----

**FORM      10-Q**

| x | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|--------------------------------------------------------------------------------------------------------------------------------------|

**December      30, 2006**

| o | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

**0-17619**

**American      Tax Credit Properties L.P.**

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

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

**(203)      869-0900**

| Yes ** ** ** o** |   | No ** **x |
|--------------------------------------|--------|---------------------|

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

| Yes ** ** ** o** |   | No ** **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)**

|                                                                                                      |   |      |   |  **December                30,** |   |  **March                30,** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|--------|---------------------------------------|--------|------------------------------------|--------|
|                                                                                                      |   | **Notes** |   | **2006**                              |   | **2006**                           |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |
| **ASSETS**                                                                                                |   |      |   |                                  |   |                               |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |
| Cash                and cash equivalents                                                                  |   |      |   |                                  | $      | 2,793,936                          |   | $ | 256,337 |   |
| Investments                in bonds                                                                       |   |      | 2      |                                  |   | 106,130                            |   |   | 123,644 |   |
| Investment                in local partnerships                                                           |   |      | 3      |                                  |   | 299,522                            |   |   | 344,245 |   |
| Due                from local partnership                                                                 |   |      | 3      |                                  |   | 11,547                             |   |   |   |   |
| Interest                receivable                                                                        |   |      |   |                                  |   |                               |   |   | 654 |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  | $      | 3,211,135                          |   | $ | 724,880 |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                             |   |      |   |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
| Liabilities                                                                                               |   |      |   |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |   |                                  | $      | 79,458                             |   | $ | 96,115 |   |
| Payable                to general partner and affiliates                                                  |   |      |   |                                  |   |                               |   |   | 79,095 |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  |   | 79,458                             |   |   | 175,210 |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
| Commitments                and contingencies                                                              |   |      | 3,4    |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
| Partners'                equity (deficit)                                                                 |   |      |   |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
| General                partner                                                                            |   |      |   |                                  |   | (334,381                           | )      |   | (360,200 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |   |                                  |   | 3,466,305                          |   |   | 910,192 |   |
| Accumulated                other comprehensive loss, net                                                  |   |      | 2      |                                  |   | (247                               | )      |   | (322 | ) |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  |   | 3,131,677                          |   |   | 549,670 |   |
|                                                                                                      |   |      |   |                                  |   |                               |   |   |   |   |
|                                                                                                      |   |      |   |                                  | $      | 3,211,135                          |   | $ | 724,880 |   |

----

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

**STATEMENTS      OF OPERATIONS**

**THREE      AND NINE MONTH PERIODS ENDED DECEMBER 30, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                                                      |   |    **Notes** |   | **Three                Months Ended December 30, 2006** |   | **Nine                Months Ended December 30, 2006** |   | **Three                Months Ended December 30, 2005** |      | **Nine                Months Ended December 30, 2005** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|---------------------------------------------------------|--------|--------------------------------------------------------|--------|---------------------------------------------------------|-----------|--------------------------------------------------------|--------|
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |
| **REVENUE**                                                                                                                                               |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |
| Interest                                                                                                                                                  |   |                        |   |                                                    | $      | 40,088                                                 |   | $                                                       | 95,313    |                                                   | $      | 101,788 |   | $ | 112,676 |   |
| Other                income from local partnerships                                                                                                       |   |                        | 3      |                                                    |   | 2,500                                                  |   |                                                    | 11,250    |                                                   |   | 2,500 |   |   | 12,500 |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| TOTAL                REVENUE                                                                                                                              |   |                        |   |                                                    |   | 42,588                                                 |   |                                                    | 106,563   |                                                   |   | 104,288 |   |   | 125,176 |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| **EXPENSES**                                                                                                                                              |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| Administration                fee                                                                                                                         |   |                        |   |                                                    |   | 45,930                                                 |   |                                                    | 137,792   |                                                   |   | 45,930 |   |   | 137,792 |   |
| Management                fee                                                                                                                             |   |                        |   |                                                    |   | 43,877                                                 |   |                                                    | 131,611   |                                                   |   | 43,877 |   |   | 131,611 |   |
| Professional                fees                                                                                                                          |   |                        |   |                                                    |   | 18,843                                                 |   |                                                    | 57,458    |                                                   |   | 19,047 |   |   | 61,276 |   |
| State                of New Jersey filing fee                                                                                                             |   |                        |   |                                                    |   | 13,652                                                 |   |                                                    | 42,121    |                                                   |   | 12,585 |   |   | 49,357 |   |
| Printing,                postage and other                                                                                                                |   |                        |   |                                                    |   | 6,734                                                  |   |                                                    | 20,229    |                                                   |   | 17,848 |   |   | 30,033 |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                             |   |                        |   |                                                    |   | 129,036                                                |   |                                                    | 389,211   |                                                   |   | 139,287 |   |   | 410,069 |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                        |   |                                                    |   | (86,448                                                | )      |                                                    | (282,648  | )                                                      |   | (34,999 | ) |   | (284,893 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| Equity                in income (loss) of investment in local partnerships                                                                                |   |                        | 3      |                                                    |   | 16,271                                                 |   |                                                    | (112,487  | )                                                      |   | (78,245 | ) |   | (215,881 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| Loss                prior to gain on disposal of limited partner interests/local partnership                properties                                    |   |                        |   |                                                    |   | (70,177                                                | )      |                                                    | (395,135  | )                                                      |   | (113,244 | ) |   | (500,774 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                                  |   |                        | 3      |                                                    |   | 613,216                                                |   |                                                    | 2,977,067 |                                                   |   | 89,682 |   |   | 89,682 |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                      |   |                        |   |                                                    |   | 543,039                                                |   |                                                    | 2,581,932 |                                                   |   | (23,562 | ) |   | (411,092 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| Other                comprehensive income (loss)                                                                                                          |   |                        | 2      |                                                    |   | 186                                                    |   |                                                    | 75        |                                                   |   | (108,508 | ) |   | (119,718 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                            |   |                        |   |                                                    | $      | 543,225                                                |   | $                                                       | 2,582,007 |                                                   | $      | (132,070 | ) | $ | (530,810 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| General                partner                                                                                                                            |   |                        |   |                                                    | $      | 5,430                                                  |   | $                                                       | 25,819    |                                                   | $      | (236 | ) | $ | (4,111 | ) |
| Limited                partners                                                                                                                           |   |                        |   |                                                    |   | 537,609                                                |   |                                                    | 2,556,113 |                                                   |   | (23,326 | ) |   | (406,981 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
|                                                                                                                                                      |   |                        |   |                                                    | $      | 543,039                                                |   | $                                                       | 2,581,932 |                                                   | $      | (23,562 | ) | $ | (411,092 | ) |
|                                                                                                                                                      |   |                        |   |                                                    |   |                                                   |   |                                                    |      |                                                   |   |   |   |   |   |   |
| **NET                INCOME (LOSS)**per                unit of limited partnership interest (41,286 units of limited partnership                interest) |   |                        |   |                                                    | $      | 13.02                                                  |   | $                                                       | 61.91     |                                                   | $      | (.57 | ) | $ | (9.86 | ) |

----

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

**STATEMENTS      OF CASH FLOWS**

**NINE      MONTHS ENDED DECEMBER 30, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                                              |   | **2006** |      | **2005** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                              |   |     |      |     |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**                                                                                         |   |     |      |     |   |
|                                                                                                                                              |   |     |      |     |   |
| Interest                  received                                                                                                                |   | $        | 92,556    |     | $      | 13,482 |   |
| Cash                  paid for                                                                                                                    |   |     |      |     |   |   |   |
| administration                  fee                                                                                                               |   |     | (173,020  | )        |   | (172,935 | ) |
| management                  fee                                                                                                                   |   |     | (175,478  | )        |   | (175,478 | ) |
| professional                  fees                                                                                                                |   |     | (55,153   | )        |   | (73,444 | ) |
| State                  of New Jersey filing fee                                                                                                   |   |     | (56,745   | )        |   | (32,812 | ) |
| printing,                  postage and other expenses                                                                                             |   |     | (24,567   | )        |   | (32,530 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Net                  cash used in operating activities                                                                                            |   |     | (392,407  | )        |   | (473,717 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**                                                                                         |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Advances                  to local partnerships                                                                                                   |   |     | (80,584   | )        |   | (178,228 | ) |
| Cash                  distributions from local partnerships                                                                                       |   |     | 24,070    |     |   | 63,143 |   |
| Proceeds                  in connection with disposal of limited partner interests/local                  partnership                  properties |   |     | 2,965,520 |     |   | 89,682 |   |
| Proceeds                  from maturities/redemptions and sales of bonds and marketable equity                  security                          |   |     | 21,000    |     |   | 126,050 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Net                  cash provided by investing activities                                                                                        |   |     | 2,930,006 |     |   | 100,647 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Net                  increase (decrease) in cash and cash equivalents                                                                             |   |     | 2,537,599 |     |   | (373,070 | ) |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Cash                  and cash equivalents at beginning of period                                                                                 |   |     | 256,337   |     |   | 724,308 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS AT END OF PERIOD**                                                                                   |   | $        | 2,793,936 |     | $      | 351,238 |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| **SIGNIFICANT                  NON-CASH INVESTING ACTIVITIES**                                                                                    |   |     |      |     |   |   |   |
|                                                                                                                                              |   |     |      |     |   |   |   |
| Increase                  in due from local partnership                                                                                           |   | $        | 11,547    |     |   |   |   |
| Unrealized                  gain (loss) on investments in bonds and marketable equity security,                  net                              |   | $        | 75        |     | $      | (119,718 | ) |

----

----

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

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

**NINE      MONTHS ENDED DECEMBER 30, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                              |   | **2006** |       | **2005** |   |
|-------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
|                                                                                                              |   |     |       |     |   |
| **RECONCILIATION                OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |     |       |     |   |
|                                                                                                              |   |     |       |     |   |
| Net                income (loss)                                                                                  |   | $        | 2,581,932  |     | $      | (411,092 | ) |
|                                                                                                              |   |     |       |     |   |   |   |
| Adjustments                to reconcile net income (loss) to net cash used in operating                activities |   |     |       |     |   |   |   |
|                                                                                                              |   |     |       |     |   |   |   |
| Equity                in loss of investment in local partnerships                                                 |   |     | 112,487    |     |   | 215,881 |   |
| Gain                on disposal of limited partner interests/local partnership                properties          |   |     | (2,977,067 | )        |   | (89,682 | ) |
| Gain                on redemptions and sales of bonds and marketable equity                security               |   |     |       |     |   | (96,200 | ) |
| Distributions                from local partnerships classified as other income                                   |   |     | (11,250    | )        |   | (12,500 | ) |
| Amortization                of net premium on investments in bonds                                                |   |     | 238        |     |   | 189 |   |
| Accretion                of zero coupon bonds                                                                     |   |     | (3,649     | )        |   | (3,662 | ) |
| Decrease                in prepaid expenses                                                                       |   |     |       |     |   | 3,960 |   |
| Decrease                in interest receivable                                                                    |   |     | 654        |     |   | 479 |   |
| Decrease                in accounts payable and accrued expenses                                                  |   |     | (16,657    | )        |   | (2,080 | ) |
| Decrease                in due to general partner and affiliates                                                  |   |     | (79,095    | )        |   | (79,010 | ) |
|                                                                                                              |   |     |       |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                          |   | $        | (392,407   | )        | $      | (473,717 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**DECEMBER      30, 2006**

**(UNAUDITED)**

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

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

** **

|   Description                and maturity                                |   |  Amortizedcost |    | Gross                unrealized gains |   | Grossunrealized                losses |   |  Estimatedfair                value |   |
|------------------------------------------------------------------------------------|--------|---------------------|---------|---------------------------------------|--------|---------------------------------------|--------|------------------------------------------|--------|
|                                                                               |   |                |    |                                  |   |                                  |   |                                     |   |
| U.S.                government and agency securitiesWithin                one year |   | $                   | 106,377 |                                  | $      | --                                    |   | $                                        | (247   | ) | $ | 106,130 |   |

----

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

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

**DECEMBER      30, 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                                   |   |   | (112,487 | )*     |
|                                                                                                |   |   |     |   |
| Cash                distributions received from Local Partnerships                                  |   |   | (24,070  | )      |
|                                                                                                |   |   |     |   |
| Cash                distributions from Local Partnerships classified as other                income |   |   | 11,250   |   |
|                                                                                                |   |   |     |   |
| Advances                to Local Partnerships                                                       |   |   | 80,584   |   |
|                                                                                                |   |   |     |   |
| Investment                in local partnerships as of December 30, 2006                             |   | $      | 299,522  |   |

----

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

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

**DECEMBER      30, 2006**

**(UNAUDITED)**

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

|                                                                                                                                           |   | **September                  30,** |        | **December                  31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|-------------|-----------------------------------|--------|
|                                                                                                                                           |   | **2006**                           |        | **2005**                          |   |
|                                                                                                                                           |   |                               |        |                              |   |
| **ASSETS**                                                                                                                                     |   |                               |        |                              |   |
|                                                                                                                                           |   |                               |        |                              |   |
| Cash                  and cash equivalents                                                                                                     |   | $                                  | 516,838     |                              | $      | 573,309 |   |
| Rents                  receivable                                                                                                              |   |                               | 278,620     |                              |   | 171,065 |   |
| Escrow                  deposits and reserves                                                                                                  |   |                               | 3,067,809   |                              |   | 3,365,243 |   |
| Land                                                                                                                                           |   |                               | 2,541,270   |                              |   | 3,498,222 |   |
| Buildings                  and improvements (net of accumulated depreciation of $53,511,127                  and                  $55,529,671) |   |                               | 33,299,424  |                              |   | 38,533,369 |   |
| Intangible                  assets (net of accumulated amortization of $546,226 and                  $735,918)                                 |   |                               | 880,067     |                              |   | 1,122,318 |   |
| Other                  assets                                                                                                                  |   |                               | 584,706     |                              |   | 725,132 |   |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   | $                                  | 41,168,734  |                              | $      | 47,988,658 |   |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
| **LIABILITIES                  AND PARTNERS’ EQUITY (DEFICIT)**                                                                          |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
| Liabilities                                                                                                                                    |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
| Accounts                  payable and accrued expenses                                                                                         |   | $                                  | 1,095,277   |                              | $      | 1,199,338 |   |
| Due                  to related parties                                                                                                        |   |                               | 5,112,240   |                              |   | 6,136,219 |   |
| Mortgage                  loans                                                                                                                |   |                               | 55,174,034  |                              |   | 62,434,670 |   |
| Notes                  payable                                                                                                                 |   |                               | 1,004,010   |                              |   | 1,109,543 |   |
| Accrued                  interest                                                                                                              |   |                               | 10,316,449  |                              |   | 9,517,217 |   |
| Other                  liabilities                                                                                                             |   |                               | 256,534     |                              |   | 286,442 |   |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   |                               | 72,958,544  |                              |   | 80,683,429 |   |
| Partners'                  equity (deficit)                                                                                                    |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
| American                  Tax Credit Properties L.P.                                                                                           |   |                               |        |                              |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |                               | 24,957,157  |                              |   | 26,446,489 |   |
| Cumulative                  loss                                                                                                               |   |                               | (24,123,471 | )                                 |   | (25,790,380 | ) |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   |                               | 833,686     |                              |   | 656,109 |   |
| General                  partners and other limited partners                                                                                   |   |                               |        |                              |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |                               | 1,104,763   |                              |   | 1,109,087 |   |
| Cumulative                  loss                                                                                                               |   |                               | (33,728,259 | )                                 |   | (34,459,967 | ) |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   |                               | (32,623,496 | )                                 |   | (33,350,880 | ) |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   |                               | (31,789,810 | )                                 |   | (32,694,771 | ) |
|                                                                                                                                           |   |                               |        |                              |   |   |   |
|                                                                                                                                           |   | $                                  | 41,168,734  |                              | $      | 47,988,658 |   |

----

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

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

**DECEMBER      30, 2006**

**(UNAUDITED)**

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

|                                                                                                                                                                                               |   |  **Three                Months Ended****September                30,****2006** |      |  **Nine                Months Ended****September                30,****2006** |   |  **Three                Months Ended****September                30,****2005** |   |  **Nine                Months Ended****September                30,****2005** |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------|-----------|
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |
| **REVENUE**                                                                                                                                                                                        |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |
| Rental                                                                                                                                                                                             |   | $                                                                                   | 2,811,498 |                                                                               | $      | 8,722,309                                                                           |   | $                                                                                  | 3,429,046 |   | $ | 9,265,123 |   |
| Interest                and other                                                                                                                                                                  |   |                                                                                | 76,231    |                                                                               |   | 200,171                                                                             |   |                                                                               | 62,635    |   |   | 165,907 |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                                       |   |                                                                                | 2,887,729 |                                                                               |   | 8,922,480                                                                           |   |                                                                               | 3,491,681 |   |   | 9,431,030 |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                       |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| Administrative                                                                                                                                                                                     |   |                                                                                | 578,117   |                                                                               |   | 1,782,454                                                                           |   |                                                                               | 667,762   |   |   | 1,986,168 |   |
| Utilities                                                                                                                                                                                          |   |                                                                                | 223,930   |                                                                               |   | 1,081,837                                                                           |   |                                                                               | 337,444   |   |   | 1,040,269 |   |
| Operating                and maintenance                                                                                                                                                           |   |                                                                                | 732,929   |                                                                               |   | 2,081,615                                                                           |   |                                                                               | 750,065   |   |   | 2,239,865 |   |
| Taxes                and insurance                                                                                                                                                                 |   |                                                                                | 274,202   |                                                                               |   | 906,814                                                                             |   |                                                                               | 341,322   |   |   | 1,051,237 |   |
| Financial                                                                                                                                                                                          |   |                                                                                | 947,299   |                                                                               |   | 2,913,640                                                                           |   |                                                                               | 1,335,511 |   |   | 4,262,678 |   |
| Depreciation                and amortization                                                                                                                                                       |   |                                                                                | 837,093   |                                                                               |   | 2,606,932                                                                           |   |                                                                               | 939,155   |   |   | 2,799,012 |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                                      |   |                                                                                | 3,593,570 |                                                                               |   | 11,373,292                                                                          |   |                                                                               | 4,371,259 |   |   | 13,379,229 |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| Loss                from operations before gain on sale of property                                                                                                                                |   |                                                                                | (705,841  | )                                                                                  |   | (2,450,812                                                                          | )      |                                                                               | (879,578  | ) |   | (3,948,199 | ) |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| Gain                on sale of property                                                                                                                                                            |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               | 454,866   |   |   | 454,866 |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| **NET                LOSS**                                                                                                                                                                        |   | $                                                                                   | (705,841  | )                                                                                  | $      | (2,450,812                                                                          | )      | $                                                                                  | (424,712  | ) | $ | (3,493,333 | ) |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
| American                Tax Credit Properties L.P.                                                                                                                                                 |   | $                                                                                   | 16,271    |                                                                               | $      | (112,487                                                                            | )      | $                                                                                  | (78,245   | ) | $ | (215,881 | ) |
| General                partners and other limited partners, which includes $709,942, $2,305,371,                $336,646 and $3,220,286 of Partnership loss in excess of                investment |   |                                                                                | (722,112  | )                                                                                  |   | (2,338,325                                                                          | )      |                                                                               | (346,467  | ) |   | (3,277,452 | ) |
|                                                                                                                                                                                               |   |                                                                                |      |                                                                               |   |                                                                                |   |                                                                               |      |   |   |   |   |
|                                                                                                                                                                                               |   | $                                                                                   | (705,841  | )                                                                                  | $      | (2,450,812                                                                          | )      | $                                                                                  | (424,712  | ) | $ | (3,493,333 | ) |

----

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

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

**DECEMBER      30, 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**

**Item      1A. **
**Risk      Factors**

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

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

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

**Item      5.**
**Other      Information**

**Item      6.**
**Exhibits**

----

**SIGNATURES**

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

----