American Tax Credit Trust Series I (ATCTIX) 10-K 20 Jun 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 30, 2016	Jun. 20, 2016	Sep. 29, 2015
Document and Entity Information:
Entity Registrant Name	AMERICAN TAX CREDIT TRUST SERIES I
Document Type	10-K
Document Period End Date	Mar. 30, 2016
Trading Symbol	atctix
Amendment Flag	false
Entity Central Index Key	897,315
Current Fiscal Year End Date	--03-30
Entity Common Stock, Shares Outstanding		0
Entity Public Float			$ 0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 30, 2016	Mar. 30, 2015
Cash and liquid investments
Cash and cash equivalents	$ 9,514	$ 18,886
Investment in Pemberwick Fund - a short duration bond fund	345,488	363,917
Total cash and liquid investments	355,002	382,803
Investment in local partnerships		395,782
Total assets	355,002	778,585
Liabilities
Accounts payable and accrued expenses	26,021	15,925
Payable to manager and affiliates	694,861	586,503
Total liabilities	$ 720,882	$ 602,428
Commitments and contingencies
Owners' equity (deficit)
Manager	$ (367,116)	$ (162,142)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)		336,253
Accumulated other comprehensive income	1,236	2,046
Total equity (deficit)	(365,880)	176,157
Total liabilities & equity (deficit)	$ 355,002	$ 778,585

BALANCE SHEETS PARENTHETICAL

BALANCE SHEETS PARENTHETICAL - shares	Mar. 30, 2016	Mar. 30, 2015
BALANCE SHEETS PARENTHETICAL
Units of beneficial ownership interest outstanding	18,654	18,654

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
REVENUE
Interest	$ 3,388	$ 7,033
Other income from local partnerships	13,562	3,000
TOTAL REVENUE	16,950	10,033
EXPENSES
Management fee - affiliate	113,305	124,571
Professional fees	42,384	38,195
Printing, postage and other	13,956	18,571
TOTAL EXPENSES	169,645	181,337
LOSS PRIOR TO EQUITY IN LOSS OF INVESTMENT IN LOCAL PARTNERSHIPS AND GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(152,695)	(171,304)
Equity in loss of investment in local partnerships	(116,987)	(2,062,171)
LOSS PRIOR TO GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(269,682)	(2,233,475)
GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(271,545)
NET LOSS	(541,227)	(2,233,475)
NET LOSS ATTRIBUTABLE TO
Manager loss	(204,974)	(22,335)
Beneficial owners loss	$ (336,253)	$ (2,211,140)
NET LOSS per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)	$ (18.03)	$ (118.53)

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET LOSS	$ (541,227)	$ (2,233,475)
Other comprehensive loss - Pemberwick Fund	(810)	(2,478)
COMPREHENSIVE LOSS	$ (542,037)	$ (2,235,953)

STATEMENTS OF CHANGES IN OWNERS

STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIT) - USD ($)	Manager	Beneficial Owners	Accumulated Other Comprehensive Income (Loss)	Total
Owners' equity (deficit) at Mar. 30, 2014	$ (138,488)	$ 2,677,898	$ 4,524	$ 2,543,934
Net loss	(22,335)	(2,211,140)		(2,233,475)
Distributions to owners	(1,319)	(130,505)		(131,824)
Other comprehensive loss - Pemberwick Fund			(2,478)	(2,478)
Owners' equity (deficit) at Mar. 30, 2015	(162,142)	336,253	2,046	176,157
Net loss	(204,974)	$ (336,253)		(541,227)
Other comprehensive loss - Pemberwick Fund			(810)	(810)
Owners' equity (deficit) at Mar. 30, 2016	$ (367,116)		$ 1,236	$ (365,880)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$ 3,279	$ 5,129
Cash paid for management fees	(4,947)	(255,163)
Cash paid for professional fees	(31,418)	(45,240)
Cash paid for printing, postage and other expenses	(14,826)	(18,738)
Net cash used in operating activities	(47,912)	(314,012)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds in connection with sale of limited partner interests/local partnership properties	7,250
Distributions received from local partnerships	13,562	63,233
Investments in Pemberwick Fund	(3,272)	(4,986)
Redemptions from Pemberwick Fund	21,000	295,000
Net cash provided by investing activities	38,540	353,247
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	(9,372)	(92,589)
Cash and cash equivalents at beginning of year	18,886	111,475
CASH AND CASH EQUIVALENTS AT END OF YEAR	9,514	18,886
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized loss on investment in Pemberwick Fund	$ (810)	$ (2,478)

STATEMENTS OF CASH FLOWS - CONT

STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
STATEMENTS OF CASH FLOWS - CONTINUED
Net loss	$ (541,227)	$ (2,233,475)
Adjustments to reconcile net loss to net cash used in operating activities
Equity in loss of investment in local partnerships	116,987	2,062,171
LOSS ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	271,545
Other income from local partnerships	(13,562)	(3,000)
Gain on redemptions from Pemberwick Fund	(109)	(1,904)
Increase (decrease) in accounts payable and accrued expenses	10,096	(7,212)
Increase (decrease) in payable to manager and affiliates	108,358	(130,592)
NET CASH USED IN OPERATING ACTIVITIES	$ (47,912)	$ (314,012)

1. Organization, Purpose and Su

1. Organization, Purpose and Summary of Significant Accounting Policies	12 Months Ended
	Mar. 30, 2016
Notes
1. Organization, Purpose and Summary of Significant Accounting Policies	1. Organization, Purpose and Summary of Significant Accounting Policies American Tax Credit Trust, a Delaware statutory business trust Series I (the "Trust") was formed on February 4, 1993 under Chapter 38 of Title 12 of the Delaware Code. There was no operating activity until admission of the investors (the “Beneficial Owners”) on November 29, 1993. The Trust was formed to invest primarily in leveraged 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 (the “IRC”), through the acquisition of limited partner equity interests (the “Local Partnership Interest” or “Local Partnership Interests”) in partnerships (the "Local Partnership" or "Local Partnerships") that are the owners of the Properties. Such interests were acquired from 1993 to 1995. Richman American Credit Corp. (the "Manager") was formed on April 5, 1993 to act as the Manager of the Trust. On September 13, 1993, the Trust commenced the offering for sale of units of beneficial ownership (the "Units") to Beneficial Owners in one to twenty series ("Series I through Series XX"; each a "Series"). These notes and the accompanying financial statements are presented for Series I only. Basis of Accounting and Fiscal Year The Trust’s records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Trust's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes. The Trust and the Local Partnerships each have a calendar year for income tax purposes. Investment in Local Partnerships The Trust accounts for its investment in local partnerships in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Trust's share of each Local Partnership's results of operations and by cash distributions received. Equity in loss of each investment in Local Partnership allocated to the Trust is recognized to the extent of the Trust’s investment balance in each Local Partnership. Equity in loss in excess of the Trust’s investment balance in a Local Partnership is allocated to other partners' capital in any such Local Partnership. Previously unrecognized equity in loss of any Local Partnership is recognized in the fiscal year in which equity in income is earned by such Local Partnership or additional investment is made by the Trust. Distributions received subsequent to the elimination of an investment balance for any such investment in a Local Partnership are recorded as other income from local partnerships. 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, 2016. The Trust assessed the carrying value (the “Carrying Value”) of its investment in local partnerships at least annually in the fourth quarter of its fiscal year or whenever there were indications that a permanent impairment may have occurred. If the Carrying Value of an investment in a Local Partnership exceeded the estimated value derived by management, the Trust reduced its investment in any such Local Partnership (unless the impairment was considered to be temporary) and included such reduction in equity in income (loss) of investment in local partnerships. Impairment was measured by comparing the investment carrying amount to the estimated residual value of the investment. The Trust 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 the Trust is not considered the primary beneficiary. The Trust's balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments. The Trust'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 general partners of the Local Partnerships (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 described above, the Partnership’s investment in local partnerships has reached a zero balance. Advances and additional capital contributions (collectively the “Advances”) that are not required under the terms of the Local Partnerships’ partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Trust to be voluntary loans to the respective Local Partnerships and the Trust may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing. Cash and Cash Equivalents The Trust considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value. Fair Value Measurements ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy: · · · For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. Investment in Pemberwick Fund The Trust carries its investment in Pemberwick Fund (“Pemberwick”), an investment grade institutional short duration bond fund, at estimated fair value. Realized gains (losses) are included in (offset against) interest revenue. Investment in Pemberwick is classified as available-for-sale and unrealized gains (losses) are included as items of comprehensive income (loss) and are reported as a separate component of owners' equity (deficit). Income Taxes The Trust is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its owners on their respective income tax returns. The Trust’s federal tax status as a pass-through entity is based on its legal status as a trust. Accordingly, the Trust is not required to take any tax positions in order to qualify as a pass-through entity. The Trust is required to file and does file tax returns with the Internal Revenue Service (the “IRS”) and other taxing authorities. Income tax returns filed by the Trust are subject to examination by the IRS for a period of three years. While no Trust income tax returns are currently being examined by the IRS, tax years subsequent to 2011 remain subject to examination. The accompanying financial statements do not reflect a provision for income taxes and the Trust has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Trust has included in Note 7 disclosures related to differences in the financial and tax bases of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

2. Capital Contributions and Di

2. Capital Contributions and Distributions	12 Months Ended
	Mar. 30, 2016
Notes
2. Capital Contributions and Distributions	2. Capital Contributions and Distributions On September 13, 1993, the Trust commenced the offering of Units through Merrill Lynch, Pierce, Fenner & Smith Incorporated and PaineWebber Incorporated (the “Selling Agents”). On November 29, 1993, January 28, 1994 and May 25, 1994, under the terms of the Fourth Amended and Restated Agreement of Trust of the Trust (the "Trust Agreement"), the Manager admitted Beneficial Owners to the Trust in three closings. At these closings, subscriptions for a total of 18,654 Units representing $18,654,000 in Beneficial Owners’ capital contributions were accepted. In connection with the offering of Units, the Trust incurred organization and offering costs of $2,330,819, of which $75,000 was capitalized as organization costs and $2,255,819 was charged to the Beneficial Owners' equity as syndication costs. The Manager contributed $100 to the Trust. Net loss was allocated 99% to the Beneficial Owners and 1% to the Manager in accordance with the Trust Agreement until such time as the Beneficial Owners’ capital reached zero as a result of loss allocations, after which all losses have been allocated to the Manager. During the year ended March 30, 2015, the Trust paid nonresident state withholding taxes of $36,141 on behalf of certain of the Beneficial Owners in connection with gains recognized by certain Local Partnerships for the year ended December 31, 2013. The Trust also made a distribution to the Beneficial Owners in the amount of approximately $7 per Unit (an additional $94,364). The $7 per Unit includes the nonresident state withholding taxes referred to above; the pro-rata distribution to the Manager was $1,319.

3. Cash and Cash Equivalents

3. Cash and Cash Equivalents	12 Months Ended
	Mar. 30, 2016
Notes
3. Cash and Cash Equivalents	3. Cash and Cash Equivalents As of March 30, 2016, the Trust has cash and cash equivalents of $9,514, all of which is held in accounts at two financial institutions in which such accounts are insured up to $250,000 at each institution by the Federal Deposit Insurance Corporation (the “FDIC”). The entire amount is FDIC insured as of March 30, 2016.

4. Investment in Pemberwick Fun

4. Investment in Pemberwick Fund	12 Months Ended
	Mar. 30, 2016
Notes
4. Investment in Pemberwick Fund	4. Investment in Pemberwick Fund The Trust carries its investment in Pemberwick, an investment grade institutional short duration bond fund, at estimated fair value. Pemberwick was organized in February 2010 as a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, that seeks maximum current income consistent with liquidity and stability of principal. In selecting a portfolio of securities for Pemberwick, the investment advisor of Pemberwick (the “Advisor”) will select investments so that 95% of Pemberwick’s assets will be rated “A-” or better by a nationally recognized statistical rating organization (“NRSRO”) such as Moody’s Investor Services, Inc. (“Moody’s”) and/or by Standard & Poor’s Financial Services, LLC (“S&P”) (or if commercial paper rated in the highest category) or, if a rating is not available, deemed to be of comparable quality by the Advisor, or securities issued by banking institutions operating in the United States and having assets in excess of $200 billion. The weighted average duration of Pemberwick’s assets is approximately 1.57 years as of March 30, 2016. Redemptions from Pemberwick are immediately liquid and unrestricted. Pemberwick’s net asset value (“NAV”) is $10.04 and $10.06 per share as of March 30, 2016 and 2015, respectively. The Trust’s investment in Pemberwick as of March 30, 2016 and 2015 is $345,488 and $363,917, respectively. An unrealized gain of $1,236 as of March 30, 2016 is reflected as accumulated other comprehensive income in the accompanying balance sheet as of March 30, 2016. The Trust has earned $56,667 of interest revenue from the date of its initial investment in Pemberwick through March 30, 2016. 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 (see Note 1). Pemberwick’s NAV was $10.04 as of May 31, 2016. The Advisor is an affiliate of the Manager. For its services, the Advisor is entitled to receive an annual advisory fee of 0.50% of the average daily net assets of Pemberwick. The Advisor may, in its discretion, voluntarily waive its fees or reimburse certain Pemberwick expenses; however, the Advisor is not required to do so. The Advisor has waived 70% of its fee earned since Pemberwick’s inception and earned $524 and $768 in connection with the Trust’s investment in Pemberwick for the years ended March 30, 2016 and 2015, respectively, enough to cover its direct costs. The Advisor’s asset management affiliate, Richman Asset Management, Inc. (“RAM”) has agreed to reduce its management fees (see Note 6) payable by the Trust to the extent any fee of the Advisor payable by Pemberwick would be duplicative of any profit that RAM would receive from the Trust.

5. Investment in Local Partners

5. Investment in Local Partnerships	12 Months Ended
	Mar. 30, 2016
Notes
5. Investment in Local Partnerships	5. Investment in Local Partnerships The Trust initially acquired a Local Partnership Interest in ten Local Partnerships. As of March 30, 2016, the Trust owns a 99% Local Partnership Interest in the following three Local Partnerships: 1. ACP Housing Associates, L.P. (“ACP Housing”); 2. Creative Choice Homes VII, Ltd. (“Creative Choice”); and 3. Vision Limited Dividend Housing Association Limited Partnership (“Vision”). In connection with the initial purchase of ten Local Partnership Interests, under the terms of the partnership agreement of each Local Partnership, as of March 30, 2016 the Trust is committed to make capital contributions in the aggregate of $14,837,956, which includes Advances to certain Local Partnerships and all of which has been paid. The remaining Properties are principally comprised of subsidized and leveraged low-income multifamily residential complexes located in New York (“ACP Housing”), Florida (Creative Choice) and Michigan (Vision). 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 Periods of all the Local Partnerships expired in a prior year. The rents of the Properties, of which Creative Choice receives project based rental subsidy payments pursuant to a subsidy agreement, are subject to specific laws, regulations and agreements with federal and state agencies. The subsidy is scheduled to expire in 2019. The Trust 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. Such changes could adversely affect the future net operating income and debt structure of Creative Choice. As of December 31, 2015, the remaining Local Partnerships have outstanding mortgage loans payable totaling approximately $10,061,000 and accrued interest payable on such loans totaling approximately $1,982,000, which are secured by security interests and liens common to mortgage loans on the remaining Local Partnerships' real property and other assets. During the year ended March 30, 2016, the Trust sold its Local Partnership Interest in Ledge/McLaren Limited Partnership (“Ledge/McLaren”) to an affiliate of the Local General Partner of Ledge/McLaren; the Trust received $2,250 in connection with the sale. Such amount is included in gain (loss) on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Trust for the year ended March 30, 2016. 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. During the year ended March 30, 2016, the Trust sold its Local Partnership Interest in SB-92 Limited Partnership (“SB-92”) to an affiliate of the Local General Partner of SB-92; the Trust received $5,000 in connection with the sale. Such amount is included in gain (loss) on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Trust for the year ended March 30, 2016. After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in SB-92 had reached a zero balance prior to the sale. During the year ended March 30, 2016, the Trust assigned its Local Partnership Interest in St. John Housing Associates, L.P. (“St. John Housing”) to an affiliate of the Local General Partner of St. John Housing; there were no proceeds in connection with the assignment. After accounting for its share of cumulative income, losses and distributions, the Trust recognized a loss of $278,795 -278795 For the years ended March 30, 2016 and 2015, the investment in local partnerships activity consists of the following: 2016 2015 Investment in local partnerships as of March 30, 2015 and 2014 $ 395,782 $ 2,518,186 Distributions from Local Partnerships (13,562) (63,233) Distributions classified as other income 13,562 3,000 Equity in loss of investment in local partnerships (116,987) (2,062,171) Write-off of remaining investment balance in St. John Housing (278,795) -- Investment in local partnerships as of March 30, 2016 and 2015 $ -- $ 395,782 The Trust’s investment in St. John Housing represents more than 20% of the Trust’s total assets as of March 30, 2015 and the equity in loss recognized by the Trust in connection with St. John Housing represents more than 20% of the Trust’s net loss for the year ended March 30, 2016. The following financial information represents certain balance sheet and operating statement data of St. John Housing as of and for the years ended December 31, 2015 and 2014: 2015 2014 Total assets $ 5,137,079 $ 5,245,539 Total liabilities $ 2,667,378 $ 2,657,669 Revenue $ 1,227,965 $ 1,465,166 Net income (loss) $ (118,169) $ 139,221 Equity in loss of investment in local partnerships is limited to the Trust’s investment balance in each Local Partnership; any excess is applied to other partners' capital in any such Local Partnership (see Note 1). The amount of such excess losses applied to other partners' capital was $244,924 and $189,440 for the years ended December 31, 2015 and 2014, respectively, as reflected in the combined statements of operations of the Local Partnerships herein Note 5. As a result of management’s assessment of the Carrying Value of the investment in local partnerships under applicable accounting guidelines (see Note 1), the Trust reduced its investment in St. John Housing by $2,200,000 during the year ended March 30, 2015. Such amount is included in equity in loss of investment in local partnerships in the accompanying statement of operations and comprehensive income (loss) of the Trust for the year ended March 30, 2015. The difference between the Trust’s investment in local partnerships as of March 30, 2016 and the amount reflected as the Trust’s investment balance in the combined balance sheet of the Local Partnerships as of December 31, 2015 herein Note 5 represents cumulative Carrying Value adjustments made by the Trust in the amount of $2,701,800 and the Trust’s write-off of its investment in St. John Housing of $278,795 during the three months ended March 30, 2016 (see discussion above herein Note 5). The difference between the Trust’s investment in local partnerships as of March 30, 2015 and the amount reflected as the Trust’s investment balance in the combined balance sheet of the Local Partnerships as of December 31, 2014 herein Note 5 represents cumulative Carrying Value adjustments made by the Trust in the amount of $2,908,850. The combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 and the combined statements of operations of the Local Partnerships for the years then ended are reflected on pages 24 and 25, respectiv The combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 are as follows: 2015 2014 ASSETS Cash and cash equivalents $ 1,940,725 $ 2,072,949 Rents receivable 53,657 64,987 Escrow deposits and reserves 1,194,380 1,135,647 Land 768,599 965,272 Buildings and improvements (net of accumulated depreciation of $13,529,112 and $15,952,715) 10,683,023 13,533,052 Intangible assets (net of accumulated amortization of $127,547 and $125,312) 116,438 141,138 Other assets 194,842 275,483 Total assets $ 14,951,664 $ 18,188,528 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities Accounts payable and accrued expenses $ 314,872 $ 460,365 Due to related parties 1,182,001 1,469,345 Mortgage loans 10,061,371 13,468,459 Notes payable 100,000 250,000 Accrued interest 1,981,767 2,123,968 Other liabilities 99,549 179,156 Total liabilities 13,739,560 17,951,293 Partners' equity (deficit) American Tax Credit Trust, Series I Capital contributions, net of distributions 6,817,784 7,932,118 Cumulative loss (3,837,189) (4,627,486) Total American Tax Credit Trust, Series I 2,980,595 3,304,632 General partners and other limited partners Capital contributions, net of distributions 164,176 151,353 Cumulative loss (1,932,667) (3,218,750) Total General partners and other limited partners (1,768,491) (3,067,397) Total equity (deficit) 1,212,104 237,235 Total liabilities & equity (deficit) $ 14,951,664 $ 18,188,528 The combined statements of operations of the Local Partnerships for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 REVENUE Rental $ 4,381,625 $ 4,452,442 Interest and other 102,611 177,777 TOTAL REVENUE 4,484,236 4,630,219 EXPENSES Administrative 616,161 620,777 Payroll 740,136 751,481 Utilities 696,193 730,609 Operating and maintenance 750,765 746,746 Taxes and insurance 440,622 393,738 Financial 512,515 507,431 Depreciation and amortization 972,702 822,868 TOTAL EXPENSES 4,729,094 4,573,650 NET INCOME (LOSS) $ (244,858) $ 56,569 NET INCOME (LOSS) ATTRIBUTABLE TO American Tax Credit Trust, Series I $ (116,987) $ 137,829 General partners and other limited partners (includes $244,924 and $189,440 of Trust losses in excess of investment and specially allocated income of $119,503 and $107,614) (127,871) (81,260) $ (244,858) $ 56,569

6. Transactions With Manager an

6. Transactions With Manager and Affiliates	12 Months Ended
	Mar. 30, 2016
Notes
6. Transactions With Manager and Affiliates	6. Transactions with Manager and Affiliates Pursuant to the terms of the Trust Agreement, the Trust incurs an annual management fee (the “Management Fee”) payable to the Manager for its services in connection with the management of the affairs of the Trust. The annual Management Fee is equal to 0.5% of Invested Assets (as such term is defined in the Trust Agreement). The Trust incurred Management Fees of $113,305 and $124,571 for the years ended March 30, 2016 and 2015, respectively. Unpaid Management Fees in the amount of $694,861 and $586,503 are reflected as payable to manager and affiliates in the accompanying balance sheets as of March 30, 2016 and 2015, respectively.

7. Taxable Inome

7. Taxable Inome	12 Months Ended
	Mar. 30, 2016
Notes
7. Taxable Inome	7. Taxable Income A reconciliation of the financial statement net loss of the Trust for the years ended March 30, 2016 and 2015 to the tax return income for the years ended December 31, 2015 and 2014 is as follows: 2016 2015 Financial statement net loss for the years ended March 30, 2016 and 2015 $ (541,227) $ (2,233,475) Add (less) net transactions occurring between January 1, 2014 and March 30, 2014 -- (48,016) January 1, 2015 and March 30, 2015 (46,752) 46,752 January 1, 2016 and March 30, 2016 306,378 -- Adjusted financial statement net loss for the years ended December 31, 2015 and 2014 (281,601) (2,234,739) Management Fees deductible for tax purposes when paid 123,537 (125,281) Equity in income (loss) of investment in local partnerships (224,196) 2,032,373 Gain (loss) on sale of limited partner interests/local partnership properties 1,014,482 960,308 Write-off of Advances for tax purposes -- (6,092) Other income from local partnerships (13,562) (3,000) Tax return income for the years ended December 31, 2015 and 2014 $ 618,660 $ 623,569 The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2015 and 2014 are as follows: 2015 2014 Investment in local partnerships - financial reporting $ -- $ 395,782 Investment in local partnerships - tax (215,752) (870,491) $ 215,752 $ 1,266,273 Payable to manager and affiliates in the accompanying balance sheets represents accrued Management Fees, which are not deductible for tax purposes until paid pursuant to IRC Section 267.

8. Fair Value of Financial Inst

8. Fair Value of Financial Instruments	12 Months Ended
	Mar. 30, 2016
Notes
8. Fair Value of Financial Instruments	8. Fair Value of Financial Instruments The estimated fair value amounts have been determined using available market information, assumptions, estimates and valuation methodologies. Cash and cash equivalents The carrying amount approximates fair value. Investment in Pemberwick Fund - a short duration bond fund The estimated fair value of Pemberwick is based on current market quotes received from active markets. Pemberwick’s NAV is calculated and published daily (see Note 4). Investment in local partnerships The Trust assessed the carrying value of its investment in local partnerships at least annually in the fourth quarter of its fiscal year or whenever there were indications that a permanent impairment may have occurred (see Note 1). These valuations required significant judgments, which included assumptions regarding capitalization rates, occupancy rates, projected operating results, availability of financing, exit plan, extended use provisions of the Properties under the terms of the applicable financing agreements, comparable sales and other factors deemed necessary by the Trust. The investment in local partnerships, carried at zero 0

1. Organization, Purpose and 17

1. Organization, Purpose and Summary of Significant Accounting Policies: Basis of Accounting and Fiscal Year (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Basis of Accounting and Fiscal Year	Basis of Accounting and Fiscal Year The Trust’s records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Trust's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes. The Trust and the Local Partnerships each have a calendar year for income tax purposes.

1. Organization, Purpose and 18

1. Organization, Purpose and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents The Trust considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value.

1. Organization, Purpose and 19

1. Organization, Purpose and Summary of Significant Accounting Policies: Fair Value Measurements (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Fair Value Measurements	Fair Value Measurements ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy: · · · For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety.

1. Organization, Purpose and 20

1. Organization, Purpose and Summary of Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Income Taxes	Income Taxes The Trust is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its owners on their respective income tax returns. The Trust’s federal tax status as a pass-through entity is based on its legal status as a trust. Accordingly, the Trust is not required to take any tax positions in order to qualify as a pass-through entity. The Trust is required to file and does file tax returns with the Internal Revenue Service (the “IRS”) and other taxing authorities. Income tax returns filed by the Trust are subject to examination by the IRS for a period of three years. While no Trust income tax returns are currently being examined by the IRS, tax years subsequent to 2011 remain subject to examination. The accompanying financial statements do not reflect a provision for income taxes and the Trust has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Trust has included in Note 7 disclosures related to differences in the financial and tax bases of accounting.

1. Organization, Purpose and 21

1. Organization, Purpose and Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

5. Investment in Local Partne22

5. Investment in Local Partnerships: Local Partnership Interests Owned as of March 30, 2016 (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Local Partnership Interests Owned as of March 30, 2016	1. ACP Housing Associates, L.P. (“ACP Housing”); 2. Creative Choice Homes VII, Ltd. (“Creative Choice”); and 3. Vision Limited Dividend Housing Association Limited Partnership (“Vision”).

5. Investment in Local Partne23

5. Investment in Local Partnerships: Schedule of Investment In Local Partnerships Activity (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Schedule of Investment In Local Partnerships Activity	2016 2015 Investment in local partnerships as of March 30, 2015 and 2014 $ 395,782 $ 2,518,186 Distributions from Local Partnerships (13,562) (63,233) Distributions classified as other income 13,562 3,000 Equity in loss of investment in local partnerships (116,987) (2,062,171) Write-off of remaining investment balance in St. John Housing (278,795) -- Investment in local partnerships as of March 30, 2016 and 2015 $ -- $ 395,782

5. Investment in Local Partne24

5. Investment in Local Partnerships: Certain Balance Sheet And Operating Statement Data for St. John Housing (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Certain Balance Sheet And Operating Statement Data for St. John Housing	2015 2014 Total assets $ 5,137,079 $ 5,245,539 Total liabilities $ 2,667,378 $ 2,657,669 Revenue $ 1,227,965 $ 1,465,166 Net income (loss) $ (118,169) $ 139,221

5. Investment in Local Partne25

5. Investment in Local Partnerships: Combined Balance Sheets of the Local Partnerships (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Combined Balance Sheets of the Local Partnerships	2015 2014 ASSETS Cash and cash equivalents $ 1,940,725 $ 2,072,949 Rents receivable 53,657 64,987 Escrow deposits and reserves 1,194,380 1,135,647 Land 768,599 965,272 Buildings and improvements (net of accumulated depreciation of $13,529,112 and $15,952,715) 10,683,023 13,533,052 Intangible assets (net of accumulated amortization of $127,547 and $125,312) 116,438 141,138 Other assets 194,842 275,483 Total assets $ 14,951,664 $ 18,188,528 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities Accounts payable and accrued expenses $ 314,872 $ 460,365 Due to related parties 1,182,001 1,469,345 Mortgage loans 10,061,371 13,468,459 Notes payable 100,000 250,000 Accrued interest 1,981,767 2,123,968 Other liabilities 99,549 179,156 Total liabilities 13,739,560 17,951,293 Partners' equity (deficit) American Tax Credit Trust, Series I Capital contributions, net of distributions 6,817,784 7,932,118 Cumulative loss (3,837,189) (4,627,486) Total American Tax Credit Trust, Series I 2,980,595 3,304,632 General partners and other limited partners Capital contributions, net of distributions 164,176 151,353 Cumulative loss (1,932,667) (3,218,750) Total General partners and other limited partners (1,768,491) (3,067,397) Total equity (deficit) 1,212,104 237,235 Total liabilities & equity (deficit) $ 14,951,664 $ 18,188,528

5. Investment in Local Partne26

5. Investment in Local Partnerships: Combined Statements of Operations of the Local Partnerships (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Combined Statements of Operations of the Local Partnerships	2015 2014 REVENUE Rental $ 4,381,625 $ 4,452,442 Interest and other 102,611 177,777 TOTAL REVENUE 4,484,236 4,630,219 EXPENSES Administrative 616,161 620,777 Payroll 740,136 751,481 Utilities 696,193 730,609 Operating and maintenance 750,765 746,746 Taxes and insurance 440,622 393,738 Financial 512,515 507,431 Depreciation and amortization 972,702 822,868 TOTAL EXPENSES 4,729,094 4,573,650 NET INCOME (LOSS) $ (244,858) $ 56,569 NET INCOME (LOSS) ATTRIBUTABLE TO American Tax Credit Trust, Series I $ (116,987) $ 137,829 General partners and other limited partners (includes $244,924 and $189,440 of Trust losses in excess of investment and specially allocated income of $119,503 and $107,614) (127,871) (81,260) $ (244,858) $ 56,569

7. Taxable Inome_ Reconciliatio

7. Taxable Inome: Reconciliation of Financial Statement Net Loss to the Tax Return Income (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Reconciliation of Financial Statement Net Loss to the Tax Return Income	2016 2015 Financial statement net loss for the years ended March 30, 2016 and 2015 $ (541,227) $ (2,233,475) Add (less) net transactions occurring between January 1, 2014 and March 30, 2014 -- (48,016) January 1, 2015 and March 30, 2015 (46,752) 46,752 January 1, 2016 and March 30, 2016 306,378 -- Adjusted financial statement net loss for the years ended December 31, 2015 and 2014 (281,601) (2,234,739) Management Fees deductible for tax purposes when paid 123,537 (125,281) Equity in income (loss) of investment in local partnerships (224,196) 2,032,373 Gain (loss) on sale of limited partner interests/local partnership properties 1,014,482 960,308 Write-off of Advances for tax purposes -- (6,092) Other income from local partnerships (13,562) (3,000) Tax return income for the years ended December 31, 2015 and 2014 $ 618,660 $ 623,569

7. Taxable Inome_ Differences B

7. Taxable Inome: Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes	2015 2014 Investment in local partnerships - financial reporting $ -- $ 395,782 Investment in local partnerships - tax (215,752) (870,491) $ 215,752 $ 1,266,273

2. Capital Contributions and 29

2. Capital Contributions and Distributions (Details) - USD ($)	12 Months Ended
	Mar. 30, 2015	Mar. 30, 2016
Details
Units of beneficial ownership interest outstanding	18,654	18,654
Beneficial Owners' Contributions in Connection with the Trust Offering	$ 18,654,000	$ 18,654,000
Organization and Offering Costs incurred in connection with the Trust offering	2,330,819	2,330,819
Organization Costs Capitalized in Connection with the Trust Offering	75,000	75,000
Syndication Costs Charged to the Beneficial Owners' Equity in Connection with the Trust Offering	2,255,819	2,255,819
Manager Contribution in Connection with the Trust Offering	100	$ 100
Nonresident State Withholding Taxes Paid - Distribution to Beneficial Owners	36,141
Distribution to Beneficial Owners	94,364
Distribution to Manager	$ 1,319

3. Cash and Cash Equivalents (D

3. Cash and Cash Equivalents (Details) - USD ($)	Mar. 30, 2016	Mar. 30, 2015	Mar. 30, 2014
Details
Cash and cash equivalents	$ 9,514	$ 18,886	$ 111,475
Maximum insured at each institution	$ 250,000

4. Investment in Pemberwick F31

4. Investment in Pemberwick Fund (Details)	May 31, 2016$ / shares	Mar. 30, 2016USD ($)$ / shares	Mar. 30, 2015USD ($)$ / shares
Details
Weighted Average Duration of Pemberwick's assets in years		1.57
Pemberwick Net Asset Value | $ / shares	$ 10.04	$ 10.04	$ 10.06
Investment in Pemberwick Fund - a short duration bond fund		$ 345,488	$ 363,917
Unrealized gain reflected as accumulated other comprehensive income		1,236
Aggregate interest revenue from investment in Pemberwick		$ 56,667

4. Investment in Pemberwick F32

4. Investment in Pemberwick Fund: Advisory Fee (Details) - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
Details
Advisory Fee	$ 524	$ 768

5. Investment in Local Partne33

5. Investment in Local Partnerships (Details) - USD ($)	12 Months Ended
	Mar. 30, 2016	Dec. 31, 2015	Mar. 30, 2015	Dec. 31, 2014
Capital contributions in the aggregate	$ 14,837,956
Local Partnerships outstanding mortgage loans payable		$ 10,061,000
Local Partnerships accrued interest		1,982,000
Proceeds in connection with sale of limited partner interests/local partnership properties	7,250
GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(271,545)
Loss in connection with the assignment as a write-off of remaining investment balance	(278,795)
Excess Losses Applied to Other Partners' Capital		$ 244,924		$ 189,440
Cumulative Carrying Value Adjustments	2,701,800		$ 2,908,850
Ledge/McLaren
Proceeds in connection with sale of limited partner interests/local partnership properties	2,250
GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	2,250
SB92
Proceeds in connection with sale of limited partner interests/local partnership properties	5,000
GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	5,000
St. John Housing
GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(278,795)
Loss in connection with the assignment as a write-off of remaining investment balance	$ (278,795)
Carrying Value Adjustment			$ 2,200,000

5. Investment in Local Partne34

5. Investment in Local Partnerships: Schedule of Investment In Local Partnerships Activity (Details) - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015	Mar. 30, 2014
Details
Investment in local partnerships	$ 0	$ 395,782	$ 2,518,186
Distributions from local partnerships	(13,562)	(63,233)
Distributions classified as other income	13,562	3,000
Equity in loss of investment in local partnerships	(116,987)	$ (2,062,171)
Loss in connection with the assignment as a write-off of remaining investment balance	$ (278,795)

5. Investment in Local Partne35

5. Investment in Local Partnerships: St. John Housing (Details)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
Details
Investment in St. John Housing as a percentage of total assets is greater than		20.00%
Equity in income from investment in St. John Housing as a percentage of net income is greater than	20.00%

5. Investment in Local Partne36

5. Investment in Local Partnerships: Certain Balance Sheet And Operating Statement Data for St. John Housing (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Details
Investment Total Assets - St John Housing	$ 5,137,079	$ 5,245,539
Investment Total Liabilities - St John Housing	2,667,378	2,657,669
Investment Revenue - St John Housing	1,227,965	1,465,166
Investment Net Income (Loss) - St John Housing	$ (118,169)	$ 139,221

5. Investment in Local Partne37

5. Investment in Local Partnerships: Combined Balance Sheets of the Local Partnerships (Details) - Combined Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Cash	$ 1,940,725	$ 2,072,949
Rents receivable	53,657	64,987
Escrow deposits and reserves	1,194,380	1,135,647
Land	768,599	965,272
Buildings and Improvements, net	10,683,023	13,533,052
Intangible assets, net	116,438	141,138
Other assets	194,842	275,483
Total assets	14,951,664	18,188,528
Accounts payable and accrued expenses	314,872	460,365
Due to related parties	1,182,001	1,469,345
Mortgage loans	10,061,371	13,468,459
Notes payable	100,000	250,000
Accrued interest	1,981,767	2,123,968
Other liabilities	99,549	179,156
Total liabilities	13,739,560	17,951,293
American Tax Credit Trust, Series I Capital contributions, net of distributions	6,817,784	7,932,118
American Tax Credit Trust, Series I Cumulative loss	(3,837,189)	(4,627,486)
Total American Tax Credit Trust, Series I	2,980,595	3,304,632
General partners and other limited partners Capital contributions, net of distributions	164,176	151,353
General partners and other limited partners Cumulative loss	(1,932,667)	(3,218,750)
Total General partners and other limited partners	(1,768,491)	(3,067,397)
Total Equity (Deficit)	1,212,104	237,235
Total Liabilities & Equity (Deficit)	$ 14,951,664	$ 18,188,528

5. Investment in Local Partne38

5. Investment in Local Partnerships: Combined Statements of Operations of the Local Partnerships (Details) - Combined Statements Of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Rental	$ 4,381,625	$ 4,452,442
Interest and other	102,611	177,777
TOTAL REVENUE	4,484,236	4,630,219
Administrative	616,161	620,777
Payroll	740,136	751,481
Utilities	696,193	730,609
Operating and maintenance	750,765	746,746
Taxes and insurance	440,622	393,738
Financial	512,515	507,431
Depreciation and amortization	972,702	822,868
TOTAL EXPENSES	4,729,094	4,573,650
Net income (loss)	(244,858)	56,569
Net income (loss) attributable to American Tax Credit Trust, Series I	(116,987)	137,829
Net income (loss) attributable to general partners and other limited partners (includes $244,924 and $189,440 of Trust losses in excess of investment and specially allocated income of $119,503 and $107,614)	$ (127,871)	$ (81,260)

6. Transactions With Manager 39

6. Transactions With Manager and Affiliates: Management Fees - Affiliate (Details) - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
Details
Management fee - affiliate	$ 113,305	$ 124,571

6. Transactions With Manager 40

6. Transactions With Manager and Affiliates: Unpaid Management Fees (Details) - USD ($)	Mar. 30, 2016	Mar. 30, 2015
Details
Unpaid Management Fees	$ 694,861	$ 586,503

7. Taxable Inome_ Reconciliat41

7. Taxable Inome: Reconciliation of Financial Statement Net Loss to the Tax Return Income (Details) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015	Mar. 30, 2014	Mar. 30, 2016	Dec. 31, 2015	Mar. 30, 2015	Dec. 31, 2014
Details
NET LOSS				$ (541,227)		$ (2,233,475)
Add (less) net transactions occurring between Jan 1 and Mar 30	$ 306,378	$ 46,752	$ (48,016)
Adjusted financial statement net loss for the years ended December 31, 2015 and 2014					$ (281,601)		$ (2,234,739)
Management Fees deductible for tax purposes when paid					123,537		(125,281)
Equity in income (loss) of investment in local partnerships					(224,196)		2,032,373
Gain (loss) on sale of limited partner interests/local partnership properties					1,014,482		960,308
Write-off of Advances for tax purposes							(6,092)
Other income from local partnerships					(13,562)		(3,000)
Tax return income for the years ended December 31, 2015 and 2014					$ 618,660		$ 623,569

7. Taxable Inome_ Differences42

7. Taxable Inome: Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Details
Investment in local partnerships - financial reporting		$ 395,782
Investment in local partnerships - Tax	$ (215,752)	(870,491)
Differences between the investment in local partnerships for financial reporting and tax purposes	$ 215,752	$ 1,266,273

8. Fair Value of Financial In43

8. Fair Value of Financial Instruments (Details) - USD ($)	Mar. 30, 2016	Mar. 30, 2015	Mar. 30, 2014
Details
Investment in local partnerships	$ 0	$ 395,782	$ 2,518,186
Estimated fair value of investment in local partnerships	$ 0	$ 435,000