10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 29, 2017

OR

[]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to ____________

Commission File Number: 0-24600

American Tax Credit Trust, a Delaware statutory business trust Series I

(Exact Name of Registrant as Specified in its Charter)

Delaware	06-6385350
(State or Other Jurisdiction of Organization)	(I.R.S. Employer Incorporation or Identification No.)
Richman American Credit Corp.
777 West Putnam Avenue
Greenwich, Connecticut	06830
(Address of Principal Executive Offices)	(Zip Code)

Registrant's Telephone Number, Including Area Code:  (203) 869-0900

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.  Yes  X    No

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).  Yes     X      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company   X 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No X 

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

PART I - FINANCIAL INFORMATION

Table of Contents
		Page
Item 1.	Financial Statements.
Balance Sheets		3
Statements of Operations and Comprehensive Income (Loss)		4
Statements of Cash Flows		5
Notes to Financial Statements		7
Item 2.	Management's Discussion and Analysis of FinancialCondition and Results of Operations.	9
Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	11
Item 4.	Controls and Procedures.	12

2

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

BALANCE SHEETS

(UNAUDITED)

	September 29,			March 30,
	2017			2017
ASSETS
Cash and cash equivalents	$	24,753		$	22,904
Investment in Pemberwick Fund, a short duration bond fund		1,980,075			1,314,600
	$	2,004,828		$	1,337,504
LIABILITIES AND OWNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses	$	13,345		$	24,615
Payable to manager and affiliates		276,816			456,082
		290,161			480,697
Commitments and contingencies
Owners' equity (deficit)
Manager		(148,686	)		(157,271	)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)		1,867,902			1,018,017
Accumulated other comprehensive loss		(4,549	)		(3,939	)
		1,714,667			856,807
	$	2,004,828		$	1,337,504

See Notes to Financial Statements.

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AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

THREE AND SIX MONTH PERIODS ENDED SEPTEMBER 29, 2017 AND 2016

(UNAUDITED)

	Three Months Ended  September 29, 2017			Six Months Ended  September 29,  2017			Three Months  Ended September 29,  2016			Six Months  Ended September 29, 2016
REVENUE
Interest	$	5,861		$	10,151		$	2,769		$	3,741
TOTAL REVENUE		5,861			10,151			2,769			3,741
EXPENSES
Management fee		8,903			23,619			15,555			36,277
Professional fees		7,842			24,511			9,604			20,664
Printing, postage and other		2,350			3,551			4,315			6,417
TOTAL EXPENSES		19,095			51,681			29,474			63,358
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		(13,234	)		(41,530	)		(26,705	)		(59,617	)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES					900,000			1,331,798			1,331,798
NET INCOME (LOSS)		(13,234	)		858,470			1,305,093			1,272,181
Other comprehensive income (loss) - investment in Pemberwick Fund		(610	)		(610	)		(321	)		534
COMPREHENSIVE INCOME (LOSS)	$	(13,844	)	$	857,860		$	1,304,772		$	1,272,715
NET INCOME (LOSS) ATTRIBUTABLE TO
Manager	$	(132	)	$	8,585		$	243,200		$	210,288
Beneficial owners		(13,102	)		849,885			1,061,893			1,061,893
	$	(13,234	)	$	858,470		$	1,305,093		$	1,272,181
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)	$	(0.70	)	$	45.56		$	56.93		$	56.93

See Notes to Financial Statements.

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AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED SEPTEMBER 29, 2017 AND 2016

(UNAUDITED)

	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$	10,242		$	3,587
Cash paid for
Management fees		(202,885	)		(2,454	)
Professional fees		(32,636	)		(34,560	)
Printing, postage and other expenses		(6,696	)		(6,417	)
Net cash used in operating activities		(231,975	)		(39,844	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds in connection with sale of limited partner interests/local partnership properties		900,000			1,331,798
Investments in Pemberwick Fund		(710,176	)		(1,310,586	)
Redemptions from Pemberwick Fund		44,000			25,000
Net cash provided by investing activities		233,824			46,212
Net increase in cash and cash equivalents		1,849			6,368
Cash and cash equivalents at beginning of period		22,904			9,514
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	24,753		$	15,882
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain (loss) on investment in Pemberwick Fund	$	(610	)	$	534

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

See Notes to Financial Statements.

5

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

STATEMENTS OF CASH FLOWS - CONTINUED

SIX MONTHS ENDED SEPTEMBER 29, 2017 AND 2016

(UNAUDITED)

	2017			2016
RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES
Net income	$	858,470		$	1,272,181
Adjustments to reconcile net income to net cash used in operating activities
Gain on sale of limited partner interests/local partnership properties		(900,000	)		(1,331,798	)
(Gain) loss on redemptions from Pemberwick Fund		91			(154	)
Decrease in accounts payable and accrued expenses		(11,270	)		(13,896	)
Increase (decrease) in payable to manager and affiliates		(179,266	)		33,823
NET CASH USED IN OPERATING ACTIVITIES	$	(231,975	)	$	(39,844	)

See Notes to Financial Statements.

6

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 29, 2017

(UNAUDITED)

1. Basis of Presentation

The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the "Trust") have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the manager of the Trust (the "Manager"), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of September 29, 2017 and the results of operations and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. The results of operations for the six months ended September 29, 2017 are not necessarily indicative of the results that may be expected for the entire year.

2. Investment in Local Partnerships

The Trust initially acquired limited partner equity interests (the "Local Partnership Interest" or "Local Partnership Interests") in ten partnerships (the "Local Partnership" or "Local Partnerships") representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the "Advances") made to certain Local Partnerships and all of which has been paid. As of September 29, 2017, the Trust holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership ("Vision").  The results of operations of Vision are provided by the general partner of Vision on an unaudited basis during interim periods. The Trust has no legal obligation to fund any operating deficits of Vision.

In the event the operations of Vision result in a loss, equity in loss of investment in Vision allocated to the Trust is recognized to the extent of the Trust's investment balance in Vision. Equity in loss in excess of the Trust's investment balance in Vision is allocated to other partners' capital in Vision. As a result of cumulative equity losses and distributions, the Trust's investment in Vision reached a zero balance in a prior year.

During the six months ended September 29, 2017, the Trust sold its Local Partnership Interest in Creative Choice Homes VII, Ltd. to an unaffiliated third party; the Trust received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2017.

3. Investment in Pemberwick Fund

The Trust carries its investment in Pemberwick Fund, a short duration bond fund ("Pemberwick") at estimated fair value. The fair value of the Trust's investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification ("ASC") Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick's net asset value ("NAV") is $10.03 per share as of September 29, 2017. An unrealized loss of $4,549 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of September 29, 2017. The Trust has earned $79,038 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2017.

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AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 29, 2017

(UNAUDITED)

4. Additional Information

Additional information, including the audited March 30, 2017 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust's Annual Report on Form 10-K for the fiscal year ended March 30, 2017 on file with the Securities and Exchange Commission.

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

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

Material Changes in Financial Condition

As of September 29, 2017, American Tax Credit Trust, a Delaware statutory business trust Series I (the "Registrant") has experienced a significant change in financial condition as compared to March 30, 2017 resulting primarily from the receipt of $900,000 in connection with the sale of its interest in Creative Choice Homes VII, Ltd. ("Creative Choice") (see discussion below under Results of Operations and Local Partnership Matters), partially offset by the payment of previously deferred management fees of $200,000. Principal changes in assets are comprised of periodic transactions and adjustments. Registrant had initially acquired a limited partner equity interest (the "Local Partnership Interest" or "Local Partnership Interests") in ten partnerships (the "Local Partnership" or "Local Partnerships"), that own/owned low-income multifamily residential complexes (the "Property" or "Properties") that qualified for the low-income housing tax credit (the "Low-income Housing Tax Credit") in accordance with Section 42 of the Internal Revenue Code. As of October 24, 2017, Registrant holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership ("Vision"). During the six months ended September 29, 2017, Registrant received cash from interest revenue, redemptions from Pemberwick Fund, a short duration bond fund ("Pemberwick") and proceeds in connection with Creative Choice (see discussion above), and utilized cash for operating expenses and investments in Pemberwick. Cash and cash equivalents and investment in Pemberwick increased, in the aggregate, by approximately $667,000 during the six months ended September 29, 2017 (which includes an unrealized loss on investment in Pemberwick of approximately $600), primarily as the result of proceeds from the sale of Registrant's Local Partnership Interest in Creative Choice of $900,000 (see discussion below under Local Partnership Matters), partially offset by the payment of previously deferred management fees of $200,000 and recurring operating expenses. Payable to manager and affiliates in the accompanying unaudited balance sheet as of September 29, 2017 represents deferred management fees.

Although it is not possible to ascertain the amount, if any, that Registrant will receive with respect to Vision, Registrant may be entitled to sales proceeds in the event of a sale of either the Vision Property or Registrant's Local Partnership Interest in Vision. Registrant holds cash and liquid investments as of September 29, 2017, net of all liabilities as of such date, of approximately $1,715,000. After the receipt of sales proceeds, if any, and deducting future expenses and reserves, the balance is expected to be distributed to the owners in the future. There can be no assurance as to the amount and timing of such distributions, if any.

Results of Operations

Registrant's operating results are dependent, in part, on the operating results of Vision and are impacted by Vision's policies.  In addition, the operating results herein are not necessarily the same for tax reporting. Registrant accounts for its investment in Vision in accordance with the equity method of accounting. Accordingly, the investment is carried at cost and is adjusted for Registrant's share of Vision's results of operations and by cash distributions received. In the event the operations of Vision result in a loss, equity in loss of Vision allocated to Registrant is recognized to the extent of Registrant's investment balance in Vision.  Equity in loss in excess of Registrant's investment balance in Vision is allocated to other partners' capital in Vision. As a result of cumulative equity losses and distributions, Registrant's investment in Vision reached a zero balance in a prior year.

Cumulative losses and cash distributions in excess of Registrant's investment in Vision may result from a variety of circumstances, including Vision's accounting policies, debt structure and operating deficits, among other things. Accordingly, cumulative losses and cash distributions in excess of the investment are not necessarily indicative of adverse operating results of Vision.

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AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

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

Registrant's operations for the three months ended September 29, 2017 and 2016 resulted in net income (loss) of $(13,234) and $1,305,093, respectively. The increase in net loss is primarily attributable to gain on sale of limited partner interests/local partnership properties of approximately $1,332,000 recognized during the three months ended September 29, 2016, partially offset by a cumulative decrease in operating expenses of approximately $10,000. Other comprehensive loss for the three months ended September 29, 2017 resulted from an unrealized loss on investment in Pemberwick of $610.

Registrant's operations for the six months ended September 29, 2017 and 2016 resulted in net income of $858,470 and $1,272,181, respectively. The decrease is primarily attributable to a decrease in gain on sale of limited partner interests/local partnership properties of approximately $432,000, partially offset by (i) a cumulative decrease in operating expenses of approximately $12,000 and (ii) an increase in interest revenue of approximately $6,000. Other comprehensive loss for the six months ended September 29, 2017 resulted from an unrealized loss on investment in Pemberwick of $610.

Local Partnership Matters

Registrant's primary objective, to provide Low-income Housing Tax Credits to its beneficial owners (the "Beneficial Owners"), has been completed. The relevant state tax credit agency allocated each of the Local Partnerships an amount of Low-income Housing Tax Credits, which are generally available for a ten year period from the year the Property is placed in service (the "Ten Year Credit Period"). The Ten Year Credit Period was fully exhausted with respect to all of the Properties as of December 31, 2006. The required holding period of each Property, in order to avoid Low-income Housing Tax Credit recapture, is fifteen years from the year in which the Low-income Housing Tax Credits commence on the last building of the Property (the "Compliance Period"). The Compliance Period of all of the Local Partnerships had expired as of December 31, 2010. In addition, certain of the Local Partnerships entered into agreements with the relevant state tax credit agencies whereby the Local Partnerships must maintain the low-income nature of the Properties for a period which exceeds the Compliance Period (in certain circumstances, up to 50 years from when the Property is placed in service, but commonly 30 years from the date any such Property is placed in service), regardless of a sale of the Properties by the Local Partnerships after the Compliance Period (the "Extended Use Provisions").  Although the Extended Use Provisions do not extend the Compliance Period of the respective Local Partnerships, such provisions may limit the number and availability of potential purchasers of the Properties. Accordingly, a sale of a Property may happen well after the expiration of the Compliance Period and/or may be significantly discounted.  Registrant is in the process of disposing of its Local Partnership Interest in Vision, which has a 30 year Extended Use Agreement.  In a prior year, Registrant served a demand on the general partners of the Local Partnerships (the "Local General Partners") to commence a sale process to dispose of the Properties. In the event a sale of the Vision Property cannot be consummated, it is the Manager's intention to sell or assign Registrant's Local Partnership Interest in Vision. It is uncertain as to the amount, if any, that Registrant will receive in connection with such sale or assignment. Registrant intends to dissolve after the final disposition of its Local Partnership Interest in Vision; there can be no assurance as to when such final disposition will occur.

Vision owns a 97 unit subsidized and leveraged low-income multifamily residential complex located in Detroit, Michigan. Vision's financing structure includes (i) required debt service payments and (ii) debt service payments which are payable only from available cash flow subject to the terms and conditions of the note. Registrant has no legal obligation to fund any operating deficits of Vision.

During the six months ended September 29, 2017, Registrant sold its Local Partnership Interest in Creative Choice to an unaffiliated third party; Registrant received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2017.

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AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

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

Critical Accounting Policies and Estimates

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

· Registrant accounts for its investment in Vision in accordance with the equity method of accounting.

· Registrant does not consolidate the accounts and activities of Vision, which is considered a Variable Interest Entity as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810; Subtopic 10 because Registrant is not considered the primary beneficiary. Registrant's investment balance in Vision represents the maximum exposure to loss in connection with such investment. Vision's partnership agreement grants the Vision Local General Partner the power to direct the activities that most significantly impact Vision's economic success. As a result of cumulative equity losses and distributions, Registrant's investment in Vision reached a zero balance in a prior year.

Forward-Looking Information

As a cautionary note, with the exception of historical facts, the matters discussed in this quarterly report on Form 10-Q are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements may relate to, among other things, current expectations, forecasts of future events, future actions, future performance generally, business development activities, capital expenditures, strategies, the outcome of contingencies, future financial results, financing sources and availability and the effects of regulation and competition. Words such as "anticipate," "expect," "intend," "plan," "seek," "estimate" and other words and terms of similar meaning in connection with discussions of future operating or financial performance signify forward-looking statements. Registrant may also provide written forward-looking statements in other materials released to the public. Such statements are made in good faith by Registrant pursuant to the "Safe Harbor" provisions of the Reform Act. Registrant undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Such forward-looking statements involve known risks, uncertainties and other factors that may cause Registrant's actual results of operations or actions to be materially different from future results of operations or actions expressed or implied by the forward-looking statements.

Item 3.             Quantitative and Qualitative Disclosure About Market Risk.

Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.

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AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

Item 4.             Controls and Procedures.

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed by Registrant in reports that Registrant files or submits under the Exchange Act is recorded, processed, summarized and timely reported as provided in SEC rules and forms. Registrant periodically reviews the design and effectiveness of its disclosure controls and procedures, including compliance with various laws and regulations that apply to its operations. Registrant makes modifications to improve the design and effectiveness of its disclosure controls and procedures, and may take other corrective action, if its reviews identify a need for such modifications or actions. In designing and evaluating the disclosure controls and procedures, Registrant recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Registrant has carried out an evaluation, under the supervision and the participation of its management, including the Chief Executive Officer and Chief Financial Officer of the Manager, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), as of the three months ended September 29, 2017. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of the Manager concluded that Registrant's disclosure controls and procedures were effective as of September 29, 2017.

There were no changes in Registrant's internal control over financial reporting during the three months ended September 29, 2017 that have materially affected, or are reasonably likely to materially affect, Registrant's internal control over financial reporting.

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AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

Part II - OTHER INFORMATION

Item 1.	Legal Proceedings.
	None.
Item 1A.	Risk Factors.
	Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.
	None.
Item 3.	Defaults Upon Senior Securities.
	None.
Item 4.	Mine Safety Disclosures.
	Not applicable.
Item 5.	Other Information.
	Effective October 20, 2017, Registrant's Principal Executive Offices are located at 777 West Putnam Avenue, Greenwich, CT 06830.
Item 6.	Exhibits.
	Exhibit 31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
	Exhibit 31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
	Exhibit 32.1	Section 1350 Certification of Chief Executive Officer.
	Exhibit 32.2	Section 1350 Certification of Chief Financial Officer.
	Exhibit 101.ins	XBRL Instance.*
	Exhibit 101.xsd	XBRL Schema.*
	Exhibit 101.cal	XBRL Calculation.*
	Exhibit 101.def	XBRL Definition.*
	Exhibit 101.lab	XBRL Label.*
	Exhibit 101.pre	XBRL Presentation.*

*Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

12

SIGNATURES

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

	AMERICAN TAX CREDIT TRUST, A DELAWARE
	STATUTORY BUSINESS TRUST SERIES I
	By:  Richman American Credit Corp.
	The Manager
Dated: October 24, 2017	/s/Brian Myers
	By: Brian Myers
	Chief Executive Officer
Dated: October 24, 2017	/s/James Hussey
	By:  James Hussey
	Chief Financial Officer
Dated: October 24, 2017	/s/Richard Paul Richman
	By:  Richard Paul Richman
	Sole Director

13

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Brian Myers, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Tax Credit Trust, a Delaware statutory business trust Series I (the "registrant");

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

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

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  October 24, 2017	/s/Brian Myers
	Brian Myers
	Chief Executive Officer of Richman American Credit Corp., manager of the registrant

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, James Hussey, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Tax Credit Trust, a Delaware statutory business trust Series I (the "registrant");

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

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

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  October 24, 2017	/s/James Hussey
	James Hussey
	Chief Financial Officer of Richman American Credit Corp., manager of the registrant

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of American Tax Credit Trust, a Delaware statutory business trust Series I (the "Registrant") on Form 10-Q for the period ended September 29, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brian Myers, Chief Executive Officer of Richman American Credit Corp., manager of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/Brian Myers

Brian Myers

Chief Executive Officer of Richman American

Credit Corp., manager of the Registrant

October 24, 2017

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of American Tax Credit Trust, a Delaware statutory business trust Series I (the "Registrant") on Form 10-Q for the period ended September 29, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Hussey, Chief Financial Officer of Richman American Credit Corp., manager of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/James Hussey

James Hussey

Chief Financial Officer of Richman American

Credit Corp., manager of the Registrant

October 24, 2017

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Document and Entity Information - shares	6 Months Ended
	Sep. 29, 2017	Oct. 24, 2017
Document and Entity Information:
Entity Registrant Name	AMERICAN TAX CREDIT TRUST SERIES I
Document Type	10-Q
Document Period End Date	Sep. 29, 2017
Trading Symbol	atctix
Amendment Flag	false
Entity Central Index Key	0000897315
Current Fiscal Year End Date	--03-30
Entity Common Stock, Shares Outstanding		0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2

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BALANCE SHEETS - USD ($)	Sep. 29, 2017	Mar. 30, 2017
ASSETS
Cash and cash equivalents	$ 24,753	$ 22,904
Investment in Pemberwick Fund, a short duration bond fund	1,980,075	1,314,600
Total assets	2,004,828	1,337,504
Liabilities
Accounts payable and accrued expenses	13,345	24,615
Payable to manager and affiliates	276,816	456,082
Total liabilities	290,161	480,697
Commitments and contingencies
Owners' equity (deficit)
Manager	(148,686)	(157,271)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)	1,867,902	1,018,017
Accumulated other comprehensive loss	(4,549)	(3,939)
Total equity (deficit)	1,714,667	856,807
Total liabilities & equity (deficit)	$ 2,004,828	$ 1,337,504

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BALANCE SHEETS PARENTHETICAL - shares	Sep. 29, 2017	Mar. 30, 2017
BALANCE SHEETS PARENTHETICAL
Units of beneficial ownership interest outstanding	18,654	18,654

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STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Sep. 29, 2017	Sep. 29, 2016	Sep. 29, 2017	Sep. 29, 2016
REVENUE
Interest	$ 5,861	$ 2,769	$ 10,151	$ 3,741
TOTAL REVENUE	5,861	2,769	10,151	3,741
EXPENSES
Management fee	8,903	15,555	23,619	36,277
Professional fees	7,842	9,604	24,511	20,664
Printing, postage and other	2,350	4,315	3,551	6,417
TOTAL EXPENSES	19,095	29,474	51,681	63,358
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(13,234)	(26,705)	(41,530)	(59,617)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		1,331,798	900,000	1,331,798
NET INCOME (LOSS)	(13,234)	1,305,093	858,470	1,272,181
NET INCOME (LOSS) ATTRIBUTABLE TO
Manager income (loss)	(132)	243,200	8,585	210,288
Beneficial owners income (loss)	$ (13,102)	$ 1,061,893	$ 849,885	$ 1,061,893
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)	$ (0.70)	$ 56.93	$ 45.56	$ 56.93

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STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 29, 2017	Sep. 29, 2016	Sep. 29, 2017	Sep. 29, 2016
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS)	$ (13,234)	$ 1,305,093	$ 858,470	$ 1,272,181
Other comprehensive income (loss) - investment in Pemberwick Fund	(610)	(321)	(610)	534
COMPREHENSIVE INCOME (LOSS)	$ (13,844)	$ 1,304,772	$ 857,860	$ 1,272,715

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STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 29, 2017	Sep. 29, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Interest Received	$ 10,242	$ 3,587
Cash paid for management fees	(202,885)	(2,454)
Cash paid for professional fees	(32,636)	(34,560)
Cash paid for printing, postage and other expenses	(6,696)	(6,417)
Net cash used in operating activities	(231,975)	(39,844)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds in connection with sale of limited partner interests/local partnership properties	900,000	1,331,798
Investments in Pemberwick Fund	(710,176)	(1,310,586)
Redemptions from Pemberwick Fund	44,000	25,000
Net cash provided by investing activities	233,824	46,212
Net increase in cash and cash equivalents	1,849	6,368
Cash and cash equivalents at beginning of period	22,904	9,514
CASH AND CASH EQUIVALENTS AT END OF PERIOD	24,753	15,882
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain (loss) on investment in Pemberwick Fund	$ (610)	$ 534

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STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	6 Months Ended
	Sep. 29, 2017	Sep. 29, 2016
STATEMENTS OF CASH FLOWS - CONTINUED
Net income	$ 858,470	$ 1,272,181
Adjustments to reconcile net income to net cash used in operating activities
Gain on sale of limited partner interests/local partnership properties	(900,000)	(1,331,798)
(Gain) loss on redemptions from Pemberwick Fund	91	(154)
Decrease in accounts payable and accrued expenses	(11,270)	(13,896)
Increase (decrease) in payable to manager and affiliates	(179,266)	33,823
NET CASH USED IN OPERATING ACTIVITIES	$ (231,975)	$ (39,844)

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1. Basis of Presentation

6 Months Ended

Sep. 29, 2017

Notes

1. Basis of Presentation

1.       Basis of Presentation

The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the “Trust”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the manager of the Trust (the “Manager”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of September 29, 2017 and the results of operations and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. The results of operations for the six months ended September 29, 2017 are not necessarily indicative of the results that may be expected for the entire year.

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2. Investment in Local Partnerships

6 Months Ended

Sep. 29, 2017

Notes

2. Investment in Local Partnerships

2.       Investment in Local Partnerships

The Trust initially acquired limited partner equity interests (the “Local Partnership Interest” or “Local Partnership Interests”) in ten partnerships (the “Local Partnership” or “Local Partnerships”) representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the “Advances”) made to certain Local Partnerships and all of which has been paid. As of September 29, 2017, the Trust holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership (“Vision”).  The results of operations of Vision are provided by the general partner of Vision on an unaudited basis during interim periods. The Trust has no legal obligation to fund any operating deficits of Vision.

In the event the operations of Vision result in a loss, equity in loss of investment in Vision allocated to the Trust is recognized to the extent of the Trust’s investment balance in Vision. Equity in loss in excess of the Trust’s investment balance in Vision is allocated to other partners’ capital in Vision. As a result of cumulative equity losses and distributions, the Trust’s investment in Vision reached a zero balance in a prior year.

During the six months ended September 29, 2017, the Trust sold its Local Partnership Interest in Creative Choice Homes VII, Ltd. to an unaffiliated third party; the Trust received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the six months ended September 29, 2017.

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3. Investment in Pemberwick Fund

6 Months Ended

Sep. 29, 2017

Notes

3. Investment in Pemberwick Fund

3.       Investment in Pemberwick Fund

The Trust carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Trust’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.03 per share as of September 29, 2017. An unrealized loss of $4,549 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of September 29, 2017. The Trust has earned $79,038 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2017.

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4. Additional Information

6 Months Ended

Sep. 29, 2017

Notes

4. Additional Information

4.       Additional Information

Additional information, including the audited March 30, 2017 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust's Annual Report on Form 10-K for the fiscal year ended March 30, 2017 on file with the Securities and Exchange Commission.

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2. Investment in Local Partnerships: Capital Contributions (Details)	Sep. 29, 2017 USD ($)
Details
Capital contributions in the aggregate	$ 14,837,956

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2. Investment in Local Partnerships (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 29, 2016	Sep. 29, 2017	Sep. 29, 2016
Proceeds in connection with sale of limited partner interests/local partnership properties		$ 900,000	$ 1,331,798
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$ 1,331,798	900,000	$ 1,331,798
Creative Choice Homes VII, Ltd.
Proceeds in connection with sale of limited partner interests/local partnership properties		900,000
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		$ 900,000

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3. Investment in Pemberwick Fund (Details)	Sep. 29, 2017 USD ($) $ / shares
Details
Pemberwick Net Asset Value | $ / shares	$ 10.03
Unrealized loss reflected as accumulated other comprehensive loss	$ 4,549
Aggregate interest revenue from investment in Pemberwick	$ 79,038