**FORM      10-Q**

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

**June      29, 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**

----

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

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

**Item      1. **
**Financial      Statements**

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

----

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

**BALANCE      SHEETS**

**(UNAUDITED)**

|                                                                                                      |   |      |   | **June                29,** |   | **March                30,** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|--------|-----------------------------|--------|------------------------------|--------|
|                                                                                                      |   | **Notes** |   | **2006**                    |   | **2006**                     |   |
|                                                                                                      |   |      |   |                        |   |                         |   |
| **ASSETS**                                                                                                |   |      |   |                        |   |                         |   |
|                                                                                                      |   |      |   |                        |   |                         |   |
| Cash                and cash equivalents                                                                  |   |      |   |                        | $      | 2,541,739                    |   | $ | 256,337 |   |
| Investments                in bonds                                                                       |   |      | 2      |                        |   | 107,408                      |   |   | 123,644 |   |
| Investment                in local partnerships                                                           |   |      | 3      |                        |   | 270,268                      |   |   | 344,245 |   |
| Prepaid                expenses                                                                           |   |      |   |                        |   | 13,362                       |   |   |   |   |
| Interest                receivable                                                                        |   |      |   |                        |   | 52                           |   |   | 654 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        | $      | 2,932,829                    |   | $ | 724,880 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                             |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Liabilities                                                                                               |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |   |                        | $      | 83,321                       |   | $ | 96,115 |   |
| Payable                to general partner and affiliates                                                  |   |      |   |                        |   | 162,698                      |   |   | 79,095 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   | 246,019                      |   |   | 175,210 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Commitments                and contingencies                                                              |   |      | 3,4    |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| Partners'                equity (deficit)                                                                 |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
| General                partner                                                                            |   |      |   |                        |   | (338,826                     | )      |   | (360,200 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |   |                        |   | 3,026,193                    |   |   | 910,192 |   |
| Accumulated                other comprehensive loss, net                                                  |   |      | 2      |                        |   | (557                         | )      |   | (322 | ) |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        |   | 2,686,810                    |   |   | 549,670 |   |
|                                                                                                      |   |      |   |                        |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                        | $      | 2,932,829                    |   | $ | 724,880 |   |

----

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

**STATEMENTS      OF OPERATIONS**

**THREE      MONTHS ENDED JUNE 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                                                     |   | **Notes** |   | **2006** |   | **2005**           |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------|--------|--------------------|--------|
|                                                                                                                                                     |   |      |   |     |   |               |   |
| **REVENUE**                                                                                                                                              |   |      |   |     |   |               |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |
| Interest                                                                                                                                                 |   |      |   |     | $      | 21,489             |   | $ | 5,215 |   |
| Other                income from local partnerships                                                                                                      |   |      |   |     |   |     |   |   | 5,000 |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| TOTAL                REVENUE                                                                                                                             |   |      |   |     |   | 21,489             |   |   | 10,215 |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| **EXPENSES**                                                                                                                                             |   |      |   |     |   |               |   |   |   |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| Administration                fee                                                                                                                        |   |      |   |     |   | 45,931             |   |   | 45,931 |   |
| Management                fee                                                                                                                            |   |      |   |     |   | 43,867             |   |   | 43,867 |   |
| Professional                fees                                                                                                                         |   |      |   |     |   | 19,024             |   |   | 19,490 |   |
| State                of New Jersey filing fee                                                                                                            |   |      |   |     |   | 13,362             |   |   | 9,837 |   |
| Printing,                postage and other                                                                                                               |   |      |   |     |   | 9,040              |   |   | 9,682 |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                            |   |      |   |     |   | 131,224            |   |   | 128,807 |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
|                                                                                                                                                     |   |      |   |     |   | (109,735           | )      |   | (118,592 | ) |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                        |   |      | 3      |     |   | (116,741           | )      |   | (72,474 | ) |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| Loss                prior to gain on disposal of limited partner interests/local partnership                properties                                   |   |      |   |     |   | (226,476           | )      |   | (191,066 | ) |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                                 |   |      | 3      |     |   | 2,363,851          |   |   |     |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                     |   |      |   |     |   | 2,137,375          |   |   | (191,066 | ) |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| Other                comprehensive income (loss), net                                                                                                    |   |      | 2      |     |   | (235               | )      |   | 18,350 |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                           |   |      |   |     | $      | 2,137,140          |   | $ | (172,716 | ) |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                     |   |      |   |     |   |               |   |   |   |   |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| General                partner                                                                                                                           |   |      |   |     | $      | 21,374             |   | $ | (1,911 | ) |
| Limited                partners                                                                                                                          |   |      |   |     |   | 2,116,001          |   |   | (189,155 | ) |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
|                                                                                                                                                     |   |      |   |     | $      | 2,137,375          |   | $ | (191,066 | ) |
|                                                                                                                                                     |   |      |   |     |   |               |   |   |   |   |
| **NET                INCOME (LOSS)**per                unit of limited partnership interest(41,286                units of limited partnership interest) |   |      |   |     | $      | 51.25              |   | $ | (4.58 | ) |

----

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

**STATEMENTS      OF CASH FLOWS**

**THREE      MONTHS ENDED JUNE 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                                                                    |   | **2006** |      | **2005** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                                    |   |     |      |     |   |
| **CASH                    FLOWS FROM OPERATING ACTIVITIES**                                                                                             |   |     |      |     |   |
|                                                                                                                                                    |   |     |      |     |   |
| Interest                    received                                                                                                                    |   | $        | 21,092    |     | $      | 4,550 |   |
| Cash                    paid for                                                                                                                        |   |     |      |     |   |   |   |
| administration                    fee                                                                                                                   |   |     | (6,195    | )        |   | (6,616 | ) |
| professional                    fees                                                                                                                    |   |     | (3,542    | )        |   | (4,745 | ) |
| State                    of New Jersey filing fee                                                                                                       |   |     | (55,000   | )        |   | (16,318 | ) |
| printing,                    postage and other expenses                                                                                                 |   |     | (9,040    | )        |   | (9,682 | ) |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| Net                    cash used in operating activities                                                                                                |   |     | (52,685   | )        |   | (32,811 | ) |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| **CASH                    FLOWS FROM INVESTING ACTIVITIES**                                                                                             |   |     |      |     |   |   |   |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| Advances                    to local partnerships                                                                                                       |   |     | (55,584   | )        |   | (45,926 | ) |
| Proceeds                    in connection with disposal of limited partner interests/local                    partnership                    properties |   |     | 2,363,851 |     |   |   |   |
| Cash                    distributions from local partnerships                                                                                           |   |     | 12,820    |     |   | 55,643 |   |
| Proceeds                    from maturities/redemptions and sales of bonds                                                                              |   |     | 17,000    |     |   |   |   |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| Net                    cash provided by investing activities                                                                                            |   |     | 2,338,087 |     |   | 9,717 |   |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| Net                    increase (decrease) in cash and cash equivalents                                                                                 |   |     | 2,285,402 |     |   | (23,094 | ) |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| Cash                    and cash equivalents at beginning of period                                                                                     |   |     | 256,337   |     |   | 724,308 |   |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| **CASH                    AND CASH EQUIVALENTS AT END OF PERIOD**                                                                                       |   | $        | 2,541,739 |     | $      | 701,214 |   |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| **SIGNIFICANT                    NON-CASH INVESTING ACTIVITIES**                                                                                        |   |     |      |     |   |   |   |
|                                                                                                                                                    |   |     |      |     |   |   |   |
| Unrealized                    gain (loss) on investments in bonds and marketable equity security,                    net                                |   | $        | (235      | )        | $      | 18,350 |   |

----

----

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

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

**THREE      MONTHS ENDED JUNE 29, 2006 AND 2005**

**(UNAUDITED)**

|                                                                                                              |   | **2006** |       | **2005** |   |
|-------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
|                                                                                                              |   |     |       |     |   |
| **RECONCILIATION                OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |     |       |     |   |
|                                                                                                              |   |     |       |     |   |
| Net                income (loss)                                                                                  |   | $        | 2,137,375  |     | $      | (191,066 | ) |
|                                                                                                              |   |     |       |     |   |   |   |
| Adjustments                to reconcile net income (loss) to net cash used in operating                activities |   |     |       |     |   |   |   |
|                                                                                                              |   |     |       |     |   |   |   |
| Equity                in loss of investment in local partnerships                                                 |   |     | 116,741    |     |   | 72,474 |   |
| Gain                on disposal of limited partner interests/local partnership                properties          |   |     | (2,363,851 | )        |   |   |   |
| Distributions                from local partnerships classified as other income                                   |   |     |       |     |   | (5,000 | ) |
| Amortization                of net premium on investments in bonds                                                |   |     | 214        |     |   | 63 |   |
| Accretion                of zero coupon bonds                                                                     |   |     | (1,213     | )        |   | (1,213 | ) |
| Increase                in prepaid expenses                                                                       |   |     | (13,362    | )        |   | (6,481 | ) |
| Decrease                in interest receivable                                                                    |   |     | 602        |     |   | 485 |   |
| Increase                (decrease) in accounts payable and accrued expenses                                       |   |     | (12,794    | )        |   | 14,745 |   |
| Increase                in due to general partner and affiliates                                                  |   |     | 83,603     |     |   | 83,182 |   |
|                                                                                                              |   |     |       |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                          |   | $        | (52,685    | )        | $      | (32,811 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**JUNE      29, 2006**

**(UNAUDITED)**

| **1.** | **Basis****of                    Presentatio** |
|--------|------------------------------------------------|

| **2.** | **Investments                in Bonds** |
|--------|-----------------------------------------|

** **

|   Description                and maturity  |   |  Amortizedcost |    | Grossunrealizedgains |   | Grossunrealizedlosses |   |  Estimatedfair                value |   |
|------------------------------------------------------|--------|---------------------|---------|----------------------|--------|-----------------------|--------|------------------------------------------|--------|
|                                                 |   |                |    |                 |   |                  |   |                                     |   |
| Corporate                debt securities             |   |                |    |                 |   |                  |   |                                     |   |
| Within                one year                       |   | $                   | 4,025   |                 | $      | 10                    |   | $                                        | --     |   | $ | 4,035 |   |
|                                                 |   |                |    |                 |   |                  |   |                                     |   |   |   |   |   |
| U.S.                government and agency securities |   |                |    |                 |   |                  |   |                                     |   |   |   |   |   |
| After                one year through five years     |   |                | 103,940 |                 |   | --                    |   |                                     | (567   | ) |   | 103,373 |   |
|                                                 |   |                |    |                 |   |                  |   |                                     |   |   |   |   |   |
|                                                 |   | $                   | 107,965 |                 | $      | 10                    |   | $                                        | (567   | ) | $ | 107,408 |   |

----

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

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

**JUNE      29, 2006**

**(UNAUDITED)**

| **3.** | **Investment                in Local Partnerships** |
|--------|-----------------------------------------------------|

| Investment                in local partnerships as of March 30, 2006 |   | $      | 344,245  |   |
|----------------------------------------------------------------------|--------|--------|----------|--------|
|                                                                 |   |   |     |   |
| Equity                in loss of investment in local partnerships    |   |   | (116,741 | )*     |
|                                                                 |   |   |     |   |
| Cash                distributions received from Local Partnerships   |   |   | (12,820  | )      |
|                                                                 |   |   |     |   |
| Advances                to Local Partnerships                        |   |   | 55,584   |   |
|                                                                 |   |   |     |   |
| Investment                in local partnerships as of June 29, 2006  |   | $      | 270,268  |   |

|  | * | 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                $856,806 for the three months ended March 31, 2006 as reflected in                the                combined statement of operations of the Local Partnerships reflected                herein Note 3. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

**JUNE      29, 2006**

**(UNAUDITED)**

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

|                                                                                                                                           |   | **March                  31,** |        | **December                  31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|-------------|-----------------------------------|--------|
|                                                                                                                                           |   | **2006**                       |        | **2005**                          |   |
|                                                                                                                                           |   |                           |        |                              |   |
| **ASSETS**                                                                                                                                     |   |                           |        |                              |   |
|                                                                                                                                           |   |                           |        |                              |   |
| Cash                  and cash equivalents                                                                                                     |   | $                              | 592,524     |                              | $      | 573,309 |   |
| Rents                  receivable                                                                                                              |   |                           | 231,263     |                              |   | 171,065 |   |
| Escrow                  deposits and reserves                                                                                                  |   |                           | 3,184,731   |                              |   | 3,365,243 |   |
| Land                                                                                                                                           |   |                           | 3,498,222   |                              |   | 3,498,222 |   |
| Buildings                  and improvements (net of accumulated depreciation of $56,424,324                  and                  $55,529,671) |   |                           | 37,808,409  |                              |   | 38,533,369 |   |
| Intangible                  assets (net of accumulated amortization of $748,611 and                  $735,918)                                 |   |                           | 1,109,625   |                              |   | 1,122,318 |   |
| Other                  assets                                                                                                                  |   |                           | 717,578     |                              |   | 725,132 |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   | $                              | 47,142,352  |                              | $      | 47,988,658 |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| **LIABILITIES                  AND PARTNERS’ EQUITY (DEFICIT)**                                                                          |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| Liabilities                                                                                                                                    |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| Accounts                  payable and accrued expenses                                                                                         |   | $                              | 1,136,958   |                              | $      | 1,199,338 |   |
| Due                  to related parties                                                                                                        |   |                           | 6,348,225   |                              |   | 6,136,219 |   |
| Mortgage                  loans                                                                                                                |   |                           | 62,208,690  |                              |   | 62,434,670 |   |
| Notes                  payable                                                                                                                 |   |                           | 1,103,273   |                              |   | 1,109,543 |   |
| Accrued                  interest                                                                                                              |   |                           | 9,615,071   |                              |   | 9,517,217 |   |
| Other                  liabilities                                                                                                             |   |                           | 330,690     |                              |   | 286,442 |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | 80,742,907  |                              |   | 80,683,429 |   |
| Partners'                  equity (deficit)                                                                                                    |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
| American                  Tax Credit Properties L.P.                                                                                           |   |                           |        |                              |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |                           | 26,518,789  |                              |   | 26,446,489 |   |
| Cumulative                  loss                                                                                                               |   |                           | (25,907,121 | )                                 |   | (25,790,380 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | 611,668     |                              |   | 656,109 |   |
| General                  partners and other limited partners                                                                                   |   |                           |        |                              |   |   |   |
| Capital                  contributions, net of distributions                                                                                   |   |                           | 1,109,087   |                              |   | 1,109,087 |   |
| Cumulative                  loss                                                                                                               |   |                           | (35,321,310 | )                                 |   | (34,459,967 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | (34,212,223 | )                                 |   | (33,350,880 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   |                           | (33,600,555 | )                                 |   | (32,694,771 | ) |
|                                                                                                                                           |   |                           |        |                              |   |   |   |
|                                                                                                                                           |   | $                              | 47,142,352  |                              | $      | 47,988,658 |   |

----

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

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

**JUNE      29, 2006**

**(UNAUDITED)**

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

|                                                                                                                                                          |   | **2006** |      | **2005** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                                                          |   |     |      |     |   |
| **REVENUE**                                                                                                                                                   |   |     |      |     |   |
|                                                                                                                                                          |   |     |      |     |   |
| Rental                                                                                                                                                        |   | $        | 3,070,180 |     | $      | 3,105,439 |   |
| Interest                and other                                                                                                                             |   |     | 69,319    |     |   | 59,555 |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
| TOTAL                REVENUE                                                                                                                                  |   |     | 3,139,499 |     |   | 3,164,994 |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
| **EXPENSES**                                                                                                                                                  |   |     |      |     |   |   |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
| Administrative                                                                                                                                                |   |     | 608,112   |     |   | 654,192 |   |
| Utilities                                                                                                                                                     |   |     | 514,899   |     |   | 421,373 |   |
| Operating                and maintenance                                                                                                                      |   |     | 745,790   |     |   | 776,215 |   |
| Taxes                and insurance                                                                                                                            |   |     | 323,371   |     |   | 347,726 |   |
| Financial                                                                                                                                                     |   |     | 1,015,218 |     |   | 1,578,022 |   |
| Depreciation                and amortization                                                                                                                  |   |     | 910,193   |     |   | 892,220 |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
| TOTAL                EXPENSES                                                                                                                                 |   |     | 4,117,583 |     |   | 4,669,748 |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
| **NET                LOSS**                                                                                                                                   |   | $        | (978,084  | )        | $      | (1,504,754 | ) |
|                                                                                                                                                          |   |     |      |     |   |   |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                   |   |     |      |     |   |   |   |
|                                                                                                                                                          |   |     |      |     |   |   |   |
| American                Tax Credit Properties L.P.                                                                                                            |   | $        | (116,741  | )        | $      | (72,474 | ) |
| General                partners and other limited partners, which includes $856,806 and                $1,406,457 of Partnership loss in excess of investment |   |     | (861,343  | )        |   | (1,432,280 | ) |
|                                                                                                                                                          |   |     |      |     |   |   |   |
|                                                                                                                                                          |   | $        | (978,084  | )        | $      | (1,504,754 | ) |

----

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

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

**JUNE      29, 2006**

**(UNAUDITED)**

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

| **4.** | **Additional                Information** |
|--------|-------------------------------------------|

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**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**

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

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

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

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

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

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

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

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

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

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**SIGNATURES**

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

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