d)-14(c). Based on that evaluation, Registrant's Chief Executive Officer
   and Chief Financial Officer have concluded that as of the date of the
   evaluation, Registrant's disclosure controls and procedures were adequate and
   effective in timely alerting them to material information relating to
   Registrant required to be included in Registrant's periodic SEC filings.

Changes in Internal Controls

b. There were no significant changes in Registrant's internal controls or in
   other factors that could significantly affect Registrant's internal controls
   subsequent to the date of that evaluation.


                                       15


<PAGE>


                       AMERICAN TAX CREDIT PROPERTIES L.P.

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

Item 1.  Legal Proceedings
         -----------------
         Registrant is not aware of any material legal proceedings.

Item 2.  Changes in Securities
         ---------------------
         None

Item 3.  Defaults Upon Senior Securities
         -------------------------------
         None; see Item 5 regarding mortgage defaults of a Local Partnership.

Item 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------
         None

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

         As discussed in Part I, Item 2 - Management's Discussion and Analysis
         of Financial Condition and Results of Operations, Cobbet Hill
         Associates Limited Partnership ("Cobbet") is unable to make the full
         mandatory debt service payments on its first mortgage as a result of
         the lender's elimination of its operating deficit loan program. The
         lender has notified Cobbet that the lender considers such mortgages to
         be in default.

Item 6.  Exhibits and Reports on Form 8-K
         --------------------------------
         a. Exhibits

            Exhibit 99.1 Certification of Chief Executive Officer
            Exhibit 99.2 Certification of Chief Financial Officer

         b. Reports on Form 8-K

            None





                                       16


<PAGE>


                                   SIGNATURES
                                   ----------


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.


                                    AMERICAN TAX CREDIT PROPERTIES L.P.
                                    (a Delaware limited partnership)

                                    By: Richman Tax Credit Properties L.P.,
                                        General Partner

                                    by: Richman Tax Credit Properties Inc.,
                                        general partner


Dated: August 13, 2003              /s/ David Salzman
                                    ------------------------------
                                    by: David Salzman
                                        Chief Executive Officer


Dated: August 13, 2003              /s/ Neal Ludeke
                                    ------------------------------
                                    by: Neal Ludeke
                                        Chief Financial Officer





                                       17


<PAGE>


                                CERTIFICATIONS


I, David Salzman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Tax Credit
   Properties L.P.

2. Based on my knowledge, this quarterly report does not contain any untrue
   statement of a material fact or omit to state a material fact necessary to
   make the statements made, in light of the circumstances under which such
   statements were made, not misleading with respect to the period covered by
   this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly report, fairly present in all material
   respects the financial condition, results of operations and cash flows of the
   registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

   (a) designed such disclosure controls and procedures to ensure that material
       information relating to the registrant, including its consolidated
       subsidiaries, is made known to us by others within those entities,
       particularly during the period in which this quarterly report is being
       prepared;

   (b) evaluated the effectiveness of the registrant's disclosure controls and
       procedures as of a date within 90 days prior to the filing date of this
       quarterly report (the "Evaluation Date"); and

   (c) presented in this quarterly report our conclusions about the
       effectiveness of the disclosure controls and procedures based on our
       evaluation as of the Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on our
   most recent evaluation, to the registrant's auditors and the audit committee
   of the registrant's board of directors (or persons performing the equivalent
   function):

   (a) all significant deficiencies in the design or operation of internal
       controls which could adversely affect the registrant's ability to record,
       process, summarize and report financial data and have identified for the
       registrant's auditors any material weaknesses in internal controls; and

   (b) any fraud, whether or not material, that involves management or other
       employees who have a significant role in the registrant's internal
       controls; and

6. The registrant's other certifying officer and I have indicated in this
   quarterly report whether or not there were significant changes in internal
   controls or in other factors that could significantly affect internal
   controls subsequent to the date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.


Date:   August 13, 2003                               /s/ David Salzman
                                                      --------------------------
                                                      David Salzman
                                                      Chief Executive Officer of
                                                      Richman Tax Credit
                                                      Properties Inc., general
                                                      partner of Richman Tax
                                                      Credit Properties L.P.,
                                                      general partner of the
                                                      Registrant




                                       18


<PAGE>


I, Neal Ludeke, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Tax Credit
   Properties L.P.

2. Based on my knowledge, this quarterly report does not contain any untrue
   statement of a material fact or omit to state a material fact necessary to
   make the statements made, in light of the circumstances under which such
   statements were made, not misleading with respect to the period covered by
   this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly report, fairly present in all material
   respects the financial condition, results of operations and cash flows of the
   registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I am responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Exchange Act Rules 13a-14 and 15d-14) for the Company and we have:

   (a) designed such disclosure controls and procedures to ensure that material
       information relating to the registrant, including its consolidated
       subsidiaries, is made known to us by others within those entities,
       particularly during the period in which this quarterly report is being
       prepared;

   (b) evaluated the effectiveness of the registrant's disclosure controls and
       procedures as of a date within 90 days prior to the filing date of this
       quarterly report (the "Evaluation Date"); and

   (c) presented in this quarterly report our conclusions about the
       effectiveness of the disclosure controls and procedures based on our
       evaluation as of the Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on our
   most recent evaluation, to the registrant's auditors and the audit committee
   of the registrant's board of directors (or persons performing the equivalent
   function):

   (a) all significant deficiencies in the design or operation of internal
       controls which could adversely affect the registrant's ability to record,
       process, summarize and report financial data and have identified for the
       registrant's auditors any material weaknesses in internal controls; and

   (b) any fraud, whether or not material, that involves management or other
       employees who have a significant role in the registrant's internal
       controls; and

6. The registrant's other certifying officer and I have indicated in this
   quarterly report whether or not there were significant changes in internal
   controls or in other factors that could significantly affect internal
   controls subsequent to the date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.


Date:   August 13, 2003                               /s/ Neal Ludeke
                                                      -------------------------
                                                      Neal Ludeke
                                                      Chief Financial Officer of
                                                      Richman Tax Credit
                                                      Properties Inc., general
                                                      partner of Richman Tax
                                                      Credit Properties L.P.,
                                                      general partner of the
                                                      Registrant


                                       19