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 ~~December~~June 3029, ~~2016~~2017

[ ] 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 (State or Other Jurisdiction of Organization)	06-6385350 (I.R.S. Employer Incorporation or Identification No.)
Delaware	06-6385350
Richman American Credit Corp. 340 Pemberwick Road Greenwich, Connecticut (Address of Principal Executive Offices)	06831 (Zip Code)
(State or Other Jurisdiction of Organization)	(I.R.S. Employer Incorporation of Identification No.)
Richman American Credit Corp.
340 Pemberwick Road
Greenwich, Connecticut	06831
(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.
		Page
Balance Sheets	3
Item 1.	Financial Statements.
Statements of Operations and Comprehensive Income (Loss)	4
Balance Sheets		3
Statements of Cash Flows	5
Statements of Operations and Comprehensive Income (Loss)		4
Notes to Financial Statements	7
Statements of Cash Flows		5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.	9
Notes to Financial Statements		7
Item 3. Quantitative and Qualitative Disclosure About Market Risk.	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	9
Item 4. Controls and Procedures.	12
Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	11
Item 4.	Controls and Procedures.	11

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

BALANCE SHEETS

(UNAUDITED)

	December 30,			March 30,
	June 29,			March 30,
	2016			2016
	2017			2017
ASSETS
Cash and liquid investments
Cash and cash equivalents	$	792,696		$	22,904
Cash and cash equivalents	$	9,797		$	9,514
Investment in Pemberwick Fund, a short duration bond fund		1,318,889			1,314,600
Investment in Pemberwick Fund, a short duration bond fund		1,629,043			345,488
	$	2,111,585		$	1,337,504
	$	1,638,840		$	355,002
LIABILITIES AND OWNERS’ EQUITY (DEFICIT)
LIABILITIES AND OWNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses	$	1813,~~955~~918		$	2624,~~021~~615
Payable to manager and affiliates		~~742~~369,~~179~~156			~~694~~456,~~861~~082
		761,134			720,882
		383,074			480,697
Commitments and contingencies
Owners' equity (deficit)
Owners’ equity (deficit)
Manager		(~~157~~148,~~054~~554	)		(~~367~~157,~~116~~271	)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)		1,~~039~~881,~~483~~004			1,018,017
Accumulated other comprehensive income (loss)		(4,723	)		1,236
Accumulated other comprehensive loss		(3,939	)		(3,939	)
		877,706			(365,880	)
		1,728,511			856,807
	$	12,~~638~~111,~~840~~585		$	~~355~~1,~~002~~337,504

See Notes to Financial Statements.

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

THREE ~~AND~~MONTHS ~~NINE MONTH PERIODS~~ ENDED ~~DECEMBER~~JUNE 3029, ~~2016~~2017 AND ~~2015~~2016

(UNAUDITED)

	Three Months Ended December 30, 2016			Nine Months Ended December 30, 2016			Three Months Ended December 30, 2015			Nine Months Ended December 30, 2015
	2017			2016
REVENUE
Interest	$	34,~~775~~290		$	~~7,516~~972		$	~~799~~		$	~~2,526~~
Other income from local partnerships								3,000			13,562
TOTAL REVENUE		4,290			972
TOTAL REVENUE		3,775			7,516			3,799			16,088
EXPENSES
EXPENSES
Management fee		14,716			20,722
Management fee		14,716			50,993			31,464			96,073
Professional fees		16,669			11,060
Professional fees		9,423			30,087			9,051			28,372
Printing, postage and other		1,201			2,102
Printing, postage and other		2,272			8,689			2,040			12,005
TOTAL EXPENSES		32,586			33,884
TOTAL EXPENSES		26,411			89,769			42,555			136,450
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		(28,296	)		(32,912	)
		(22,636	)		(82,253	)		(38,756	)		(120,362	)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		900,000
Equity in income (loss) of investment in local partnerships								(56,022	)		17,482
NET INCOME (LOSS)		871,704			(32,912	)
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		(22,636	)		(82,253	)		(94,778	)		(102,880	)
Other comprehensive income - Pemberwick Fund					855
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES					1,331,798						2,250
COMPREHENSIVE INCOME (LOSS)	$	871,704		$	(32,057	)
NET INCOME (LOSS)		(22,636	)		1,249,545			(94,778	)		(100,630	)
NET INCOME (LOSS) ATTRIBUTABLE TO
Other comprehensive loss - investment in Pemberwick Fund		(6,493	)		(5,959	)		(1,029	)		(1,841	)
Manager	$	8,717		$	(32,912	)
COMPREHENSIVE INCOME (LOSS)	$	(29,129	)	$	1,243,586		$	(95,807	)	$	(102,471	)
Beneficial owners		862,987			--
NET INCOME (LOSS) ATTRIBUTABLE TO
	$	871,704		$	(32,912	)
Manager	$	(226	)	$	210,062		$	(947	)	$	(1,006	)
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)	$	46.26		$	--
Beneficial owners		(22,410	)		1,039,483			(93,831	)		(99,624	)
	$	(22,636	)	$	1,249,545		$	(94,778	)	$	(100,630	)
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)	$	(1.21	)	$	55.72		$	(5.03	)	$	(5.34	)

See Notes to Financial Statements.

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

STATEMENTS OF CASH FLOWS

~~NINE~~THREE MONTHS ENDED ~~DECEMBER~~JUNE 3029, ~~2016~~2017 AND ~~2015~~2016

(UNAUDITED)

	2016			2015
	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$	74,~~362~~290		$	~~2,417~~818
Cash paid for
Management fees		(3101,~~675~~642	)		(31,~~723~~228	)
Professional fees		(3924,~~306~~221	)		(2629,~~989~~268	)
Printing, postage and other expenses		(64,~~536~~346	)		(122,~~875~~102	)
Net cash used in operating activities		(42125,~~155~~919	)		(4131,~~170~~780	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds in connection with sale of limited partner interests/local partnership properties		1900,~~331,798~~000			~~2,250~~
Investments in Pemberwick Fund		(14,~~314,360~~289	)		(~~2,410~~818	)
Redemptions from Pemberwick Fund		~~25,000~~			2125,000
Distributions received from local partnerships					13,562
Net cash provided by investing activities		895,711			24,182
Net cash provided by investing activities		42,438			34,402
Net increase (decrease) in cash and cash equivalents		769,792			(7,598	)
Net increase (decrease) in cash and cash equivalents		283			(6,768	)
Cash and cash equivalents at beginning of period		22,904			9,514
Cash and cash equivalents at beginning of period		9,514			18,886
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	792,696		$	1,916
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	9,797		$	12,118
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized loss on investment in Pemberwick Fund	$	(5,959	)	$	(1,841	)
Unrealized gain on investment in Pemberwick Fund				$	855

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

See Notes to Financial Statements.

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

STATEMENTS OF CASH FLOWS - CONTINUED

~~NINE~~THREE MONTHS ENDED ~~DECEMBER~~JUNE 3029, ~~2016~~2017 AND ~~2015~~2016

(UNAUDITED)

	2016			2015
	2017			2016
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES
Net income (loss)	$	1871,~~249,545~~704		$	(~~100~~32,~~630~~912	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Equity in income of investment in local partnerships					(17,482	)
Gain on sale of limited partner interests/local partnership properties		(900,000	)
Gain on sale of limited partner interests/local partnership properties		(1,331,798	)		(2,250	)
Gain on redemptions from Pemberwick Fund					(154	)
Gain on redemptions from Pemberwick Fund		(154	)		(109	)
Decrease in accounts payable and accrued expenses		(10,697	)		(18,208	)
Other income from local partnerships					(13,562	)
Increase (decrease) in payable to manager and affiliates		(86,926	)		19,494
Increase (decrease) in accounts payable and accrued expenses		(7,066	)		513
NET CASH USED IN OPERATING ACTIVITIES	$	(125,919	)	$	(31,780	)
Increase in payable to manager and affiliates		47,318			92,350
NET CASH USED IN OPERATING ACTIVITIES	$	(42,155	)	$	(41,170	)

See Notes to Financial Statements.

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

NOTES TO FINANCIAL STATEMENTS

~~DECEMBER~~JUNE 3029, ~~2016~~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 ~~December~~June 3029, ~~2016~~2017 and the results of operations and cash flows for the interim ~~periods~~period presented. All adjustments are of a normal recurring nature. The results of operations for the ~~nine~~three months ended ~~December~~June 3029, ~~2016~~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~~Local 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 ~~December~~June 3029, ~~2016~~2017, the Trust holds a Local Partnership Interest in ~~two~~one Local ~~Partnerships.~~Partnership, ~~The~~Vision ~~Trust~~Limited ~~has~~Dividend noHousing ~~legal~~Association ~~obligation~~Limited toPartnership ~~fund any operating deficits of the remaining Local Partnerships~~(“Vision”). The results of operations of ~~the~~Vision ~~Local Partnerships~~ are provided by the general ~~partners~~partner of ~~the~~Vision ~~Local Partnerships (the "Local General Partners")~~ 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 aVision ~~Local Partnership~~ result in a loss, equity in loss of ~~each~~ investment in ~~Local~~Vision ~~Partnership~~ allocated to the Trust is recognized to the extent of the Trust'’s investment balance in ~~each Local Partnership~~Vision. Equity in loss in excess of the Trust'’s investment balance in aVision ~~Local Partnership~~ is allocated to other partners'’ capital in ~~any such Local Partnership~~Vision. As a result of cumulative equity losses and distributions, ~~and~~ the ~~sales of certain Local Partnerships' Properties and/or the~~ Trust'’s ~~Local Partnership Interests, the Trust's~~ investment in ~~local~~Vision ~~partnerships~~ reached a zero balance in a prior year.

During the ~~nine~~three months ended ~~December~~June 3029, ~~2016~~2017, the Trust sold its Local Partnership Interest in ~~ACP~~Creative ~~Housing~~Choice ~~Associates~~Homes VII, LLtd.P. ~~("ACP Housing")~~ to an ~~affiliate~~unaffiliated ofthird ~~the Local General Partner of ACP Housing~~party; the Trust received $1900,~~331,798~~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 ~~nine~~three months ended ~~December~~June 3029, ~~2016~~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 $10.0203 per share as of ~~December~~June 3029, ~~2016~~2017. An unrealized loss of $43,~~723~~939 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of ~~December~~June 3029, ~~2016~~2017. The Trust has earned $6473,~~181~~243 of interest revenue from the date of its initial investment in Pemberwick through ~~December~~June 3029, ~~2016~~2017.

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

NOTES TO FINANCIAL STATEMENTS - CONTINUED

~~DECEMBER~~JUNE 3029, ~~2016~~2017

(UNAUDITED)

4.	Additional Information

Additional information, including the audited March 30, ~~2016~~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, ~~2016~~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 ~~December~~June 3029, ~~2016~~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, ~~2016~~2017 resulting primarily from the receipt of ~~approximately~~ $1900,~~332,~~000 in connection with the sale of its interest in ~~ACP~~Creative ~~Housing~~Choice ~~Associates~~Homes VII, LLtd.P. (~~"ACP~~“Creative ~~Housing"~~Choice”) (see discussion below under Results of Operations and Local Partnership Matters). 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. ~~During~~As ~~the~~of ~~nine~~August ~~months ended December 30~~1, ~~2016~~2017, Registrant ~~received~~holds ~~cash~~a ~~from~~Local ~~interest~~Partnership ~~revenue,~~Interest ~~redemptions~~in ~~from~~one ~~Pemberwick~~Local ~~Fund~~Partnership, aVision ~~short~~Limited ~~duration~~Dividend ~~bond~~Housing ~~fund~~Association Limited Partnership (~~"Pemberwick"~~“Vision”). During the three months ended June 29, 2017, Registrant received cash from interest revenue and proceeds in connection with ~~ACP~~Creative ~~Housing~~Choice (see discussion above), and utilized cash for operating expenses and investments in Pemberwick Fund, a short duration bond fund (“Pemberwick”). Cash and cash equivalents and investment in Pemberwick increased, in the aggregate, by approximately $1774,~~284,~~000 during the ~~nine~~three months ended ~~December~~June 3029, ~~2016~~2017, ~~(which~~primarily ~~includes~~as anthe ~~unrealized~~result ~~loss~~of onproceeds ~~investment~~from inthe ~~Pemberwick~~sale of ~~approximately~~Registrant’s Local Partnership Interest in Creative Choice of $6900,000 (see discussion below under Local Partnership Matters), partially offset by the payment of previously deferred management fees of $100,000 and recurring operating expenses. Payable to manager and affiliates in the accompanying unaudited balance sheet as of ~~December~~June 3029, ~~2016~~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 June 29, 2017, net of all liabilities as of such date, of approximately $1,729,000. 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 ~~the~~Vision ~~Local Partnerships~~ and are impacted by ~~the~~Vision’s ~~Local Partnerships'~~ policies. In addition, the operating results herein are not necessarily the same for tax reporting. Registrant accounts for its investment in ~~local~~Vision ~~partnerships~~ in accordance with the equity method of accounting. Accordingly, the investment is carried at cost and is adjusted for Registrant'’s share of ~~each Local Partnership'~~Vision’s results of operations and by cash distributions received. In the event the operations of aVision ~~Local Partnership~~ result in a loss, equity in loss of ~~each~~Vision ~~investment in Local Partnership~~ allocated to Registrant is recognized to the extent of Registrant'’s investment balance in ~~each Local Partnership~~Vision. Equity in loss in excess of Registrant'’s investment balance in aVision ~~Local Partnership~~ is allocated to other partners'’ capital in ~~any such Local Partnership~~Vision. As a result of cumulative equity losses and distributions, ~~and the sales of certain Local Partnerships' Properties and/or~~ Registrant'’s ~~Local Partnership Interests, Registrant's~~ investment in ~~local~~Vision ~~partnerships~~ reached a zero balance in a prior year.

Cumulative losses and cash distributions in excess of Registrant’s investment in ~~local~~Vision ~~partnerships~~ may result from a variety of circumstances, including ~~a Local Partnership'~~Vision’s accounting policies, ~~subsidy structure,~~ 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 ~~a Local Partnership~~Vision.

Registrant'’s operations for the three months ended ~~December~~June 3029, ~~2016~~2017 and ~~2015~~2016 resulted in ~~losses~~net income (loss) of $22871,~~636~~704 and $94(32,~~778~~912), respectively. The ~~decrease~~increase in net income is primarily attributable to (i) again ~~decrease~~on insale ~~equity in loss~~ of ~~investment~~limited inpartner interests/local ~~partnerships~~partnership properties of ~~approximately~~ $56900,000, ~~which is the result of Registrant's investment in local partnerships reaching a zero balance as of March 30, 2016 and there being no equity in income (loss) recognized~~ during the three months ended ~~December~~June 3029, ~~2016,~~2017 and (ii) aan ~~decrease~~increase in ~~management~~interest ~~fees~~revenue of approximately $173,000. ~~Other comprehensive loss for the three months ended December 30, 2016 resulted from an unrealized loss on investment in Pemberwick of $6,493.~~

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 nine months ended December 30, 2016 and 2015 resulted in net income (loss) of $1,249,545 and $(100,630), respectively. The increase in net income is primarily attributable to (i) an increase in gain on sale of limited partner interests/local partnership properties of approximately $1,330,000 and (ii) a decrease in management fees of approximately $45,000, all partially offset by (i) a decrease in equity in income of investment in local partnerships of approximately $17,000, which is the result of Registrant's investment in local partnerships reaching a zero balance as of March 30, 2016 and there being no equity in income (loss) recognized during the nine months ended December 30, 2016, and (ii) a decrease in interest revenue and other income from local partnerships in the aggregate of approximately $9,000. Other comprehensive loss for the nine months ended December 30, 2016 resulted from an unrealized loss on investment in Pemberwick of $5,959.

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 ~~remaining~~ Local Partnership ~~Interests. As~~Interest ofin ~~February 2~~Vision, ~~2017,~~which ~~Registrant~~has ~~owns~~a ~~two~~30 ofyear ~~the~~Extended ~~ten~~Use ~~Local Partnership Interests initially acquired~~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 ~~remaining~~ Local Partnership ~~Interests~~Interest in Vision. It is ~~not~~uncertain ~~possible~~as to ~~ascertain~~ the amount, if any, that Registrant will receive ~~with~~in ~~respect~~connection towith ~~each specific Property from~~ such ~~sales~~sale or ~~assignments~~assignment. Registrant intends to dissolve after the final disposition of its ~~remaining~~ Local Partnership ~~Interests~~Interest in Vision; there can be no assurance as to when ~~Registrant~~such ~~will~~final ~~dispose~~disposition ofwill ~~its remaining Local Partnership Interests~~occur.

~~The~~Vision ~~remaining~~owns ~~Properties~~a ~~are~~97 ~~principally~~unit ~~comprised of~~ subsidized and leveraged low-income multifamily residential ~~complexes~~complex located in ~~Florida~~Detroit, ~~and~~ Michigan. ~~One~~Vision’s offinancing ~~the~~structure ~~two~~includes ~~remaining Local Partnerships receives rental subsidy payments under Section 8 of Title II of the Housing and Community Development Act of 1974~~ (~~"Section 8"~~i). ~~The~~required ~~subsidy~~debt ~~agreement~~service ispayments ~~scheduled to expire in 2019. Since October 1997, the United States Department of Housing~~ and ~~Urban Development~~ (~~"HUD"~~ii) ~~has~~debt ~~issued~~service apayments ~~series~~which ~~of directives related to project based Section 8 contracts that define owners' notification responsibilities, advise owners of project based Section 8 properties of what their options~~ are ~~regarding~~payable ~~the~~only ~~renewal~~from ofavailable ~~Section~~cash 8flow ~~contracts,~~subject ~~provide guidance and procedures~~ to ~~owners,~~the ~~management~~terms ~~agents, contract administrators~~ and ~~HUD~~conditions ~~staff concerning renewal~~ of ~~Section 8 contracts, provide policies and procedures on setting renewal rents and handling renewal rent adjustments and provide~~ the ~~requirements and procedures for opting-out of a Section 8 project based contract~~note. Registrant ~~cannot~~has ~~predict~~no ~~legislative~~legal ~~initiatives~~obligation ~~and governmental~~to ~~budget~~fund ~~negotiations,~~any the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs including the Section 8 program. Such changes could adversely affect the future net operating ~~income~~deficits ~~before debt service ("NOI") and debt structure~~ of ~~the Local Partnership currently receiving such subsidy~~Vision. ~~Such Local Partnership's Section 8 contract is currently subject to renewal under applicable HUD guidelines.~~

During the three months ended June 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 three months ended June 29, 2017.

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.

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).

~~The~~· ~~remaining~~Registrant ~~Local~~does ~~Partnerships~~not ~~have~~consolidate ~~financing~~the ~~structures~~accounts and activities of Vision, which ~~include~~is ~~(i)~~considered ~~required~~a ~~debt~~Variable ~~service~~Interest ~~payments~~Entity ~~("Mandatory~~as ~~Debt~~defined ~~Service"~~by Financial Accounting Standards Board (“FASB”) ~~and~~Accounting Standards Codification (ii“ASC”) ~~debt~~Topic ~~service~~810; ~~payments~~Subtopic ~~that~~10 ~~are~~because ~~payable~~Registrant ~~only~~is ~~from~~not ~~available~~considered ~~cash~~the ~~flow~~primary ~~subject~~beneficiary. toRegistrant’s investment balance in Vision represents the ~~terms~~maximum ~~and~~exposure ~~conditions~~to ofloss in connection with such investment. Vision’s partnership agreement grants the ~~notes,~~Vision ~~which~~Local ~~may~~General bePartner ~~subject~~the power to ~~specific~~direct ~~laws,~~the ~~regulations~~activities ~~and~~that ~~agreements~~most ~~with~~significantly ~~appropriate~~impact ~~federal~~Vision’s ~~and~~economic ~~state~~success. ~~agencies~~As ~~("Non-Mandatory~~a ~~Debt~~result ~~Service~~of orcumulative ~~Interest").~~equity ~~Registrant~~losses ~~has~~and nodistributions, ~~legal~~Registrant’s ~~obligation~~investment toin ~~fund~~Vision ~~any~~reached ~~operating~~a ~~deficits~~zero ofbalance ~~the~~in ~~remaining~~a ~~Local~~prior ~~Partnerships~~year.

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 local partnerships in accordance with the equity method of accounting.

· Registrant does not consolidate the accounts and activities of the Local Partnerships, which are considered Variable Interest Entities 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 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 financial strength of the Local General Partners. In addition, the Local Partnerships' partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships' economic success. As a result of cumulative equity losses and distributions, and the sale of certain Local Partnerships' Properties and/or Registrant's Local Partnership Interests, Registrant's investment in local partnerships 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.

AMERICAN TAX CREDIT TRUST,

A DELAWARE STATUTORY BUSINESS TRUST SERIES I

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.

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 ~~December~~June 3029, ~~2016~~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 ~~December~~June 3029, ~~2016~~2017.

There were no changes in Registrant'’s internal control over financial reporting during the three months ended ~~December~~June 3029, ~~2016~~2017 that have materially affected, or are reasonably likely to materially affect, Registrant'’s internal control over financial reporting.

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Part II - OTHER INFORMATION

Item 1. Legal Proceedings.

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.

	None.

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.*

~~None~~*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.

~~Item 1A. Risk Factors.~~12

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.

None.

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.

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	~~AMERICAN TAX CREDIT TRUST, A DELAWARE~~
	STATUTORY BUSINESS TRUST SERIES I	~~STATUTORY BUSINESS TRUST SERIES I~~
	By: Richman American Credit Corp.	~~By: Richman American Credit Corp.~~
	The Manager	~~The Manager~~
Dated: February 2, 2017		/s/Brian Myers
Dated: August 1, 2017	/s/Brian Myers
	By: Brian Myers	~~By: Brian Myers~~
	Chief Executive Officer	~~Chief Executive Officer~~
Dated: February 2, 2017		/s/James Hussey
Dated: August 1, 2017	/s/James Hussey
	By: James Hussey	~~By: James Hussey~~
	Chief Financial Officer	~~Chief Financial Officer~~
Dated: February 2, 2017		/s/Richard Paul Richman
Dated: August 1, 2017	/s/Richard Paul Richman
	By: Richard Paul Richman	~~By: Richard Paul Richman~~
	Sole Director	~~Sole Director~~

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Filing Compare · AMERICAN TAX CREDIT TRUST SERIES I