----

**FORM      10-Q**

**September      29, 2007**

**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)**

|                                                                                                      |   |      |   | **September                29,** |   | **March                30,** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------|--------|----------------------------------|--------|------------------------------|--------|
|                                                                                                      |   | **Notes** |   | **2007**                         |   | **2007**                     |   |
|                                                                                                      |   |      |   |                             |   |                         |   |
| **ASSETS**                                                                                                |   |      |   |                             |   |                         |   |
|                                                                                                      |   |      |   |                             |   |                         |   |
| Cash                and cash equivalents                                                                  |   |      |   |                             | $      | 2,830,396                    |   | $ | 2,815,036 |   |
| Investments                in bonds                                                                       |   |      |   |                             |   |                         |   |   | 107,476 |   |
| Due                from local partnership                                                                 |   |      | 2      |                             |   |                         |   |   | 11,547 |   |
| Investment                in local partnerships                                                           |   |      | 2      |                             |   | 224,679                      |   |   | 325,020 |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                             | $      | 3,055,075                    |   | $ | 3,259,079 |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
| **LIABILITIES                AND PARTNERS' EQUITY (DEFICIT)**                                             |   |      |   |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
| Liabilities                                                                                               |   |      |   |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |        |                             |   |                         |   |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |      |   |                             | $      | 56,515                       |   | $ | 113,337 |   |
| Payable                to general partner and affiliates                                                  |   |      |   |                             |   | 171,722                      |   |   | 79,349 |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                             |   | 228,237                      |   |   | 192,686 |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
| Commitments                and contingencies                                                              |   |      | 2,3    |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
| Partners'                equity (deficit)                                                                 |   |      |   |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
| General                partner                                                                            |   |      |   |                             |   | (337,432                     | )      |   | (335,035 | ) |
| Limited                partners (41,286 units of limited partnership interest                outstanding) |   |      |   |                             |   | 3,164,270                    |   |   | 3,401,527 |   |
| Accumulated                other comprehensive loss, net                                                  |   |      |   |                             |   |          |   |   | (99 | ) |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                             |   | 2,826,838                    |   |   | 3,066,393 |   |
|                                                                                                      |   |      |   |                             |   |                         |   |   |   |   |
|                                                                                                      |   |      |   |                             | $      | 3,055,075                    |   | $ | 3,259,079 |   |

----

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

**STATEMENTS      OF OPERATIONS**

**THREE      AND SIX MONTH PERIODS ENDED SEPTEMBER 29, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                                                                      |   |  **Notes** |   | **Three                Months****Ended****September                29,****2007** |   | **Six                Months****Ended****September                29,****2007** |   | **Three                Months****Ended****September                29,****2006** |               | **Six                Months****Ended****September                29,****2006** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------|--------|
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |
| **REVENUE**                                                                                                                                               |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |
| Interest                                                                                                                                                  |   |            |   |                                                                             | $      | 31,607                                                                         |   | $                                                                                | 68,389             |                                                                           | $      | 33,736 |   | $ | 55,225 |   |
| Other                income from local partnerships                                                                                                       |   |            | 2      |                                                                             |   | 5,000                                                                          |   |                                                                             | 13,750             |                                                                           |   | 8,750 |   |   | 8,750 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| TOTAL                REVENUE                                                                                                                              |   |            |   |                                                                             |   | 36,607                                                                         |   |                                                                             | 82,139             |                                                                           |   | 42,486 |   |   | 63,975 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| **EXPENSES**                                                                                                                                              |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| Administration                fee                                                                                                                         |   |            |   |                                                                             |   | 45,931                                                                         |   |                                                                             | 91,862             |                                                                           |   | 45,931 |   |   | 91,862 |   |
| Management                fee                                                                                                                             |   |            |   |                                                                             |   | 43,867                                                                         |   |                                                                             | 87,734             |                                                                           |   | 43,867 |   |   | 87,734 |   |
| Professional                fees                                                                                                                          |   |            |   |                                                                             |   | 17,752                                                                         |   |                                                                             | 35,018             |                                                                           |   | 19,591 |   |   | 38,615 |   |
| State                of New Jersey filing fee                                                                                                             |   |            |   |                                                                             |   | 10,465                                                                         |   |                                                                             | 20,530             |                                                                           |   | 15,107 |   |   | 28,469 |   |
| Printing,                postage and other                                                                                                                |   |            |   |                                                                             |   | 3,143                                                                          |   |                                                                             | 9,171              |                                                                           |   | 4,455 |   |   | 13,495 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                             |   |            |   |                                                                             |   | 121,158                                                                        |   |                                                                             | 244,315            |                                                                           |   | 128,951 |   |   | 260,175 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                      |   |            |   |                                                                             |   | (84,551                                                                        | )      |                                                                             | (162,176           | )                                                                              |   | (86,465 | ) |   | (196,200 | ) |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| Equity                in loss of investment in local partnerships                                                                                         |   |            | 2      |                                                                             |   | (30,589                                                                        | )      |                                                                             | (77,478            | )                                                                              |   | (12,017 | ) |   | (128,758 | ) |
|                                                                                                                                                      |   |            |        |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| Loss                prior to gain on disposal of limited partner interests/local partnership                properties                                    |   |            |   |                                                                             |   | (115,140                                                                       | )      |                                                                             | (239,654           | )                                                                              |   | (98,482 | ) |   | (324,958 | ) |
|                                                                                                                                                      |   |            |        |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| Gain                on disposal of limited partner interests/local partnership                properties                                                  |   |            | 2      |                                                                             |   |                                                                      |   |                                                                             |     |                                                                           |   |    |   |   | 2,363,851 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| **NET                INCOME (LOSS)**                                                                                                                      |   |            |   |                                                                             |   | (115,140                                                                       | )      |                                                                             | (239,654           | )                                                                              |   | (98,482 | ) |   | 2,038,893 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| Other                comprehensive income (loss)                                                                                                          |   |            |   |                                                                             |   | (17                                                                            | )      |                                                                             | 99                 |                                                                           |   | 124 |   |   | 111 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                                            |   |            |   |                                                                             | $      | (115,157                                                                       | )      | $                                                                                | (239,555           | )                                                                              | $      | (98,358 | ) | $ | 2,039,004 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| **NET                INCOME (LOSS) ATTRIBUTABLE TO**                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| General                partner                                                                                                                            |   |            |   |                                                                             | $      | (1,152                                                                         | )      | $                                                                                | (2,397             | )                                                                              | $      | (985 | ) | $ | 20,389 |   |
| Limited                partners                                                                                                                           |   |            |   |                                                                             |   | (113,988                                                                       | )      |                                                                             | (237,257           | )                                                                              |   | (97,497 | ) |   | 2,018,504 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
|                                                                                                                                                      |   |            |   |                                                                             | $      | (115,140                                                                       | )      | $                                                                                | (239,654           | )                                                                              | $      | (98,482 | ) | $ | 2,038,893 |   |
|                                                                                                                                                      |   |            |   |                                                                             |   |                                                                           |   |                                                                             |               |                                                                           |   |   |   |   |   |   |
| **NET                INCOME (LOSS)**per                unit of limited partnership interest (41,286 units of limited partnership                interest) |   |            |   |                                                                             | $      | (2.76                                                                          | )      | $                                                                                | (5.75              | )                                                                              | $      | (2.36 | ) | $ | 48.89 |   |

----

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

**STATEMENTS      OF CASH FLOWS**

**SIX      MONTHS ENDED SEPTEMBER 29, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                                         |   | **2007** |      | **2006** |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                                                                         |   |     |      |     |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                                      |   |     |      |     |   |
|                                                                                                                         |   |     |      |     |   |
| Interest                received                                                                                             |   | $        | 66,964    |     | $      | 53,536 |   |
| Cash                paid for                                                                                                 |   |     |      |     |   |   |   |
| administration                fee                                                                                            |   |     | (12,223   | )        |   | (12,306 | ) |
| professional                fees                                                                                             |   |     | (64,269   | )        |   | (52,143 | ) |
| management                fee                                                                                                |   |     | (75,000   | )        |   | -- |   |
| State                of New Jersey filing fee                                                                                |   |     | (48,101   | )        |   | (55,000 | ) |
| printing,                postage and other expenses                                                                          |   |     | (9,171    | )        |   | (13,495 | ) |
|                                                                                                                         |   |     |      |     |   |   |   |
| Net                cash used in operating activities                                                                         |   |     | (141,800  | )        |   | (79,408 | ) |
|                                                                                                                         |   |     |      |     |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                                      |   |     |      |     |   |   |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Advances                to local partnerships                                                                                |   |     |      |     |   | (80,584 | ) |
| Proceeds                in connection with disposal of limited partner interests/local partnership                properties |   |     | 11,547    |     |   | 2,363,851 |   |
| Cash                distributions from local partnerships                                                                    |   |     | 36,613    |     |   | 21,570 |   |
| Proceeds                from maturities/redemptions and sales of bonds                                                       |   |     | 109,000   |     |   | 17,000 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Net                cash provided by investing activities                                                                     |   |     | 157,160   |     |   | 2,321,837 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Net                increase in cash and cash equivalents                                                                     |   |     | 15,360    |     |   | 2,242,429 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Cash                and cash equivalents at beginning of period                                                              |   |     | 2,815,036 |     |   | 256,337 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**                                                                |   | $        | 2,830,396 |     | $      | 2,498,766 |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| **SIGNIFICANT                NON-CASH INVESTING ACTIVITIES**                                                                 |   |     |      |     |   |   |   |
|                                                                                                                         |   |     |      |     |   |   |   |
| Unrealized                gain on investments in bonds, net                                                                  |   | $        | 99        |     | $      | 111 |   |

----

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

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

**SIX      MONTHS ENDED SEPTEMBER 29, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                              |   | **2007** |     | **2006** |   |
|-------------------------------------------------------------------------------------------------------------------|--------|----------|----------|----------|--------|
|                                                                                                              |   |     |     |     |   |
| **RECONCILIATION                OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING                ACTIVITIES**    |   |     |     |     |   |
|                                                                                                              |   |     |     |     |   |
| Net                income (loss)                                                                                  |   | $        | (239,654 | )        | $      | 2,038,893 |   |
|                                                                                                              |   |     |     |     |   |   |   |
| Adjustments                to reconcile net income (loss) to net cash used in operating                activities |   |     |     |     |   |   |   |
|                                                                                                              |   |     |     |     |   |   |   |
| Equity                in loss of investment in local partnerships                                                 |   |     | 77,478   |     |   | 128,758 |   |
| Gain                on disposal of limited partner interests/local partnership                properties          |   |     |     |     |   | (2,363,851 | ) |
| Distributions                from local partnerships classified as other income                                   |   |     | (13,750  | )        |   | (8,750 | ) |
| Amortization                of net premium on investments in bonds                                                |   |     |     |     |   | 221 |   |
| Accretion                of zero coupon bonds                                                                     |   |     | (1,425   | )        |   | (2,424 | ) |
| Decrease                in interest receivable                                                                    |   |     |     |     |   | 514 |   |
| Decrease                in accounts payable and accrued expenses                                                  |   |     | (56,822  | )        |   | (40,059 | ) |
| Increase                in due to general partner and affiliates                                                  |   |     | 92,373   |     |   | 167,290 |   |
|                                                                                                              |   |     |     |     |   |   |   |
| **NET                CASH USED IN OPERATING ACTIVITIES**                                                          |   | $        | (141,800 | )        | $      | (79,408 | ) |

----

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

**NOTES      TO FINANCIAL STATEMENTS**

**SEPTEMBER      29, 2007**

**(UNAUDITED)**

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

| **2.** | **Investment                in Local Partnerships** |
|--------|-----------------------------------------------------|

| Investment                in local partnerships as of March 30, 2007     |   | $      | 325,020 |   |
|--------------------------------------------------------------------------|--------|--------|---------|--------|
|                                                                     |   |   |    |   |
| Equity                in loss of investment in local partnerships        |   |   | (77,478 | )*     |
|                                                                     |   |   |    |   |
| Cash                distributions received from Local Partnerships       |   |   | (22,863 | )      |
|                                                                     |   |   |    |   |
| Investment                in local partnerships as of September 29, 2007 |   | $      | 224,679 |   |

----

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

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

**SEPTEMBER      29, 2007**

**(UNAUDITED)**

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

|                                                                                                                                     |   | **June                30,** |        | **December                31,** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-------------|---------------------------------|--------|
|                                                                                                                                     |   | **2007**                    |        | **2006**                        |   |
|                                                                                                                                     |   |                        |        |                            |   |
| **ASSETS**                                                                                                                               |   |                        |        |                            |   |
|                                                                                                                                     |   |                        |        |                            |   |
| Cash                and cash equivalents                                                                                                 |   | $                           | 496,135     |                            | $      | 566,552 |   |
| Rents                receivable                                                                                                          |   |                        | 187,223     |                            |   | 183,183 |   |
| Escrow                deposits and reserves                                                                                              |   |                        | 3,425,822   |                            |   | 3,260,437 |   |
| Land                                                                                                                                     |   |                        | 2,476,862   |                            |   | 2,476,862 |   |
| Buildings                and improvements (net of accumulated depreciation of $54,720,183                and                $53,146,767) |   |                        | 30,513,996  |                            |   | 31,830,590 |   |
| Intangible                assets (net of accumulated amortization of $581,877 and                $539,622)                               |   |                        | 819,728     |                            |   | 861,983 |   |
| Other                assets                                                                                                              |   |                        | 795,258     |                            |   | 664,938 |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   | $                           | 38,715,024  |                            | $      | 39,844,545 |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| **LIABILITIES                AND PARTNERS’ EQUITY (DEFICIT)**                                                                      |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| Liabilities                                                                                                                              |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| Accounts                payable and accrued expenses                                                                                     |   | $                           | 1,062,847   |                            | $      | 1,055,183 |   |
| Due                to related parties                                                                                                    |   |                        | 5,519,299   |                            |   | 4,808,008 |   |
| Mortgage                loans                                                                                                            |   |                        | 54,386,574  |                            |   | 54,754,380 |   |
| Notes                payable                                                                                                             |   |                        | 939,201     |                            |   | 1,028,002 |   |
| Accrued                interest                                                                                                          |   |                        | 10,870,904  |                            |   | 10,600,232 |   |
| Other                liabilities                                                                                                         |   |                        | 238,111     |                            |   | 238,534 |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | 73,016,936  |                            |   | 72,484,339 |   |
| Partners'                equity (deficit)                                                                                                |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
| American                Tax Credit Properties L.P.                                                                                       |   |                        |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                        | 23,580,170  |                            |   | 23,603,033 |   |
| Cumulative                loss                                                                                                           |   |                        | (22,821,327 | )                               |   | (22,743,849 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | 758,843     |                            |   | 859,184 |   |
| General                partners and other limited partners                                                                               |   |                        |        |                            |   |   |   |
| Capital                contributions, net of distributions                                                                               |   |                        | 1,104,703   |                            |   | 1,104,998 |   |
| Cumulative                loss                                                                                                           |   |                        | (36,165,458 | )                               |   | (34,603,976 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | (35,060,755 | )                               |   | (33,498,978 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   |                        | (34,301,912 | )                               |   | (32,639,794 | ) |
|                                                                                                                                     |   |                        |        |                            |   |   |   |
|                                                                                                                                     |   | $                           | 38,715,024  |                            | $      | 39,844,545 |   |

----

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

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

**SEPTEMBER      29, 2007**

**(UNAUDITED)**

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

|                                                                                                                                                                                              |   | **Three                Months Ended****June                30,****2007** |      | **Six                Months Ended****June                30,****2007** |   | **Three                Months Ended****June                30,****2006** |   | **Six                Months Ended****June                30,****2006** |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|-----------|------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|------------------------------------------------------------------------|-----------|
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |
| **REVENUE**                                                                                                                                                                                       |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |
| Rental                                                                                                                                                                                            |   | $                                                                        | 2,754,743 |                                                                   | $      | 5,461,810                                                                |   | $                                                                      | 2,840,631 |   | $ | 5,910,811 |   |
| Interest                and other                                                                                                                                                                 |   |                                                                     | 52,892    |                                                                   |   | 116,257                                                                  |   |                                                                   | 54,621    |   |   | 123,940 |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| TOTAL                REVENUE                                                                                                                                                                      |   |                                                                     | 2,807,635 |                                                                   |   | 5,578,067                                                                |   |                                                                   | 2,895,252 |   |   | 6,034,751 |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| **EXPENSES**                                                                                                                                                                                      |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| Administrative                                                                                                                                                                                    |   |                                                                     | 576,462   |                                                                   |   | 1,093,417                                                                |   |                                                                   | 596,225   |   |   | 1,204,337 |   |
| Utilities                                                                                                                                                                                         |   |                                                                     | 346,529   |                                                                   |   | 745,398                                                                  |   |                                                                   | 343,008   |   |   | 857,907 |   |
| Operating                and maintenance                                                                                                                                                          |   |                                                                     | 715,903   |                                                                   |   | 1,392,753                                                                |   |                                                                   | 602,896   |   |   | 1,348,686 |   |
| Taxes                and insurance                                                                                                                                                                |   |                                                                     | 281,395   |                                                                   |   | 568,724                                                                  |   |                                                                   | 309,241   |   |   | 632,612 |   |
| Financial                                                                                                                                                                                         |   |                                                                     | 926,337   |                                                                   |   | 1,801,064                                                                |   |                                                                   | 951,123   |   |   | 1,966,341 |   |
| Depreciation                and amortization                                                                                                                                                      |   |                                                                     | 809,002   |                                                                   |   | 1,615,671                                                                |   |                                                                   | 859,646   |   |   | 1,769,839 |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| TOTAL                EXPENSES                                                                                                                                                                     |   |                                                                     | 3,655,628 |                                                                   |   | 7,217,027                                                                |   |                                                                   | 3,662,139 |   |   | 7,779,722 |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| **NET                LOSS**                                                                                                                                                                       |   | $                                                                        | (847,993  | )                                                                      | $      | (1,638,960                                                               | )      | $                                                                      | (766,887  | ) | $ | (1,744,971 | ) |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| **NET                LOSS ATTRIBUTABLE TO**                                                                                                                                                       |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
| American                Tax Credit Properties L.P.                                                                                                                                                |   | $                                                                        | (30,589   | )                                                                      | $      | (77,478                                                                  | )      | $                                                                      | (12,017   | ) | $ | (128,758 | ) |
| General                partners and other limited partners, which includes $797,896, $1,522,891                $738,623 and $1,595,429 of Partnership loss in excess of                investment |   |                                                                     | (817,404  | )                                                                      |   | (1,561,482                                                               | )      |                                                                   | (754,870  | ) |   | (1,616,213 | ) |
|                                                                                                                                                                                              |   |                                                                     |      |                                                                   |   |                                                                     |   |                                                                   |      |   |   |   |   |
|                                                                                                                                                                                              |   | $                                                                        | (847,993  | )                                                                      | $      | (1,638,960                                                               | )      | $                                                                      | (766,887  | ) | $ | (1,744,971 | ) |

----

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

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

**SEPTEMBER      29, 2007**

**(UNAUDITED)**

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

| **3.** | **Additional                Information** |
|--------|-------------------------------------------|

----

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

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

----

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

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

----

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

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

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

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

----

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

**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 28, 2008 | By:                          | /s/ David                Salzman |
|                                 | David              Salzman             |
|                                 | Chief                Executive Officer |

|                                      |                                     |                                |
|--------------------------------------|------------------------------------------|-------------------------------------|
| Dated:                March 28, 2008 | By:                            | /s/ Neal                Ludeke |
|                                 | Neal              Ludeke                 |
|                                 | Chief                  Financial Officer |

|                                      |                              |                                         |
|--------------------------------------|-----------------------------------|----------------------------------------------|
| Dated:                March 28, 2008 | By:                     | /s/ Richard                Paul Richman |
|                                 | Richard              Paul Richman |
|                                 | Director                          |

----