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 SeptemberJune 29, 20152016

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. (I.R.S. Employer Incorporation or 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"large accelerated filer,” “accelerated filer”" "accelerated filer" and “smaller"smaller reporting company”company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer             Accelerated Filer             Non-Accelerated Filer                Smaller Reporting Company      X   
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 Sheets3
   
Statements of Operations and Comprehensive Income (Loss)4
   
Statements of Cash Flows5
   
Notes to Financial Statements7
   
Item 2.
Management’sManagement's Discussion and Analysis of Financial Condition and Results of Operations.
9
   
Item 3.
Quantitative and Qualitative Disclosure About Market Risk.
12
   
Item 4.
Controls and Procedures.
12

2
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
BALANCE SHEETS
(UNAUDITED)
  June 29,  March 30, 
  2016  2016 
     
ASSETS    
     
Cash and liquid investments    
     
Cash and cash equivalents $1,916  $9,514 
Investment in Pemberwick Fund, a short duration bond fund  322,315   345,488 
         
  $324,231  $355,002 
         
LIABILITIES AND OWNERS' EQUITY (DEFICIT)        
         
Liabilities        
         
Accounts payable and accrued expenses $7,813  $26,021 
Payable to manager and affiliates  714,355   694,861 
         
   722,168   720,882 
         
Commitments and contingencies        
         
Owners' equity (deficit)        
         
Manager  (400,028)  (367,116)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)  
--
   
--
 
Accumulated other comprehensive income  2,091   1,236 
         
   (397,937)  (365,880)
         
  $324,231  $355,002 



  September 29,  March 30, 
  
2015
  
2015
 
       
ASSETS      
       
Cash and liquid investments      
       
Cash and cash equivalents $17,121  $18,886 
Investment in Pemberwick Fund, a short duration bond fund  343,826   363,917 
         
Total cash and liquid investments  360,947   382,803 
         
Investment in local partnerships  469,286   395,782 
         
  $830,233  $778,585 
         
LIABILITIES AND OWNERS' EQUITY (DEFICIT)        
         
Liabilities        
         
Accounts payable and accrued expenses
 $12,125  $15,925 
Payable to manager and affiliates
  648,615   586,503 
         
   660,740   602,428 
         
Commitments and contingencies        
         
Owners' equity (deficit)        
         
Manager  (162,201)  (162,142)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)  330,460   336,253 
Accumulated other comprehensive income  1,234   2,046 
         
   169,493   176,157 
         
  $830,233  $778,585 
See Notes to Financial Statements.
3
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
THREE MONTHS ENDED JUNE 29, 2016 AND SIX MONTH PERIODS ENDED SEPTEMBER 29, 2015 AND 2014
(UNAUDITED)

  2016  2015 
     
REVENUE    
     
Interest $972  $859 
         
TOTAL REVENUE  972   859 
         
EXPENSES        
         
Management fee  20,722   32,473 
Professional fees  11,060   10,957 
Printing, postage and other  2,102   6,247 
         
TOTAL EXPENSES  33,884   49,677 
         
   (32,912)  (48,818)
         
Equity in income of investment in local partnerships      52,184 
         
NET INCOME (LOSS)  (32,912)  3,366 
         
Other comprehensive income (loss) - Pemberwick Fund  855   (725)
         
COMPREHENSIVE INCOME (LOSS) $(32,057) $2,641 
         
NET INCOME (LOSS) ATTRIBUTABLE TO        
         
Manager $(32,912) $34 
Beneficial owners  --   3,332 
         
  $(32,912) $3,366 
         
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)
 $--  $.18 
  
Three Months
Ended
September 29,
2015
  
Six Months
Ended
 September 29,
 2015
  
Three Months
 Ended
September 29,
2014
  
Six Months
 Ended
September 29,
2014
 
             
REVENUE            
             
Interest $868  $1,727  $2,298  $3,891 
Other income from local partnerships  10,562   10,562       3,000 
                 
TOTAL REVENUE  11,430   12,289   2,298   6,891 
                 
EXPENSES                
                 
Management fee  32,136   64,609   32,472   59,625 
Professional fees  8,364   19,321   8,333   18,910 
Printing, postage and other  3,718   9,965   10,708   10,853 
                 
TOTAL EXPENSES  44,218   93,895   51,513   89,388 
                 
   (32,788)  (81,606)  (49,215)  (82,497)
                 
Equity in income of investment in local partnerships  21,320   73,504   76,912   157,742 
                 
INCOME (LOSS) PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES  (11,468)  (8,102)      27,697       75,245 
                 
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES    2,250     2,250         
                 
NET INCOME (LOSS)  (9,218)  (5,852)  27,697   75,245 
                 
Other comprehensive loss - investment in Pemberwick Fund  (87)  (812)  (1,425)  (125)
                 
COMPREHENSIVE INCOME (LOSS) $(9,305) $(6,664) $26,272  $75,120 
                 
NET INCOME (LOSS) ATTRIBUTABLE TO                
                 
Manager $(93) $(59) $277  $752 
Beneficial owners  (9,125)  (5,793)  27,420   74,493 
                 
  $(9,218) $(5,852) $27,697  $75,245 
                 
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)
 $(.49) $(.31) $ 1.47  $ 3.99 

See Notes to Financial Statements.
4
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
STATEMENTS OF CASH FLOWS
SIXTHREE MONTHS ENDED SEPTEMBERJUNE 29, 20152016 AND 20142015
(UNAUDITED)
  2016  2015 
     
CASH FLOWS FROM OPERATING ACTIVITIES    
     
Interest received $818  $859 
Cash paid for        
Management fees  (1,228)  (843)
Professional fees  (29,268)  (3,032)
Printing, postage and other expenses  (2,102)  (5,945)
         
Net cash used in operating activities  (31,780)  (8,961)
         
CASH FLOWS FROM INVESTING ACTIVITIES        
         
Investments in Pemberwick Fund  (818)  (854)
Redemptions from Pemberwick Fund  25,000     
         
Net cash provided by (used in) investing activities  24,182   (854)
         
Net decrease in cash and cash equivalents  (7,598)  (9,815)
         
Cash and cash equivalents at beginning of period  9,514   18,886 
         
CASH AND CASH EQUIVALENTS AT END OF PERIOD $1,916  $9,071 
         
         
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES        
         
Unrealized gain (loss) on investment in Pemberwick Fund $855  $(725)



  
2015
  
2014
 
       
CASH FLOWS FROM OPERATING ACTIVITIES      
       
Interest received $1,618  $3,024 
Cash paid for        
Management fees  (2,497)  (2,591)
Professional fees  (22,251)  (25,885)
Printing, postage and other expenses  (10,835)  (11,890)
         
Net cash used in operating activities  (33,965)  (37,342)
         
CASH FLOWS FROM INVESTING ACTIVITIES        
         
Proceeds in connection with sale of limited partner interests/local partnership properties  2,250     
Investments in Pemberwick Fund  (1,612)  (2,937)
Redemptions from Pemberwick Fund  21,000   95,000 
Distributions received from local partnerships  10,562   63,233 
         
Net cash provided by investing activities  32,200   155,296 
         
CASH FLOWS FROM FINANCING ACTIVITIES        
         
Distributions to owners      (131,824)
         
Net cash used in financing activities      (131,824)
         
Net decrease in cash and cash equivalents  (1,765)  (13,870)
         
Cash and cash equivalents at beginning of period  18,886   111,475 
         
CASH AND CASH EQUIVALENTS AT END OF PERIOD $17,121  $97,605 
         
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES        
         
Unrealized loss on investment in Pemberwick Fund $(812) $(125)

See reconciliation of net income (loss) 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
SIXTHREE MONTHS ENDED SEPTEMBERJUNE 29, 20152016 AND 20142015
(UNAUDITED)

  2016  2015 
     
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES    
     
Net income (loss) $(32,912) $3,366 
         
Adjustments to reconcile net income (loss) to net cash used in operating activities        
         
Gain on redemptions from Pemberwick Fund  (154)    
Equity in income of investment in local partnerships      (52,184)
Increase (decrease) in accounts payable and accrued expenses  (18,208)  8,227 
Increase in payable to manager and affiliates  19,494   31,630 
         
NET CASH USED IN OPERATING ACTIVITIES $(31,780) $(8,961)
  
2015
  
2014
 
       
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES      
       
Net income (loss) $(5,852) $75,245 
         
Adjustments to reconcile net income (loss) to net cash used in operating activities        
         
Equity in income of investment in local partnerships
  (73,504)  (157,742)
   Gain on sale of limited partner interests/local partnership properties  (2,250)    
Gain on redemptions from Pemberwick Fund
  (109)  (867)
Other income from local partnerships
  (10,562)  (3,000)
Decrease in accounts payable and accrued expenses
  (3,800)  (8,012)
Increase in payable to manager and affiliates
  62,112   57,034 
         
NET CASH USED IN OPERATING ACTIVITIES $(33,965) $(37,342)
 
See Notes to Financial Statements.

6

AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
NOTES TO FINANCIAL STATEMENTS
SEPTEMBERJUNE 29, 20152016
(UNAUDITED)

1.Basis of Presentation

The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the “Trust”"Trust") have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”("GAAP") for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. The results of operations are impacted, in part, by the combined results of operations of the Trust’s investee partnerships (the “Local Partnerships”), which are provided by the general partners of the Local Partnerships (the “Local General Partners”) on an unaudited basis during interim periods. Accordingly, the accompanying unaudited financial statements are dependent on such unaudited information. In the opinion of the manager of the Trust (the “Manager”"Manager"), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of SeptemberJune 29, 20152016 and the results of operations and cash flows for the interim periodsperiod presented. All adjustments are of a normal recurring nature. The results of operations for the sixthree months ended SeptemberJune 29, 20152016 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"Local Partnership Interests”Interest" or "Local Partnership Interests") in ten 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”"Advances") made to certain Local Partnerships and all of which has been paid. As of SeptemberJune 29, 2015,2016, the Trust holds a Local Partnership Interest in fivethree Local Partnerships.Partnerships (see discussion below herein Note 2 regarding the Trust's sale of its Local Partnership Interest in ACP Housing Associates, L.P. ("ACP Housing") subsequent to June 29, 2016). The Trust has no legal obligation to fund any operating deficits of the remaining Local Partnerships.

During the six months ended September 29, 2015, the Trust sold its Local Partnership Interest in Ledge/McLaren Limited Partnership (“Ledge/McLaren”) to an affiliate The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the "Local General Partner of Ledge/McLaren; the Trust received $2,250 in connection with the sale. Such amount is reflected as gainPartners") on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) for the six months ended September 29, 2015. After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in Ledge/McLaren had reached a zero balance prior to the sale.an unaudited basis during interim periods.

For the six months ended September 29, 2015, the investment in local partnerships activity consists of the following:

Investment in local partnerships as of March 30, 2015 $395,782 
     
Distributions from Local Partnerships  (10,562)
     
Distributions classified as other income  10,562 
     
Equity in income of investment in local partnerships  73,504*
     
Investment in local partnerships as of September 29, 2015 $469,286 
*In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Trust is recognized to the extent of the Trust’sTrust's investment balance in each Local Partnership. Equity in loss in excess of the Trust’sTrust's investment balance in a Local Partnership is allocated to other partners’partners' capital in any such Local Partnership.
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 partnerships reached a zero balance in a prior year.

Subsequent to June 29, 2016, the Trust sold its Local Partnership Interest in ACP Housing to an affiliate of the Local General Partner of ACP Housing. The Trust received $1,331,798 in connection with the sale.

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 $10.07 per share as of June 29, 2016. An unrealized gain of $2,091 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of June 29, 2016. The Trust has earned $57,639 of interest revenue from the date of its initial investment in Pemberwick through June 29, 2016.
7
AMERICAN TAX CREDIT TRUST,
A DELAWARE STATUTORY BUSINESS TRUST SERIES I
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SEPTEMBERJUNE 29, 20152016
(UNAUDITED)

2.Investment in Local Partnerships (Continued)

The Trust’s investment in St. John Housing Associates, L.P. (“St. John Housing”) represents more than 20% of the Trust’s total assets as of September 29, 2015 and the equity in income from the Trust’s investment in St. John Housing represents more than 20% of the Trust’s net loss for the six months then ended. The following financial information represents certain unaudited balance sheet and operating statement data of St. John Housing as of and for the six months ended June 30, 2015:

Total assets $5,279,624 
     
Total liabilities $2,617,508 
     
Revenue $671,443 
     
Net income $74,246 

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 $10.04 per share as of September 29, 2015. An unrealized gain of $1,234 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of September 29, 2015. The Trust has earned $55,007 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2015.

4.Additional Information

Additional information, including the audited March 30, 20152016 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, 20152016 on file with the Securities and Exchange Commission.
8
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 SeptemberJune 29, 2015,2016, American Tax Credit Trust, a Delaware statutory business trust Series I (the “Registrant”"Registrant") has not experienced a significant change in financial condition as compared to March 30, 2015.2016. Principal changes in assets are comprised of periodic transactions and adjustments andadjustments. Registrant had acquired a limited partner equity interest (the "Local Partnership Interest" or "Local Partnership Interests") in income (loss) from operations of Registrant’s investeeten partnerships (the “Local Partnerships”"Local Partnership" or "Local Partnerships"), which ownthat own/owned low-income multifamily residential complexes (the “Properties”"Property" or "Properties") that qualified for the low-income housing tax credit (the “Low-income"Low-income Housing Tax Credit”Credit") in accordance with Section 42 of the Internal Revenue Code. During the sixthree months ended SeptemberJune 29, 2015,2016, Registrant received cash from interest revenue and redemptions from Pemberwick Fund, a short duration bond fund (“Pemberwick”) and the sale of its Local Partnership Interest in Ledge/McLaren Limited Partnership (“Ledge/McLaren”) (see discussion below under Local Partnership Matters("Pemberwick"), and utilized cash for operating expenses and investments in Pemberwick. Cash and cash equivalents and investment in Pemberwick decreased, in the aggregate, by approximately $22,000$31,000 during the sixthree months ended SeptemberJune 29, 20152016 (which includes an unrealized lossgain on investment in Pemberwick of approximately $1,000)$900). During the six months ended September 29, 2015, the investment in local partnerships increased as a result of Registrant's equity in the Local Partnerships' net income for the six months ended June 30, 2015 of $73,504. Payable to manager and affiliates in the accompanying unaudited balance sheet as of SeptemberJune 29, 20152016 represents deferred management fees.

Results of Operations

Registrant’sRegistrant's operating results are dependent, in part, uponon the operating results of the Local Partnerships and are impacted by the Local Partnerships’Partnerships' policies. In addition, the operating results herein are not necessarily the same for tax reporting. Registrant accounts for its investment in local partnerships in accordance with the equity method of accounting. Accordingly, the investment is carried at cost and is adjusted for Registrant’sRegistrant's share of each Local Partnership’sPartnership's results of operations and by cash distributions received. In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to Registrant is recognized to the extent of Registrant’sRegistrant's investment balance in each Local Partnership. Equity in loss in excess of Registrant’sRegistrant's investment balance in a Local Partnership is allocated to other partners’partners' capital in any such Local Partnership. 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 partnerships reached a zero balance in a prior year.

Cumulative losses and cash distributions in excess of investment in local partnerships may result from a variety of circumstances, including a Local Partnership's accounting policies, subsidy structure, debt structure and operating deficits, among other things. In addition, the book value of Registrant’s investment in each Local Partnership (the “Local Partnership Carrying Value”) may be reduced if the Local Partnership Carrying Value is considered to exceed the estimated value derived by management. Accordingly, cumulative losses and cash distributions in excess of the investment or an adjustment to a Local Partnership’s Carrying Value are not necessarily indicative of adverse operating results of a Local Partnership.

Registrant’sRegistrant's operations for the three months ended SeptemberJune 29, 20152016 and 20142015 resulted in net income (loss) of $(9,218)$(32,912) and $27,697,$3,366, respectively. The increase in net loss is primarily attributable to a decrease in equity in income of investment in local partnerships of approximately $56,000,$52,000, which is the result of Registrant's investment in local partnerships reaching a decreasezero balance as of March 30, 2016 and there being no equity in income (loss) recorded during the net income of St. John Housing Associates, L.P. (“St. John Housing”), the only Local Partnership in which Registrant continues to have an investment balance,three months ended June 29, 2016, partially offset by (i) a net decrease in operating expenses of approximately $7,000 and (ii) a net increase in interest revenue and other income from local partnerships of approximately $9,000.$16,000. Other comprehensive lossincome for the three months ended SeptemberJune 29, 20152016 resulted from an unrealized lossgain on investment in Pemberwick of $87.
$855.
9
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 six months ended September 29, 2015 and 2014 resulted in net income (loss) of $(5,852) and $75,245, respectively. The increase in net loss is primarily attributable to a decrease in equity in income of investment in local partnerships of approximately $84,000, which is the result of a decrease in the net income of St. John Housing. Other comprehensive loss for the six months ended September 29, 2015 resulted from an unrealized loss on investment in Pemberwick of $812.Local Partnership Matters

Local Partnership Matters

Registrant's primary objective, to provide Low-income Housing Tax Credits to the Beneficial Owners,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"Ten Year Credit Period”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"Extended Use Provisions”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 of October 30, 2015,August 1, 2016, Registrant owns fivetwo of the ten Local Partnership Interests initially acquired. In a prior year, Registrant served a demand on the general partners of the Local Partnerships (the “Local"Local General Partners”Partners") to commence a sale process to dispose of the Properties. In the event a sale cannot be consummated, it is the Manager’sManager's intention to sell or assign Registrant’sRegistrant's remaining Local Partnership Interests. It is not possible to ascertain the amount, if any, that Registrant will receive with respect to each specific Property from such sales or assignments. Registrant intends to dissolve after the final disposition of its remaining Local Partnership Interests; there can be no assurance as to when Registrant will dispose of its remaining Local Partnership Interests.

The remaining Properties are principally comprised of subsidized and leveraged low-income multifamily residential complexes located throughout the United States. Threein Florida and Michigan. One of the fivetwo remaining Local Partnerships receivereceives rental subsidy payments under Section 8 of Title II of the Housing and Community Development Act of 1974 (“("Section 8”8"). The subsidy agreementsagreement is scheduled to expire at various times.in 2019. Since October 1997, the United States Department of Housing and Urban Development (“HUD”("HUD") has issued a series of directives related to project based Section 8 contracts that define owners’owners' notification responsibilities, advise owners of project based Section 8 properties of what their options are regarding the renewal of Section 8 contracts, provide guidance and procedures to owners, management agents, contract administrators and HUD 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. Registrant cannot predict legislative initiatives and governmental budget negotiations, 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 before debt service (“NOI”("NOI") and debt structure of the Local PartnershipsPartnership currently receiving such subsidy. The threeSuch Local Partnerships’Partnership's Section 8 contracts arecontract is currently subject to renewal under applicable HUD guidelines. Two of the Local Partnerships entered into restructuring agreements in prior years, resulting in changes to both rent subsidy and mandatory debt service.

10
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 Local Partnerships have various financing structures which include (i) required debt service payments ("Mandatory Debt Service") and (ii) debt service payments that are payable only from available cash flow subject to the terms and conditions of the notes, which may be subject to specific laws, regulations and agreements with appropriate federal and state agencies ("Non-Mandatory Debt Service or Interest"). Registrant has no legal obligation to fund any operating deficits of the remaining Local Partnerships.
10

During the six months ended September 29, 2015,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).

In July 2016, Registrant sold its Local Partnership Interest in Ledge/McLarenACP Housing Associates, L.P. ("ACP Housing") to an affiliate of the Local General Partner of Ledge/McLaren;ACP Housing. Registrant received $2,250$1,331,798 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) for the six months ended September 29, 2015.

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”("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’sRegistrant'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.
·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 income (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 estimated residual value of the investment.
  
·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”("FASB") Accounting Standards Codification (“ASC”("ASC") Topic 810; Subtopic 10 because Registrant is not considered the primary beneficiary. Registrant’sRegistrant's balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments. Registrant’sRegistrant'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’Partnerships' partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships’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.
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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).

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”"forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”"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”"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”"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’sRegistrant'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.
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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 SeptemberJune 29, 2015.2016. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of the Manager concluded that Registrant’sRegistrant's disclosure controls and procedures were effective as of SeptemberJune 29, 2015.2016.

There were no changes in Registrant’sRegistrant's internal control over financial reporting during the three months ended SeptemberJune 29, 20152016 that have materially affected, or are reasonably likely to materially affect, Registrant’sRegistrant'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 has disposed of one of the six Local Partnership Interests owned as of June 26, 2015 (the date on which Registrant filed its Annual Report on Form 10-K for the year ended March 30, 2015). There have been no other material changes from the risk factors previously disclosed in Item 1A of Registrant’s Annual Report on Form 10-K for the year ended March 30, 2015.
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.

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 31.1Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
 
Exhibit 31.2Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
 
Exhibit 32.1Section 1350 Certification of Chief Executive Officer.
 
Exhibit 32.2Section 1350 Certification of Chief Financial Officer.
 Exhibit 101.ins -XBRL Instance.* 
 Exhibit 101.xsd -101.insXBRL Schema.*
Exhibit 101.cal - XBRL Calculation.*
Exhibit 101.def - XBRL Definition.*
Exhibit 101.lab - XBRL Label.*
Exhibit 101.pre - XBRL Presentation.Instance.*
   
  *Pursuant to Rule 406T of Regulation S-T, the Exhibit 101.xsdXBRL related information in Schema.*
Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed “filed”101.calXBRL Calculation.*
Exhibit 101.defXBRL Definition.*
Exhibit 101.labXBRL Label.*
Exhibit 101.preXBRL 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.


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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 30, 2015August 1. 2016
/s/Brian Myers
 By: Brian Myers
 Chief Executive Officer
  
  
  
Dated: October 30, 2015August 1. 2016
/s/James Hussey
 
By:James Hussey
 Chief Financial Officer
  
  
  
Dated: October 30, 2015August 1. 2016
/s/Richard Paul Richman
 
By:Richard Paul Richman
 Sole Director



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