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~~December 2930, 2013

[ ] 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: 0-17619

American Tax Credit Properties L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware	13-3458875
(State or Other Jurisdiction of Organization)	(I.R.S. Employer Incorporation or Identification No.)
Richman Tax Credit Properties L.P.
340 Pemberwick Road
Greenwich, Connecticut	06831
(Address of Principal Executive Offices)	(Zip Code)

Richman Tax Credit Properties L.P.
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 o Accelerated Filer o Non-Accelerated Filer o Smaller Reporting Company xX

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

As of ~~November~~February 15, ~~2013~~2014, there are 41,286 units of limited partnership interest outstanding.

AMERICAN TAX CREDIT PROPERTIES L.P.

PART I - FINANCIAL INFORMATION

Table of Contents

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 Financial Condition and Results of Operations.	9

Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	12

Item 4.	Controls and Procedures.	12

		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 Financial Condition and Results of Operations.	9
Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	12
Item 4.	Controls and Procedures.	13

AMERICAN TAX CREDIT PROPERTIES L.P.

BALANCE SHEETS

(UNAUDITED)

	September 29,			March 30,
	December 30,			March 30,
	2013			2013
ASSETS
Cash and cash equivalents	$	~~261~~126,~~132~~287		$	2,286,126
Investment in Pemberwick Fund - a short duration bond fund		21,~~832~~849,~~503~~485			928,287
	$	31,~~093~~975,~~635~~772		$	3,214,413
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses	$	1714,~~250~~375		$	54,630
Payable to general partner and affiliates		864,~~485~~172			27,088
		103,735			81,718
		18,547			81,718
Commitments and contingencies
Partners' equity (deficit)
General partner		(~~335~~346,~~393~~133	)		(334,477	)
Limited partners (41,286 units of limited partnership interest outstanding)		32,~~319~~301,~~573~~525			3,456,864
Accumulated other comprehensive income		51,~~720~~833			10,308
		2,989,900			3,132,695
		1,957,225			3,132,695
	$	31,~~093~~975,~~635~~772		$	3,214,413

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES L.P.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

THREE AND ~~SIX~~NINE MONTH PERIODS ENDED ~~SEPTEMBER~~DECEMBER 2930, 2013 AND 2012

(UNAUDITED)

	Three Months Ended September 29, 2013			Six Months Ended September 29, 2013			Three Months Ended September 29, 2012			Six Months Ended September 29, 2012
	Three Months Ended December 30, 2013			Nine Months Ended December 30, 2013			Three Months Ended December 30, 2012			Nine Months Ended December 30, 2012
REVENUE
Interest	$	610,~~324~~996		$	920,~~300~~296		$	35,~~503~~884		$	612,~~937~~821
TOTAL REVENUE		610,~~324~~996			920,~~300~~296			35,~~503~~884			612,~~937~~821
EXPENSES
Administration fees		169,~~809~~629			3343,~~617~~246			17,~~788~~393			3754,~~329~~722
Management fee		169,~~053~~197			3241,~~106~~303			16,~~988~~611			3552,~~651~~262
Professional fees		217,~~752~~536			2936,~~431~~967			1615,~~826~~380			3147,~~804~~184
State of New Jersey filing fee								17,840			3553,~~680~~520
Printing, postage and other		315,~~944~~628			521,~~781~~409			35,~~960~~440			712,~~495~~935
TOTAL EXPENSES		5841,~~558~~990			~~100~~142,~~935~~925			7372,~~402~~664			~~147~~220,~~959~~623
		(52,234	)		(91,635	)		(69,899	)		(141,022	)
		(30,994	)		(122,629	)		(66,780	)		(207,802	)
Equity in loss of investment in local partnerships								~~(16,276~~	)		(10,295	)
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/ LOCAL PARTNERSHIP PROPERTIES		(5230,~~234~~994	)		(91122,~~635~~629	)		(8666,~~175~~780	)		(~~151~~218,~~317~~097	)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES								1630,~~276~~539			1,~~674~~705,~~704~~243
NET INCOME (LOSS)		(5230,~~234~~994	)		(91122,~~635~~629	)		(6936,~~899~~241	)		1,~~523~~487,~~387~~146
Other comprehensive income (loss) - Pemberwick Fund		~~925~~(3,887	)		(48,~~588~~475	)		8(1,~~952~~794	)		98,~~954~~160
COMPREHENSIVE INCOME (LOSS)	$	(5134,~~309~~881	)	$	(96131,~~223~~104	)	$	(6038,~~947~~035	)	$	1,~~533~~495,~~341~~306
NET INCOME (LOSS) ATTRIBUTABLE TO
General partner	$	(~~522~~310	)	$	(~~916~~1,226	)	$	(~~699~~363	)	$	1514,~~234~~871
Limited partners		(5130,~~712~~684	)		(90121,~~719~~403	)		(6935,~~200~~878	)		1,~~508~~472,~~153~~275
	$	(5230,~~234~~994	)	$	(91122,~~635~~629	)	$	(6936,~~899~~241	)	$	1,~~523~~487,~~387~~146
NET INCOME (LOSS) per unit of limited partnership interest (41,286 units of limited partnership interest)	$	(1.2674	)	$	(2.2094	)	$	(1.6887	)	$	3635.5366

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES L.P.

STATEMENTS OF CASH FLOWS

~~SIX~~NINE MONTHS ENDED ~~SEPTEMBER~~DECEMBER 2930, 2013 AND 2012

(UNAUDITED)

	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$	920,~~300~~296		$	612,~~937~~821
Cash paid for
Administration fees		(656,~~326~~465	)		(584,~~361~~335	)
Professional fees		(59,731	)		(54,049	)
Management fees		(51,000	)		(100,311	)
Professional fees		(70,142	)		(58,294	)
State of New Jersey filing fee		(1,438	)		(83,950	)
Printing, postage and other expenses		(1127,~~423~~051	)		(914,~~533~~973	)
Net cash used in operating activities		(69185,~~618~~800	)		(~~145~~329,~~956~~042	)
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in Pemberwick Fund		(1,~~908~~913,~~804~~957	)		(610,~~865~~661	)
Redemptions from Pemberwick Fund		984,284			85258,~~223~~431
Distributions received from local partnerships					3787,500
Proceeds in connection with sale of limited partner interests/local partnership properties					2,~~232~~263,~~801~~340
Net cash provided by (used in) investing activities		(1929,~~908,804~~673	)		2,~~348~~598,~~659~~610
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners		(461,~~572~~044,366	)
Net cash used in financing activities		(461,~~572~~044,366	)
Net increase (decrease) in cash and cash equivalents		(2,~~024~~159,~~994~~839	)		2,~~202~~269,~~703~~568
Cash and cash equivalents at beginning of period		2,286,126			29,291
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	~~261~~126,~~132~~287		$	2,~~231~~298,~~994~~859
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain (loss) on investment in Pemberwick Fund	$	(48,~~588~~475	)	$	98,~~954~~160

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

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

~~SIX~~NINE MONTHS ENDED ~~SEPTEMBER~~DECEMBER 2930, 2013 AND 2012

(UNAUDITED)

	2013	~~2013~~			2012
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES
Net income (loss)		$	(91122,~~635~~629	)	$	1,~~523~~487,~~387~~146
Adjustments to reconcile net income (loss) to net cash used in operating activities
Equity in loss of investment in local partnerships						10,295
Gain on sale of limited partner interests/local partnership properties						(1,~~674~~705,~~704~~243	)
Decrease in accounts payable and accrued expenses			(3740,~~380~~255	)		(7243,~~553~~578	)
Increase in due to general partner and affiliates			59,397			67,619
Decrease in due to general partner and affiliates			(22,916	)		(77,662	)
NET CASH USED IN OPERATING ACTIVITIES		$	(69185,~~618~~800	)	$	(~~145~~329,~~956~~042	)

See Notes to Financial Statements.

AMERICAN TAX CREDIT PROPERTIES L.P.

NOTES TO FINANCIAL STATEMENTS

~~SEPTEMBER~~DECEMBER 2930, 2013

(UNAUDITED)

1.	Basis of Presentation

The accompanying unaudited financial statements of American Tax Credit Properties L.P. (the “Partnership”) 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 general partner of the Partnership (the “General Partner”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of ~~September~~December 2930, 2013 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~~nine months ended ~~September~~December 2930, 2013 are not necessarily indicative of the results that may be expected for the entire year.

2.	Investment in Local Partnerships

The Partnership initially acquired limited partner equity interests (the “Local Partnership Interests”) in nineteen partnerships (the “Local Partnerships”) representing capital contributions in the aggregate amount of $36,228,149, which includes voluntary advances (the “Advances”) made to certain Local Partnerships and all of which has been paid. As of ~~September~~December 2930, 2013, the Partnership holds a Local Partnership Interest in ~~three~~two Local Partnerships (see discussion below regarding the potential sale of the Partnership’s remaining Local Partnership Interests). The Partnership has no legal obligation to fund any operating deficits of the Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the “Local General Partners”) on an unaudited basis during interim periods.

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 Partnership is recognized to the extent of the Partnership’s investment balance in each Local Partnership. Equity in loss in excess of the Partnership’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sale of certain Local Partnerships’ Properties and/or the Partnership’s Local Partnership Interests, the Partnership’s investment in local partnerships reached a zero balance during the year ended March 30, 2013.

During the ~~year~~nine months ended ~~March~~December 30, 2013, the Partnership ~~entered~~sold ~~into contracts to sell~~ its Local Partnership ~~Interests~~Interest in ~~Santa~~Cobbet ~~Juanita~~Hill ~~Limited~~Associates ~~Dividend Partnership L.P. (“Santa Juanita”) and Vista del Mar~~ Limited ~~Dividend~~ Partnership ~~L.P.~~ (“~~Vista del Mar~~Cobbet”) to anone ~~affiliate~~ of the Local General Partners of ~~Santa Juanita and Vista del Mar~~Cobbet; there ~~will~~were be no proceeds in connection with the ~~proposed sales~~sale. ~~Such~~One ~~Local~~of ~~Partnerships have~~ the ~~same~~ Local General ~~Partner.~~Partners ~~The~~of ~~proposed~~Cobbet ~~sales~~is ~~are~~an ~~subject~~affiliate ~~to the approval~~ of the ~~United~~General ~~States Department of Housing and Urban Development (“HUD”)~~Partner; ~~there~~such ~~can~~Local beGeneral noPartner ~~assurance~~was ~~that~~not ~~HUD~~involved ~~will~~in ~~approve either or both of~~ the ~~contracts~~sale. ~~After accounting for its share of cumulative income, losses and distributions, the Partnership’s investment in Santa Juanita and Vista del Mar reached a zero balance in a prior year.~~

During the year ended March 30, 2013, the Partnership entered into acontracts ~~contract~~ to sell its Local Partnership ~~Interest~~Interests in ~~Cobbet~~Santa ~~Hill~~Juanita ~~Associates~~Limited Dividend Partnership (“Santa Juanita”) and Vista del Mar Limited Dividend Partnership (“~~Cobbet~~Vista del Mar”) to ~~one~~an affiliate of the Local General Partners of ~~Cobbet~~Santa Juanita and Vista del Mar; there will be no proceeds in connection with the proposed ~~sale~~sales. ~~One~~Such ~~of the~~ Local ~~General~~Partnerships ~~Partners~~have ~~of Cobbet is an affiliate of~~ the ~~General~~same ~~Partner; such~~ Local General Partner ~~is not involved in the proposed sale~~. The proposed ~~sale~~sales isare subject to the approval of ~~Cobbet’s~~the ~~mortgage~~United ~~lender,~~States ~~the~~Department ~~Massachusetts~~of Housing ~~Finance~~and ~~Agency~~Urban Development (“~~MHFA~~HUD”); there can be no assurance that ~~MHFA~~HUD will approve ~~the~~either ~~contract.~~or ~~After~~both ~~accounting for its share~~ of ~~cumulative income, losses and distributions,~~ the ~~Partnership’s investment in Cobbet reached a zero balance in a prior year~~contracts.

AMERICAN TAX CREDIT PROPERTIES L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

~~SEPTEMBER~~DECEMBER 2930, 2013

(UNAUDITED)

2. Investment in Local Partnerships (Continued)

Cobbet was originally financed with a first mortgage with mandatory monthly payment terms with MHFA and a second mortgage with MHFA under the State Housing Assistance for Rental Production Program (the “SHARP Operating Loan”) whereby proceeds would be advanced monthly as an operating subsidy (the “Operating Subsidy Payments”). The terms of the SHARP Operating Loan called for declining Operating Subsidy Payments over its term (not more than 15 years). However, due to the economic condition of the Northeast region in the early 1990’s, MHFA instituted an operating deficit loan (the “ODL”) program that supplemented the scheduled reduction in the Operating Subsidy Payments. Effective October 1, 1997, MHFA announced its intention to eliminate the ODL program, such that Cobbet no longer receives the ODL, without which Cobbet has been unable to make the full mandatory debt service payments on its first mortgage. MHFA issued a formal notice of default dated February 2, 2004. Since the date MHFA ceased funding the ODL through December 31, 2012, Cobbet has accumulated over $13,134,000 of arrearages and other charges on the first mortgage; as a result of the default, principal and accrued interest in excess of $26,000,000 in connection with the first mortgage, the SHARP Operating Loan and the ODL are considered currently due.

3.	Investment in Pemberwick Fund

The Partnership carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Partnership’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 Partnership has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.0708 per share as of ~~September~~December 2930, 2013. An unrealized gain of $51,~~720~~833 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of ~~September~~December 2930, 2013. As of ~~September~~December 2930, 2013, the Partnership has earned $6172,~~357~~227 of interest revenue from its investment in Pemberwick.

4.	Distributions to Partners

During the ~~six~~nine months ended ~~September~~December 2930, 2013, the Partnership ~~paid~~made ~~non-resident~~a ~~withholding~~distribution ~~taxes~~to ~~of $46,572 on behalf of certain of~~ its limited partners (the “Limited Partners”) inof ~~connection~~$25 ~~with~~per aunit ~~Local~~of ~~Partnership’s~~limited ~~sale~~partnership ofinterest ~~its~~to ~~underlying~~unit ~~Property~~holders ~~during~~of ~~the~~record ~~year~~as ~~ended~~of ~~December~~August 3130, ~~2012~~2013. Part ~~Such~~of ~~amount~~the isdistribution ~~reflected~~included ~~as distributions to partners in~~ the ~~accompanying~~payment ~~unaudited statement~~ of ~~cash~~non-resident ~~flows~~withholding ~~for~~taxes ~~the~~on ~~six~~behalf ~~months~~of ~~ended~~certain ~~September~~Limited ~~29,~~Partners ~~2013.~~in Inconnection ~~October~~with ~~2013,~~a ~~the~~Local Partnership’s ~~made~~sale ~~a distribution~~ of ~~$25~~its ~~per~~underlying ~~unit~~Property ofand ~~limited~~the ~~partnership~~resulting ~~interest~~gain toduring ~~unit~~the ~~holders~~year ofended ~~record~~December ~~as of August 30~~31, ~~2013~~2012. ~~After~~The ~~deducting~~total ~~the~~distributions ~~withholding taxes noted above, the additional distribution~~ to the Limited Partners ~~was~~and ~~$987,364;~~ the ~~distribution to the~~ General Partner ~~was~~were $1,033,936 and $10,430, respectively.

5.	Additional Information

Additional information, including the audited March 30, 2013 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Partnership's Annual Report on Form 10-K for the fiscal year ended March 30, 2013 on file with the Securities and Exchange Commission.

AMERICAN TAX CREDIT PROPERTIES L.P.

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

Material Changes in Financial Condition

As of ~~September~~December 2930, 2013, American Tax Credit Properties L.P. (the “Registrant”) has ~~not~~ experienced a significant change in financial condition as compared to March 30, 2013, primarily as the result of distributions to the limited partners (the “Limited Partners”) and the general partner (the “General Partner”) (see discussion below). Principal changes in assets are comprised of periodic transactions and adjustments. Registrant owns a limited partner equity interest (the “Local Partnership Interests”) in partnerships (the “Local Partnerships”), which own low-income multifamily residential complexes (the “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 the ~~six~~nine months ended ~~September~~December 2930, 2013, Registrant received cash from interest revenue and ~~utilized~~redemptions ~~cash~~from ~~for operating expenses, investments in~~ Pemberwick Fund, a short duration bond fund (“Pemberwick”), and ~~non-resident~~utilized ~~withholding~~cash ~~taxes~~for ~~paid~~operating onexpenses, ~~behalf~~investments ofin ~~certain~~Pemberwick ofand ~~its~~distributions ~~limited~~to ~~partners~~its ~~(the “Limited Partners”) (see discussion below)~~partners. Cash and cash equivalents and investment in Pemberwick decreased, in the aggregate, by approximately $~~121~~1,239,000 during the ~~six~~nine months ended ~~September~~December 2930, 2013 (which includes an unrealized loss on investment in Pemberwick of approximately $58,000). Payable to general partner and affiliates ~~represents accrued administration and management fees~~ in the accompanying unaudited balance sheet as of ~~September~~December 2930, 2013 represents accrued administration and management fees.

During the ~~six~~nine months ended ~~September~~December 2930, 2013, Registrant ~~paid~~made ~~non-resident~~a ~~withholding~~distribution ~~taxes~~to ~~of $46,572 on behalf of certain of~~ the Limited Partners inof ~~connection~~$25 ~~with~~per aunit ~~Local~~of ~~Partnership’s~~limited ~~sale~~partnership ofinterest ~~its~~to ~~underlying~~unit ~~Property~~holders ~~during~~of ~~the~~record ~~year~~as ~~ended~~of ~~December~~August 3130, ~~2012~~2013. Part ~~Such~~of ~~amount~~the isdistribution ~~reflected~~included ~~as distributions to partners in~~ the ~~accompanying~~payment ~~unaudited statement~~ of ~~cash~~non-resident ~~flows~~withholding ~~for~~taxes ~~the~~on ~~six~~behalf ~~months~~of ~~ended~~certain ~~September~~Limited ~~29,~~Partners ~~2013.~~in Inconnection ~~October~~with ~~2013, Registrant made~~ a ~~distribution~~Local ofPartnership’s ~~$25~~sale ~~per unit~~ of ~~limited~~its ~~partnership~~underlying ~~interest~~Property toand ~~unit~~the ~~holders~~resulting ofgain ~~record~~during ~~as of August 30, 2013. After deducting~~ the ~~withholding~~year ~~taxes~~ended ~~noted~~December ~~above~~31, ~~the~~2012. ~~additional~~The ~~distribution~~total distributions to the Limited Partners ~~was~~and ~~$987,364;~~ the ~~distribution to the~~ General Partner ~~was~~were $1,033,936 and $10,430, respectively.

Results of Operations

Registrant’s operating results are dependent, in part, upon the operating results of the Local Partnerships and are impacted by the Local 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’s share of each Local Partnership’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’s investment balance in each Local Partnership. Equity in loss in excess of Registrant’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership. 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 during the year ended March 30, 2013.

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. Accordingly, cumulative losses and cash distributions in excess of the investment are not necessarily indicative of adverse operating results of a Local Partnership.

Registrant’s operations for the three months ended ~~September~~December 2930, 2013 and 2012 ~~resulted~~have innot varied significantly, as reflected by the net losses of $5230,~~234~~994 and $6936,~~899~~241, respectively. ~~The~~Operating expenses reflect a net decrease isof ~~primarily~~approximately ~~attributable~~$31,000, due in part to a decrease in State of New Jersey filing fees of approximately $18,000 resulting from Registrant no longer owning a Local Partnership Interest in any Local Partnerships with underlying Properties located in New Jersey. A gain on sale of limited partner interests/local partnership properties of approximately $31,000 was recognized in fiscal 2012. Other comprehensive ~~income~~loss for the three months ended ~~September~~December 2930, 2013 resulted from an unrealized ~~gain~~loss on investment in Pemberwick of $~~925~~3,887.

AMERICAN TAX CREDIT PROPERTIES L.P.

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

Registrant’s operations for the ~~six~~nine months ended ~~September~~December 2930, 2013 and 2012 resulted in net income (loss) of $(91122,~~635~~629) and $1,~~523~~487,~~387~~146, respectively. The ~~decrease~~increase in net ~~income~~loss is primarily attributable to gain on sale of limited partner interests/local partnership properties of approximately $1,~~675~~705,000 recognized in fiscal 2012 ~~resulting from a Local Partnership’s sale of its underlying Property~~, partially offset by (i) a decrease in State of New Jersey filing fees of approximately $3654,000 resulting from Registrant no longer owning a Local Partnership Interest in any Local Partnerships with underlying Properties located in New Jersey, (ii) a net decrease in other operating expenses of approximately $24,000 and (iii) a decrease in equity in loss of investment in local partnerships of approximately $10,000, which decrease is attributable to Registrant’s investment in ~~Local~~local ~~Partnerships~~partnerships reaching a zero balance during the year ended March 30, 2013~~, and (iii) a decrease in other operating expenses of approximately $11,000~~. Other comprehensive loss for the ~~six~~nine months ended ~~September~~December 2930, 2013 resulted from an unrealized loss on investment in Pemberwick of $48,~~588~~475.

Local Partnership Matters

Registrant's primary objective, to provide Low-income Housing Tax Credits to the Limited Partners, 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, 2003. 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, 2004. 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 of ~~November~~February ~~2013~~2014, Registrant owns ~~three~~two of the nineteen Local Partnership Interests initially acquired (see discussion below regarding the potential sale of Registrant’s remaining Local Partnership Interests). In a prior year, Registrant served a demand on the general partners of all then remaining Local Partnerships (the “Local General Partners”) to commence a sale process to dispose of the Properties. In the event a sale cannot be consummated, it is the General Partner’s intention to sell or assign Registrant’s remaining Local Partnership Interests. It is uncertain as to 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 ~~three~~two remaining Properties are principally comprised of subsidized and leveraged low-income multifamily residential complexes located in ~~Massachusetts and~~ Puerto Rico. The ~~three~~two remaining Local Partnerships receive rental subsidy payments under Section 8 of Title II of the Housing and Community Development Act of 1974 ("Section 8”). ~~The Section 8 contracts expire at various times.~~ Since October 1997, the United States Department of Housing and Urban Development (“HUD”) has issued a series 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 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 Section 8 program. Such changes could adversely affect the future net operating income before debt service (“NOI”) and debt structure of any or all of the remaining Local Partnerships. The remaining Local Partnerships’ Section 8 contracts are currently subject to renewal under applicable HUD guidelines. Two of the three remaining Local Partnerships entered into restructuring agreements in a prior year, resulting in a change to both rent subsidy and mandatory debt service.

AMERICAN TAX CREDIT PROPERTIES L.P.

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

~~The~~Registrant ~~Local~~cannot ~~Partnerships~~predict ~~have~~legislative ~~various~~initiatives ~~financing~~and ~~structures~~governmental budget negotiations, the outcome of which ~~include~~could ~~(i)~~result ~~required~~in ~~debt~~a ~~service~~reduction ~~payments~~in ~~("Mandatory~~funds ~~Debt~~available ~~Service")~~for ~~and~~the ~~(ii)~~Section ~~debt~~8 ~~service~~program. ~~payments~~Such ~~that~~changes ~~are~~could ~~payable~~adversely ~~only~~affect ~~from~~the ~~available~~future ~~cash~~net ~~flow~~operating ~~subject~~income tobefore ~~the~~debt ~~terms~~service (“NOI”) and ~~conditions~~debt structure of either or both of the ~~notes,~~remaining ~~which~~Local ~~may~~Partnerships. beThe remaining Local Partnerships’ Section 8 contracts are currently subject to ~~specific~~renewal ~~laws,~~under ~~regulations~~applicable ~~and~~HUD ~~agreements~~guidelines; ~~with~~such ~~appropriate~~Local ~~federal~~Partnerships ~~and~~entered ~~state~~into ~~agencies~~restructuring ~~("Non-Mandatory~~agreements ~~Debt~~in ~~Service~~a orprior ~~Interest").~~year, ~~Registrant~~resulting ~~has~~in noa ~~legal~~change ~~obligation~~ to ~~fund~~both ~~any~~rent ~~operating~~subsidy ~~deficits~~and ofmandatory ~~the~~debt ~~Local Partnerships~~service.

~~During~~The ~~the~~two ~~year~~remaining ~~ended March 30, 2013, Registrant entered into contracts to sell its~~ Local ~~Partnership~~Partnerships ~~Interests~~have infinancing ~~Santa~~structures ~~Juanita~~which ~~Limited~~include ~~Dividend Partnership L.P.~~ (~~“Santa Juanita”~~i) ~~and~~required ~~Vista~~debt ~~del~~service ~~Mar~~payments ~~Limited~~("Mandatory ~~Dividend~~Debt ~~Partnership~~Service") ~~L.P.~~and (~~“Vista del Mar”~~ii) todebt anservice ~~affiliate~~payments ofthat ~~the~~are ~~Local~~payable ~~General~~only ~~Partners~~from ofavailable ~~Santa~~cash ~~Juanita~~flow ~~and~~subject ~~Vista~~to ~~del Mar; there will be no proceeds in connection with~~ the ~~proposed~~terms ~~sales.~~and ~~Such~~conditions ~~Local~~of ~~Partnerships have~~ the ~~same~~notes, ~~Local~~which ~~General Partner. The proposed sales~~ are subject to ~~the~~specific ~~approval~~laws, ofregulations ~~HUD;~~and ~~there~~agreements ~~can~~with beappropriate nofederal ~~assurance~~and ~~that~~state ~~HUD~~agencies ~~will~~("Non-Mandatory ~~approve~~Debt ~~either~~Service or ~~both of the contracts~~Interest"). ~~After accounting for its share of cumulative income, losses and distributions,~~ Registrant’s ~~investment~~has inno ~~Santa~~legal ~~Juanita~~obligation ~~and~~to ~~Vista~~fund ~~del~~any ~~Mar~~operating ~~reached~~deficits aof ~~zero~~the ~~balance~~Local ~~in a prior year~~Partnerships.

During the ~~year~~nine months ended ~~March~~December 30, 2013, Registrant ~~entered~~sold ~~into a contract to sell~~ its Local Partnership Interest in Cobbet Hill Associates Limited Partnership (“Cobbet”) to one of the Local General Partners of Cobbet; there ~~will~~were be no proceeds in connection with the ~~proposed~~ sale. One of the Local General Partners of Cobbet is an affiliate of the General Partner; such Local General Partner iswas not involved in the ~~proposed~~ sale. The proposed sale is subject to the approval of Cobbet’s mortgage lender, the Massachusetts Housing Finance Agency (“MHFA”); there can be no assurance that MHFA will approve the contract. After accounting for its share of cumulative income, losses and distributions, Registrant’s investment in Cobbet reached a zero balance in a prior year.

~~Cobbet~~During ~~was~~the ~~originally~~year ~~financed~~ended ~~with~~March a30, ~~first~~2013, ~~mortgage~~Registrant ~~with~~entered ~~mandatory~~into ~~monthly~~contracts ~~payment~~to ~~terms~~sell ~~with~~its ~~MHFA~~Local ~~and~~Partnership aInterests ~~second~~in ~~mortgage~~Santa ~~with~~Juanita ~~MHFA~~Limited ~~under~~Dividend ~~the~~Partnership ~~State Housing Assistance for Rental Production Program~~ (~~the~~ “~~SHARP~~Santa ~~Operating Loan~~Juanita”) ~~whereby~~and ~~proceeds~~Vista ~~would~~del beMar ~~advanced~~Limited ~~monthly~~Dividend asPartnership ~~an operating subsidy~~ (~~the~~ “~~Operating~~Vista ~~Subsidy~~del ~~Payments~~Mar”). ~~The terms of the SHARP Operating Loan called for declining Operating Subsidy Payments over its term (not more than 15 years). However, due~~ to ~~the~~an ~~economic~~affiliate ~~condition~~ of the ~~Northeast~~Local ~~region~~General inPartners ~~the~~of ~~early~~Santa ~~1990’s,~~Juanita ~~MHFA~~and ~~instituted~~Vista andel ~~operating~~Mar; ~~deficit~~there ~~loan~~will ~~(the~~be ~~“ODL”)~~no ~~program~~proceeds ~~that~~in ~~supplemented~~connection ~~the~~with ~~scheduled reduction in~~ the ~~Operating~~proposed ~~Subsidy Payments~~sales. ~~Effective~~Such ~~October~~Local 1,Partnerships ~~1997,~~have ~~MHFA announced its intention to eliminate~~ the ~~ODL~~same ~~program,~~Local ~~such~~General ~~that~~Partner. ~~Cobbet~~The noproposed ~~longer~~sales ~~receives~~are ~~the~~subject ~~ODL, without which Cobbet has been unable~~ to ~~make~~ the ~~full~~approval ~~mandatory debt service payments on its first mortgage. MHFA issued a formal notice~~ of ~~default dated February 2, 2004. Since the date MHFA ceased funding the ODL through December 31, 2012, Cobbet has accumulated over $13,134,000 of arrearages and other charges on the first mortgage~~HUD; asthere acan ~~result~~be ofno ~~the~~assurance ~~default,~~that ~~principal~~HUD ~~and~~will ~~accrued~~approve ~~interest~~either inor ~~excess~~both of ~~$26,000,000 in connection with~~ the ~~first mortgage, the SHARP Operating Loan and the ODL are considered currently due~~contracts.

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 during the year ended March 30, 2013.

AMERICAN TAX CREDIT PROPERTIES L.P.

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

Critical Accounting Policies and Estimates

Registrant accounts for its investment in local partnerships in accordance with the equity method of accounting.

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.

AMERICAN TAX CREDIT PROPERTIES L.P.

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 general partner of the General Partner, 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~~December 2930, 2013. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of the general partner of the General Partner concluded that Registrant’s disclosure controls and procedures were effective as of ~~September~~December 2930, 2013.

There were no changes in Registrant’s internal control over financial reporting during the three months ended ~~September~~December 2930, 2013 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 PROPERTIES L.P.

Part II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

As of February 2014, Registrant owns two Local Partnership Interests, as compared to three as of June 2013 as disclosed in Item 1A of Registrant’s Annual Report on Form 10-K for the year ended March 30, 2013; see Item 2 of Part I regarding Registrant’s disposal of a Local Partnership Interest. 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, 2013.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None~~; see Item 2 of Part I regarding the mortgage default of a certain Local Partnership~~.

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.

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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 PROPERTIES L.P.
		(a Delaware limited partnership)
		By:Richman Tax Credit Properties L.P.,
		General Partner
		By:Richman Tax Credit Properties, Inc.,
		general partner
Dated: November 1, 2013		/s/David Salzman
Dated: February 5, 2014		/s/David Salzman
		By: David Salzman
		Chief Executive Officer
Dated: November 1, 2013		/s/James Hussey
Dated: February 5, 2014		/s/James Hussey
		By:James Hussey
		Chief Financial Officer
Dated: November 1, 2013		/s/Richard Paul Richman
Dated: February 5, 2014		/s/Richard Paul Richman
		By:Richard Paul Richman
		Sole Director

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Filing Compare · AMERICAN TAX CREDIT PROPERTIES LP