UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q


(Mark One)

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


For the quarterly period ended December 31, 2007


                                       OR


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



                         COMMISSION FILE NUMBER 0-24652

                          FREEDOM TAX CREDIT PLUS L.P.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)



                     Delaware                                     13-3533987
------------------------------------------------            --------------------
(State or other jurisdiction of incorporation or              (I.R.S. Employer
                 organization)                              Identification No.)

     625 Madison Avenue, New York, New York                        10022
------------------------------------------------            --------------------
    (Address of principal executive offices)                     (Zip Code)



Registrant's telephone number, including area code (212) 317-5700


     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 such
filing requirements for the past 90 days. Yes [X] No [ ]


     Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the Exchange  Act.  (Check
one):

Large accelerated filer [ ]   Accelerated filer [ ]    Non-accelerated filer [X]


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



<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                       December 31,      March 31,
                                                                           2007            2007
                                                                       ------------    ------------
                                                                        (Unaudited)      (Audited)
<S>                                                                    <C>             <C>
ASSETS

Operating assets
  Property and equipment - (at cost, net of accumulated depreciation
    of $6,918,947 and $23,820,319, respectively)                       $  7,343,708    $ 24,877,432
  Cash and cash equivalents                                               9,196,877       5,899,857
  Cash held in escrow                                                       857,640       2,869,341
  Deferred costs (net of accumulated amortization of $164,333 and
    $204,969, respectively)                                                 194,079         243,958
  Due from local general partners and affiliates                            284,282               0
  Other assets                                                              108,619         852,070
                                                                       ------------    ------------

Total operating assets                                                   17,985,205      34,742,658
                                                                       ------------    ------------

Assets related to discontinued operations (Note 4)
  Property and equipment held for sale (net of accumulated
    depreciation of $5,471,750 and $0, respectively)                      7,527,207               0
  Other assets related to discontinued operations                         1,443,560           1,704
                                                                       ------------    ------------
Total assets related to discontinued operations                           8,970,767           1,704
                                                                       ------------    ------------

Total assets                                                           $ 26,955,972    $ 34,744,362
                                                                       ============    ============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Operating liabilities
  Mortgage notes payable                                               $  7,678,133    $ 25,276,141
  Accounts payable and other liabilities                                    304,302       1,350,713
  Due to local general partners and affiliates                              129,932       1,078,112
  Due to general partners and affiliates (Note 2)                         3,117,740       3,229,196
                                                                       ------------    ------------

Total operating liabilities                                              11,230,107      30,934,162
                                                                       ------------    ------------

Liabilities related to discontinued operations (Note 5)
  Mortgage notes payable                                                  8,988,672               0
  Liabilities related to discontinued operations including
    minority interest                                                       (85,263)          7,113
                                                                       ------------    ------------
Total liabilities related to discontinued operations                      8,903,409           7,113
                                                                       ------------    ------------

Total liabilities                                                        20,133,516      30,941,275
                                                                       ------------    ------------

Minority interests                                                          675,071         672,373
                                                                       ------------    ------------

Commitments and contingencies (Note 6)

Partners' capital (deficit):
  Limited partners - 72,896 BACs issued and outstanding                   2,560,280        (386,432)
  General partners                                                        3,587,105       3,517,146
                                                                       ------------    ------------

Total partners' capital (deficit)                                         6,147,385       3,130,714
                                                                       ------------    ------------

Total liabilities and partners' capital (deficit)                      $ 26,955,972    $ 34,744,362
                                                                       ============    ============
</TABLE>

The  accompanying  notes are an integral  part of these  condensed  consolidated
financial statements.

                                       2
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                       Three Months Ended               Nine Months Ended
                                                           December 31,                    December 31,
                                                   ----------------------------    ----------------------------
                                                       2007            2006*           2007            2006*
                                                   ------------    ------------    ------------    ------------
<S>                                                <C>             <C>             <C>             <C>
Operations:

Revenues
Rental income                                      $    596,042    $    564,456    $  1,779,988    $  1,695,220
Other                                                   121,669         157,011         345,183         311,624
                                                   ------------    ------------    ------------    ------------
Total revenues                                          717,711         721,467       2,125,171       2,006,844
                                                   ------------    ------------    ------------    ------------

Expenses
General and administrative                              190,845         201,445         620,569         667,469
General and administrative-related parties
  (Note 2)                                              156,913         234,838         381,797         751,282
Repairs and maintenance                                 141,058         155,378         446,776         415,813
Operating and other                                      72,516          84,101         212,161         230,414
Real estate taxes                                        45,569          38,783         119,426         112,711
Insurance                                                40,808          32,465         105,106         104,660
Interest                                                128,439         134,038         386,567         385,471
Depreciation and amortization                           103,121         110,742         328,548         333,061
                                                   ------------    ------------    ------------    ------------
Total expenses                                          879,269         991,790       2,600,950       3,000,881
                                                   ------------    ------------    ------------    ------------

Loss before minority interest and discontinued
  operations                                           (161,558)       (270,323)       (475,779)       (994,037)

Minority interest in loss of subsidiaries from
  operations                                                173           1,217           1,359           3,074
                                                   ------------    ------------    ------------    ------------

Loss from continuing operations                        (161,385)       (269,106)       (474,420)       (990,963)

Discontinued operations:
Income from discontinued operations (including
  minority interest and gain (loss) on sale of
  properties) (Note 5)                                3,749,900       5,804,790       3,450,897      10,372,469
                                                   ------------    ------------    ------------    ------------
Net income                                         $  3,588,515    $  5,535,684    $  2,976,477    $  9,381,506
                                                   ============    ============    ============    ============

Loss from continuing operations - limited
  partners                                         $   (159,771)   $   (266,415)   $   (469,676)   $   (981,053)
Income from discontinued operations (including
  minority interest and gain (loss) on sale of
  properties) - limited partners                      3,712,401       5,746,742       3,416,388      10,268,744
                                                   ------------    ------------    ------------    ------------
Net income - limited partners                      $  3,552,630    $  5,480,327    $  2,946,712    $  9,287,691
                                                   ============    ============    ============    ============

Number of BACs outstanding                               72,896          72,896          72,896          72,896
                                                   ============    ============    ============    ============

Loss from continuing operations per weighted
  average BAC                                      $      (2.20)   $      (3.66)   $      (6.45)   $     (13.46)
Income from discontinued operations per weighted
  average BAC                                             50.93           78.84           46.87          140.87
                                                   ------------    ------------    ------------    ------------

Net income per weighted average BAC                $      48.73    $      75.18    $      40.42    $     127.41
                                                   ============    ============    ============    ============
</TABLE>

* Reclassified for comparative purposes.

The  accompanying  notes are an integral  part of these  condensed  consolidated
financial statements.

                                       3
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENT OF CHANGES
                         IN PARTNERS' CAPITAL (DEFICIT)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                    Limited        General
                                                       Total        Partners       Partners
                                                    -----------   -----------    -----------
<S>                                                 <C>           <C>            <C>
Partners' capital (deficit) - April 1, 2007         $ 3,130,714   $  (386,432)   $ 3,517,146

Net income                                            2,976,477     2,946,712         29,765

Forgiveness of related party debt (Notes 2 and 3)        40,194             -         40,194
                                                    -----------   -----------    -----------

Partners' capital (deficit) - December 31, 2007     $ 6,147,385   $ 2,560,280    $ 3,587,105
                                                    ===========   ===========    ===========
</TABLE>

The  accompanying  notes are an integral  part of these  condensed  consolidated
financial statements.

                                       4
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                               Nine Months Ended
                                                                                  December 31,
                                                                          ----------------------------
                                                                              2007            2006
                                                                          ------------    ------------
<S>                                                                       <C>             <C>
Cash flows from operating activities:

Net income                                                                $  2,976,477    $  9,381,506

Adjustments to reconcile  net income to net cash provided by
   (used in) operating activities:

   Loss (gain) on sale of properties                                           172,895      (8,909,564)
   Loss on impairment of fixed assets                                                0       1,700,000
   Depreciation and amortization                                             1,015,908       2,032,631
   Minority interest in loss of subsidiaries                                (3,880,849)     (4,643,976)
   (Increase) decrease in cash held in escrow                                 (200,077)         85,736
   Decrease (increase) in other assets                                         357,439        (552,788)
   (Decrease) increase in accounts payable and other liabilities              (422,348)      1,118,575
   Decrease in due to general partners and affiliates                          (17,301)     (2,016,228)
   Increase in due to local general partners and affiliates                      4,383         209,597
   Increase (decrease) in due to local general partners and affiliates              82        (171,817)
                                                                          ------------    ------------

Net cash provided by (used in) operating activities                              6,609      (1,766,328)
                                                                          ------------    ------------

Cash flows from investing activities:

   Proceeds from sale of investments                                         6,741,767      26,115,000
   Costs paid relating to sale of properties                                  (297,349)     (2,085,847)
   Acquisition of property and equipment                                      (174,522)       (436,324)
                                                                          ------------    ------------

Net cash provided by investing activities                                    6,269,896      23,592,829
                                                                          ------------    ------------

Cash flows from financing activities:

   Repayments of mortgage notes                                             (2,042,897)    (15,218,006)
   Decrease in capitalization of consolidated subsidiaries attributable
     to minority interest                                                     (625,025)     (1,279,636)
                                                                          ------------    ------------

Net cash used in financing activities                                       (2,667,922)    (16,497,642)
                                                                          ------------    ------------

Net increase in cash and cash equivalents                                    3,608,583       5,328,859

Cash and cash equivalents at beginning of period                             5,901,561       4,672,266
                                                                          ------------    ------------

Cash and cash equivalents at end of period**                              $  9,510,144    $ 10,001,125
                                                                          ============    ============

Supplemental disclosure of cash flow information:
   Cash paid during period for interest                                   $  1,423,947    $  3,048,866
                                                                          ============    ============

Summarized below are the components of the loss (gain) on sale of
   properties:

   Proceeds from sale of investment - net                                 $ (6,444,418)   $ 23,947,248
   Decrease in property and equipment, net of accumulated depreciation       9,175,941     (24,029,153)
   Increase in capital contribution - General Partner                           40,194          30,400
   Decrease in cash held in escrow                                           1,154,502         805,701
   Decrease in rents receivable                                                265,690         115,228
   Decrease in other assets                                                     47,305         549,758
   Decrease in mortgage notes payable                                       (6,566,439)     (5,883,250)
   Decrease in accounts payable and other liabilities                         (335,320)     (3,622,473)
   Decrease in due to general partners and affiliates                          (82,694)       (102,119)
   Decrease in due to local general partners and affiliate                  (1,225,094)       (704,926)
   Decrease in deferred costs                                                   39,070         186,691
   Increase (decrease) in capitalization of consolidated subsidiaries
     attributable to minority interest                                       4,104,158        (202,669)

See Note 5 for cash flows from discontinued operations.
</TABLE>

** Cash and cash equivalents,  end of period, includes cash and cash equivalents
   from discontinued operations of $313,267 and $152,739, respectively.

The  accompanying  notes are an integral  part of these  condensed  consolidated
financial statements.


                                       5
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


Note 1 - General

The condensed  consolidated financial statements include the accounts of Freedom
Tax Credit Plus L.P.  ("the  Partnership")  and twenty  subsidiary  partnerships
("subsidiaries", "subsidiary partnerships" or "Local Partnerships") in which the
Partnership is a limited partner.  Through the rights of the Partnership  and/or
an affiliate of Related Freedom Associates L.P., a Delaware limited  partnership
and  Freedom GP Inc.,  a Delaware  corporation  (each a  "General  Partner"  and
collectively,  the  "General  Partners"),  which  affiliate  has  a  contractual
obligation to act on behalf of the  Partnership to remove the general partner of
the  subsidiary  partnership  (each a "Local General  Partner"),  and to approve
certain  major  operating  and  financial  decisions,   the  Partnership  has  a
controlling  financial  interest in the Local  Partnerships.  As of December 31,
2007,  the  Partnership's   limited  partnership   interest  in  thirteen  Local
Partnerships and the property and the related assets and liabilities of fourteen
Local Partnerships were sold (see Note 3). In addition,  the Partnership entered
into  agreements  to  sell  its  limited  partnership   interest  in  ten  Local
Partnerships (see Note 4).

For financial reporting purposes, the Partnership's third fiscal quarter ends on
December  31 in order to allow  adequate  time for the  subsidiaries'  financial
statements  to  be  prepared  and  consolidated.   The  third  quarter  for  all
subsidiaries  ends September 30. Accounts of the subsidiaries have been adjusted
for intercompany transactions from October 1 through December 31.

All   intercompany   accounts  and   transactions   have  been   eliminated   in
consolidation.

Increases  (decreases)  in  the  capitalization  of  consolidated   subsidiaries
attributable to minority  interest arise from cash  contributions  from and cash
distributions to the minority interest partners.

Losses attributable to minority interests aggregated  approximately  $3,785,000,
$3,352,000,  $3,881,000  and  $4,644,000  for the  three and nine  months  ended
December 31, 2007 and 2006,  respectively.  These amounts include  approximately
$3,784,000,  $3,350,000,  $3,879,000 and  $4,641,000,  respectively,  which were
related  to  discontinued  operations.  The  Partnership's  investment  in  each
subsidiary is generally equal to the respective  subsidiary's  partners'  equity
less minority interest capital, if any.

The books and records of the  Partnership are maintained on the accrual basis of
accounting in accordance with accounting  principles  generally  accepted in the
United  States  of  America.  In the  opinion  of the  General  Partners  of the
Partnership,   the  accompanying   unaudited  condensed  consolidated  financial
statements  contain  all  adjustments   (consisting  only  of  normal  recurring
adjustments)  necessary to present fairly the condensed  consolidated  financial
position of the  Partnership  as of December 31, 2007, its results of operations
for the three and nine  months  ended  December  31,  2007 and 2006 and its cash
flows  for the nine  months  ended  December  31,  2007 and 2006.  However,  the
operating results and cash flows for the nine months ended December 31, 2007 may
not be indicative of the results for the entire year.

Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America have been omitted or condensed.  These condensed
consolidated  financial  statements  should  be read  in  conjunction  with  the
consolidated   financial   statements   and  notes   thereto   included  in  the
Partnership's Annual Report on Form 10-K for the year ended March 31, 2007.

Recent Accounting Pronouncements
--------------------------------
In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements,  which
established a framework  for measuring the fair value of assets and  liabilities
as required by numerous other accounting pronouncements,  and expands disclosure
requirements  of the  fair  values  of  certain  assets  and  liabilities.  This
statement is effective  for the  Partnership's  year ending March 31, 2009.  The
provisions of this  statement are not expected to have a material  impact on the
consolidated financial statements.

In  February  2007 the FASB  issued  SFAS No.  159,  The Fair  Value  Option for
Financial Assets and Financial  Liabilities.  This statement was issued with the
intent to provide an  alternative  measurement  treatment for certain  financial
assets and liabilities.  The alternative  measurement would permit fair value to
be used for both initial and subsequent measurement,  with changes in fair value
recognized in earnings as those changes occur. This "Fair Value Option" would be
available on a contract by contract  basis.  This statement is effective for the
Partnership's  year ending March 31, 2009.  The provisions of this statement are
not expected to have a material impact on the consolidated financial statements.

In December  2007,  the FASB issued SFAS No. 160,  Noncontrolling  Interests  in
Consolidated Financial Statements.  This statement was issued with the intent to
improve  the  relevance,   comparability,  and  transparency  of  the  financial
information  that a  reporting  entity  provides in its  consolidated  financial
statements for those entities that have outstanding  noncontrolling  interest in
one or more  subsidiaries.  The effective  date for this provision is for fiscal
year ends  beginning  after  December 15,  2008.  The  Partnership  is currently
evaluating the impact of the  provisions of this  statement on the  consolidated
financial statements.

                                       6
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


Note 2 - Related Party Transactions

The costs  incurred to related  parties from  operations  for the three and nine
months ended December 31, 2007 and 2006 were as follows:
<TABLE>
<CAPTION>
                                                         Three Months Ended     Nine Months Ended
                                                             December 31,          December 31,
                                                         -------------------   -------------------
                                                           2007       2006*      2007       2006*
                                                         --------   --------   --------   --------
<S>                                                      <C>        <C>        <C>        <C>
Partnership management fees (a)                          $ 86,750   $163,875   $138,839   $491,625
Expense reimbursement (b)                                  22,042     37,303     96,818    130,201
Local administrative fee (c)                                1,375      1,500      4,125      4,500
                                                         --------   --------   --------   --------

Total general and administrative-General Partners         110,167    202,678    239,782    626,326
Property management fees incurred to affiliates of the
  subsidiary partnerships' general partners (d)            46,746     32,160    142,015    124,956
                                                         --------   --------   --------   --------
Total general and administrative-related parties         $156,913   $234,838   $381,797   $751,282
                                                         ========   ========   ========   ========
</TABLE>

* Reclassified for comparative purposes.


The costs incurred to related parties from discontinued operations for the three
and nine months ended December 31, 2007 and 2006 were as follows:
<TABLE>
<CAPTION>
                                                         Three Months Ended     Nine Months Ended
                                                             December 31,          December 31,
                                                         -------------------   -------------------
                                                           2007       2006*      2007       2006*
                                                         --------   --------   --------   --------
<S>                                                      <C>        <C>        <C>        <C>
Local administrative fee (c)                             $  8,922   $ 10,375   $ 26,765   $ 31,125
                                                         --------   --------   --------   --------
Total general and administrative-General Partners           8,922     10,375     26,765     31,125

Property management fees incurred to affiliates of
  the Local General Partners (d)                           37,201    106,569    143,392    407,057
                                                         --------   --------   --------   --------

Total general and administrative-related parties         $ 46,123   $116,944   $170,157   $438,182
                                                         ========   ========   ========   ========
</TABLE>

* Reclassified for comparative purposes.


(a) The General  Partners are entitled to receive a partnership  management fee,
after payment of all Partnership expenses,  which together with the annual local
administrative  fees  will not  exceed a maximum  of 0.5% per annum of  invested
assets (as defined in the  Partnership's  Amended  and  Restated  Agreement  and
Certificate  of  Limited   Partnership  (the  "Partnership   Agreement")),   for
administering  the  affairs  of  the  Partnership.   Subject  to  the  foregoing
limitation,  the  partnership  management  fee will be determined by the General
Partners in their sole discretion  based upon their review of the  Partnership's
investments.  Unpaid  Partnership  management  fees for any year will be accrued
without  interest and will be payable from  working  capital  reserves or to the
extent of available funds after the Partnership  has made  distributions  to the
limited partners and Beneficial Assignment Certificates ("BACs") holders of sale
or refinancing proceeds equal to their original capital contributions plus a 10%
priority return thereon (to the extent not  theretofore  paid out of cash flow).
Partnership   management  fees  owed  to  the  General  Partners   amounting  to
approximately  $3,034,000 and $2,948,000  were accrued and unpaid as of December
31, 2007 and March 31, 2007, respectively.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the Partnership  Agreement.  Another
affiliate of the General Partners performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance.

(c) Freedom SLP L.P., a special limited partner of the subsidiary  partnerships,
is entitled to receive an annual  local  administrative  fee of up to $2,500 per
year from each subsidiary partnership.

(d) Property  management  fees incurred by subsidiary  partnerships  amounted to
$92,712,  $198,273,  $311,533  and  $630,189 for the three and nine months ended
December  31, 2007 and 2006,  respectively.  Of these fees,  $83,947,  $138,729,
$285,407  and  $532,013  were   incurred  to   affiliates   of  the   subsidiary
partnerships,   which  include   $37,201,   $106,569,   $143,392  and  $407,057,
respectively, of fees relating to discontinued operations.

                                       7
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


Other
-----

As further discussed in Note 3, the Middletown Associates ("Wilson Street") sale
resulted in a non-cash  contribution to the Local  Partnership from an affiliate
of the General Partner of approximately  $40,000 as a result of the write-off of
payables owed by the Local Partnership.


Note 3 - Sale of Properties

The Partnership is currently in the process of disposing of its investments.  As
of December 31, 2007, the Partnership's limited partnership interest in thirteen
Local  Partnerships  and the property and the related assets and  liabilities of
fourteen Local  Partnerships  have been sold. In addition,  the  Partnership has
entered into  agreements to sell its limited  partnership  interest in ten Local
Partnerships  (see Note 4). There can be no assurance as to when the Partnership
will dispose of its remaining investments or the amount of proceeds which may be
received.  However,  based on the  historical  operating  results  of the  Local
Partnerships and the current economic conditions, including changes in tax laws,
it is unlikely  that the proceeds  from such sales  received by the  Partnership
will be sufficient to return to the limited partners their original investments.
All gains and losses on sales are included in discontinued operations.

On December 27, 2007, the Partnership's  limited partnership  interest in Wilson
Street was sold to an affiliate of the Local  General  Partner for a sales price
of $20,000. The Partnership received proceeds of $20,000.  Because Wilson Street
was sold to a related  party of the Local  Partnership,  the sale  resulted in a
non-cash contribution to the Local Partnership from the Local General Partner of
approximately  $53,000.  Such contribution  flows through minority interest as a
result of the  write-off of the deficit  basis in the property of  approximately
$33,000 and the $20,000 cash received from the sale. The sale also resulted in a
non-cash  contribution to the Local Partnership from an affiliate of the General
Partner of  approximately  $40,000 as a result of the write-off of payables owed
by the Local Partnership.

On November 16, 2007, the Partnership's  limited  partnership  interest in Grand
Vendome Associates Limited  Partnership  ("Vendome") was sold to an affiliate of
the  Local  General  Partner  for a sales  price of  $125,000.  The  Partnership
received  proceeds of $125,000.  Because  Vendome was sold to a related party of
the Local Partnership, the sale resulted in a non-cash contribution to the Local
Partnership  from the Local General Partner of  approximately  $1,271,000.  Such
contribution flows through minority interest as a result of the write-off of the
deficit basis in the property of approximately  $1,146,000 and the $125,000 cash
received from the sale.

On October 24,  2007,  the property and the related  assets and  liabilities  of
Victoria Manor  Associates  ("Victoria  Manor") were sold to an affiliate of the
Local General Partner for a sale price of $6,475,000.  The Partnership  received
proceeds of $3,660,000  from this sale after the  repayment of mortgages,  other
liabilities,   closing   costs  and   distribution   to  minority   interest  of
approximately $2,815,000.  Because Victoria Manor was sold to a related party of
the Local Partnership, the sale resulted in a non-cash contribution to the Local
Partnership  from the Local General Partner of  approximately  $2,726,000.  Such
contribution flows through minority interest as a result of the write-off of the
basis in the property.

On  September  11,  2007,  the  Partnership's  limited  partnership  interest in
Magnolia  Mews  Limited  Partnership  ("Magnolia  Mews")  was sold to the  Local
General Partner for a sales price of $82,500.  The Partnership received proceeds
of $82,500 from this sale.  Because Magnolia Mews was sold to a related party of
the Local  Partnership,  the sale resulted in a non-cash  distribution  from the
Local Partnership to the Local General Partner of approximately  $153,000 at the
date of the sale. Such distribution  flows through minority interest as a result
of the  write-off  of the  partners'  basis  in the  property  of  approximately
$235,000 and the $82,500 cash received from the sale.

On May 3, 2007, the  Partnership's  limited  partnership  interest in 220 Cooper
Street  Limited  Partnership  ("Cooper  Street")  was sold to the Local  General
Partner for a sales price of $50,000.  The Partnership  received net proceeds of
approximately  $12,000  from this  sale.  Because  Cooper  Street  was sold to a
related  party  of the  Local  Partnership,  the  sale  resulted  in a  non-cash
contribution  to the  Local  Partnership  from  the  Local  General  Partner  of
approximately  $173,000 which was  recognized  during the quarter ended June 30,
2007. An adjustment to the non-cash  contribution of  approximately  $33,000 was
recorded  during the quarter  ended  September  30,  2007,  resulting in overall
non-cash contribution of approximately $206,000. Such contribution flows through
minority interest as a result of the write-off of the partners' deficit basis in
the property of  approximately  $194,000 and the $12,000 cash  received from the
sale.

On October 25, 2006, the property and the related assets and  liabilities of C-H
Development Group Associates,  L.P. ("Manhattan B") were sold to an unaffiliated
third party purchaser for a sales price of $2,100,000.  The Partnership received
$850,980 as a  distribution  from this sale after the  repayment  of  mortgages,
other  liabilities  and  closing  costs of  approximately  $1,249,000.  The sale
resulted in a gain of approximately  $842,000  resulting from a write-off of the
partners' deficit basis in the property of approximately $842,000 at the date of
the sale. The sale resulted in the liquidation of Manhattan B.

On September 29, 2006,  the property and the related  assets and  liabilities of
Oxford Trace  Apartments  ("Oxford  Trace") were sold to an  unaffiliated  third
party purchaser for a sales price of $725,000.  The Partnership received $49,279
as a  distribution  from  this sale  after the  repayment  of  mortgages,  other
liabilities and closing costs of approximately  $676,000. The sale resulted in a
gain of  approximately  $373,000  resulting  from the write-off of the partners'
deficit basis in the property of approximately  $373,000 at the date of the sale
which was recognized during the year ended March 31, 2007. A downward adjustment
to the gain of  approximately  $7,000  was  recorded  during the  quarter  ended
September 30, 2007,  resulting in overall gain of  approximately  $366,000.  The
sale also resulted in a non-cash  contribution to the Local Partnership from the
Local General Partner of approximately  $494,000 as a result of the write-off of
payables owed by the Local Partnership.  The sale resulted in the liquidation of
Oxford Trace.

                                       8
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


On September 29, 2006,  the property and the related  assets and  liabilities of
Tivoli Place  Apartments  ("Tivoli  Place") were sold to an  unaffiliated  third
party  purchaser  for a sales  price of  $3,050,000.  The  Partnership  received
$1,338,631  as a  distribution  from this sale after the repayment of mortgages,
other  liabilities,  closing costs and  distributions  to minority  interests of
approximately $1,711,000.  The sale resulted in a gain of approximately $905,000
resulting  from the write-off of the partners'  deficit basis in the property of
approximately  $905,000 at the date of the sale which was recognized  during the
year ended March 31, 2007. A downward  adjustment  to the gain of  approximately
$6,000 was recorded  during the quarter ended  September 30, 2007,  resulting in
overall gain of  approximately  $899,000.  The sale also  resulted in a non-cash
distribution  from  the  Local  Partnership  to the  Local  General  Partner  of
approximately  $62,000 as a result of the write-off of  receivables  owed to the
Local Partnership. The sale resulted in the liquidation of Tivoli Place.

On September 20, 2006,  the property and the related  assets and  liabilities of
Bennion Park Apartments  ("Mulberry")  were sold to an unaffiliated  third party
purchaser for a sales price of $4,900,000.  The Partnership  received $2,321,740
as a  distribution  from  this sale  after the  repayment  of  mortgages,  other
liabilities,   closing  costs  and   distributions  to  minority   interests  of
approximately  $2,578,000.   The  sale  resulted  in  a  gain  of  approximately
$2,183,000  resulting  from the write-off of the partners'  deficit basis in the
property  of  approximately  $2,183,000  at the  date  of  the  sale  which  was
recognized  during the year ended March 31, 2007. A downward  adjustment  to the
gain of  approximately  $57,000 was recorded  during the quarter ended September
30, 2007, resulting in overall gain of approximately  $2,126,000.  The sale also
resulted  in a non-cash  distribution  from the Local  Partnership  to the Local
General  Partner  of  approximately  $980,000  as a result of the  write-off  of
receivables owed to the Local Partnership.  The sale resulted in the liquidation
of Mulberry.

On September 20, 2006,  the property and the related  assets and  liabilities of
Twin Trees  Apartments  ("Twin Trees") were sold to an unaffiliated  third party
purchaser for a sales price of $2,300,000.  The Partnership received $927,148 as
a  distribution  from  this  sale  after  the  repayment  of  mortgages,   other
liabilities,   closing  costs  and   distributions  to  minority   interests  of
approximately $1,373,000.  The sale resulted in a gain of approximately $904,000
resulting  from the write-off of the partners'  deficit basis in the property of
approximately  $904,000 at the date of the sale which was recognized  during the
year ended March 31, 2007. A downward  adjustment  to the gain of  approximately
$7,000 was recorded  during the quarter ended  September 30, 2007,  resulting in
overall gain of  approximately  $897,000.  The sale also  resulted in a non-cash
distribution  from  the  Local  Partnership  to the  Local  General  Partner  of
approximately  $582,000 as a result of the write-off of receivables  owed to the
Local Partnership. The sale resulted in the liquidation of Twin Trees.

On July 26,  2006,  the  property  and the  related  assets and  liabilities  of
Washington  Brooklyn  Limited   Partnership   ("Washington")  were  sold  to  an
unaffiliated  third party purchaser for a sales price of approximately  $160,000
and the assumption of the related  mortgage  liabilities and certain  litigation
which was resolved in 2006. After the repayment of other liabilities and closing
costs of  approximately  $60,000,  the  Partnership  will receive an  additional
payment  estimated  to be  approximately  $100,000  to be paid at a later  date.
During  the  quarter  ended June 30,  2006,  in  accordance  with  Statement  of
Financial  Accounting  Standards  No. 144,  "Accounting  for the  Impairment  or
Disposal of  Long-Lived  Asset"  ("SFAS No. 144"),  the  Partnership  deemed the
building  impaired and wrote it down to its fair value which  resulted in a loss
on impairment of $400,000. The sale resulted in a loss of approximately $384,000
resulting  from  the  write-off  of  the  partners'  basis  in the  property  of
approximately  $384,000 at the date of the sale which was recognized  during the
year ended March 31, 2007. An adjustment to the loss of approximately $5,000 was
recorded  during the quarter  ended June 30, 2007,  resulting in overall loss of
approximately $379,000. The sale also resulted in a non-cash contribution to the
Local   Partnership   from  an  affiliate  of  the  Local  General   Partner  of
approximately  $30,000 as a result of the  write-off  of payables  owed by Local
Partnership. The sale resulted in the liquidation of Washington.

On June 26, 2006, the property and the related assets and liabilities of Hunters
Chase  Apartments  ("Hunters  Chase") were sold to an  unaffiliated  third party
purchaser for a sales price of $2,730,000.  The Partnership received $334,243 as
a  distribution  from  this  sale  after  the  repayment  of  mortgages,   other
liabilities and closing costs of approximately $2,396,000.  The sale resulted in
a gain of approximately $1,192,000 resulting from the write-off of the partners'
deficit  basis in the property of  approximately  $1,192,000  at the date of the
sale,  which was  recorded  during the quarter  ended  September  30,  2006.  An
adjustment to the gain of approximately  $72,000 was recorded during the quarter
ended  December 31, 2006, and an additional  downward  adjustment to the gain of
approximately  $32,000 was recorded during the quarter ended September 30, 2007,
resulting in overall gain of approximately $1,232,000. The sale also resulted in
a non-cash  contribution to the Local Partnership from the Local General Partner
of approximately $1,245,000 as a result of the write-off of payables owed by the
Local Partnership. The sale resulted in the liquidation of Hunters Chase.

On June 26,  2006,  the  property  and the  related  assets and  liabilities  of
Wilshire  Apartments  ("Wilshire")  were  sold to an  unaffiliated  third  party
purchaser for a sales price of $1,700,000. The Partnership received $31,986 as a
distribution from this sale after the repayment of mortgages,  other liabilities
and closing costs of  approximately  $1,668,000.  The sale resulted in a gain of
approximately  $680,000  resulting  from the write-off of the partners'  deficit
basis in the property of  approximately  $680,000 at the date of the sale, which
was recorded during the quarter ended September 30, 2006. A downward  adjustment
to the gain of  approximately  $161,000  was recorded  during the quarter  ended
December  31,  2006,  and an  additional  downward  adjustment  to the  gain  of
approximately  $7,000 was recorded  during the quarter ended September 30, 2007,
resulting in overall gain of approximately $512,000. The sale also resulted in a
non-cash contribution to the Local Partnership from the Local General Partner of
approximately  $1,179,000  as a result of the  write-off of payables owed by the
Local Partnership. The sale resulted in the liquidation of Wilshire.

On June 20, 2006, the property and the related assets and  liabilities of Bethel
Park  Apartments  ("Bethel  Park")  were  sold to an  unaffiliated  third  party
purchaser for a sales price of $2,500,000.  The Partnership received $620,674 as
a  distribution  from  this  sale  after  the  repayment  of  mortgages,   other
liabilities and closing costs of approximately $1,879,000.  The sale resulted in
a gain of approximately  $319,000  resulting from the write-off of the partners'
deficit basis in the property of approximately $319,000 at the date of the sale,
which was recorded during the quarter ended September 30, 2006. An adjustment to

                                       9
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


the gain of  approximately  $11,000 was recorded  during the quarter ended March
31, 2007,  and an additional  downward  adjustment to the gain of  approximately
$27,000 was recorded during the quarter ended  September 30, 2007,  resulting in
overall gain of  approximately  $303,000.  The sale also  resulted in a non-cash
contribution  to the  Local  Partnership  from  the  Local  General  Partner  of
approximately  $298,000 as a result of the  write-off  of  payables  owed by the
Local Partnership. The sale resulted in the liquidation of Bethel Park.

On June 20, 2006, the property and the related assets and liabilities of Zebulon
Park Apartments  ("Zebulon") were sold to an unaffiliated  third party purchaser
for a  sales  price  of  $2,000,000.  The  Partnership  received  $420,305  as a
distribution from this sale after the repayment of mortgages,  other liabilities
and closing costs of  approximately  $1,580,000.  The sale resulted in a gain of
approximately  $115,000  resulting  from the write-off of the partners'  deficit
basis in the property of  approximately  $115,000 at the date of the sale, which
was recorded during the quarter ended September 30, 2006. A downward  adjustment
to the gain of  approximately  $3,000  was  recorded  during the  quarter  ended
December  31,  2006,  and an  additional  downward  adjustment  to the  gain  of
approximately  $45,000 was recorded during the quarter ended September 30, 2007,
resulting in overall gain of approximately  $67,000. The sale also resulted in a
non-cash contribution to the Local Partnership from the Local General Partner of
approximately  $264,000 as a result of the  write-off  of  payables  owed by the
Local Partnership. The sale resulted in the liquidation of Zebulon.

On June 5,  2006,  the  property  and the  related  assets  and  liabilities  of
Northwood Apartments of Georgia ("Northwood") were sold to an unaffiliated third
party  purchaser  for a sales  price of  $6,050,000.  The  Partnership  received
$3,197,019  as a  distribution  from this sale after the repayment of mortgages,
other  liabilities,  closing costs and  distributions  to minority  interests of
approximately  $2,853,000.   The  sale  resulted  in  a  gain  of  approximately
$2,367,000  resulting from the write-off of the partners'  basis in the property
of  approximately  $2,367,000 at the date of the sale, which was recorded during
the quarter ended September 30, 2006. An adjustment to the gain of approximately
$81,000 was recorded  during the quarter ended March 31, 2007, and an additional
downward adjustment to the gain of approximately  $7,000 was recorded during the
quarter  ended  September 30, 2007,  resulting in overall gain of  approximately
$2,441,000.  The sale also  resulted in a non-cash  distribution  from the Local
Partnership to the Local General Partner of  approximately  $868,000 as a result
of the write-off of receivables owed to the Local Partnership. The sale resulted
in the liquidation of Northwood.

On March 31, 2006, the Partnership's  limited  partnership  interest in Davidson
Court  Limited  Partnership  ("Davidson  Court") was sold to an affiliate of the
general  partner of the Local  Partnership  (the "Local General  Partner") for a
sales price of $1,100,000.  The Partnership received proceeds of $1,066,715 from
this sale after the payment of closing costs of  approximately  $33,000 from the
sales price.  Because  Davidson  Court was sold to a related  party of the Local
Partnership,  the  sale  resulted  in  a  non-cash  contribution  to  the  Local
Partnership  from the Local General Partner of  approximately  $68,000 which was
recorded during the quarter ended September 30, 2006.  Such  contribution  flows
through minority interest as a result of the write-off of the partners' basis in
the property of approximately $999,000 and the $1,066,715 cash received from the
sale.

On March  31,  2006,  the  Partnership's  limited  partnership  interest  in CLM
Equities  Limited  Partnership  ("Morris  Avenue") was sold to the Local General
Partner  and its  affiliate  for a sales  price  of  $265,000.  The  Partnership
received proceeds of $264,990 from this sale.  Because Morris Avenue was sold to
a related  party of the  Local  Partnership,  the sale  resulted  in a  non-cash
distribution  from  the  Local  Partnership  to the  Local  General  Partner  of
approximately  $424,000,  which was recorded  during the quarter  ended June 30,
2006. A downward  adjustment  of  approximately  $9,000 was recorded  during the
quarter ended December 31, 2006,  resulting in overall non-cash  distribution of
approximately  $415,000.  Such distribution flows through minority interest as a
result of the write-off of the partners' basis in the property of  approximately
$680,000 and the $264,990 cash received from the sale.

On February 1, 2006, the Partnership's  limited partnership  interest in Ivanhoe
Apartments Limited Partnership ("Ivanhoe") was sold to the Local General Partner
for a sales price of $150,000.  The  Partnership  received  proceeds of $150,000
from  this  sale.  Because  Ivanhoe  was sold to a  related  party of the  Local
Partnership,  the sale  resulted  in a  non-cash  distribution  from  the  Local
Partnership to the Local General  Partner of  approximately  $50,000,  which was
recorded  during the quarter  ended June 30, 2006. An adjustment to the non-cash
distribution  of  approximately  $35,000 was recorded  during the quarter  ended
March 31, 2007,  resulting in overall  non-cash  distribution  of  approximately
$85,000.  Such  distribution  flows through minority interest as a result of the
write-off of the partners' basis in the property of  approximately  $235,000 and
the $150,000 cash  received from the sale.  The sale also resulted in a non-cash
contribution to the Local  Partnership  from an affiliate of the General Partner
of approximately  $35,000 as a result of the write-off of payables owed by Local
Partnership.

On January 19, 2006, the Partnership's  limited  partnership  interest in Nelson
Anderson Affordable Housing Limited Partners ("Nelson Anderson") was sold to the
Local General Partner for a sales price of $490,000.  The  Partnership  received
proceeds of  $489,990  from this sale.  Because  Nelson  Anderson  was sold to a
related  party  of the  Local  Partnership,  the  sale  resulted  in a  non-cash
distribution  from  the  Local  Partnership  to the  Local  General  Partner  of
approximately  $196,000,  which was recorded  during the quarter  ended June 30,
2006. A downward adjustment to the non-cash distribution of approximately $1,000
was  recorded  during the quarter  ended March 31,  2007,  resulting  in overall
non-cash distribution of approximately $197,000. Such distribution flows through
minority  interest as a result of the  write-off of the  partners'  basis in the
property of approximately $687,000 and the $489,990 cash received from the sale.
The sale also resulted in a non-cash  contribution to the Local Partnership from
an affiliate of the General Partner of approximately  $28,000 as a result of the
write-off of payables owed by Local Partnership.

                                       10
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


Note 4 - Assets Held for Sale

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement to sell its limited partnership interest in Shadowood Apartments,  Ltd
("Shadowood") to an affiliate of the Local General Partners for a sales price of
$1,000. The sales documents have been executed and the initial deposit funds are
being held in escrow.  The closing is  expected to occur by the end of 2008.  No
assurance  can be given that the sale will actually  occur.  As of September 30,
2007, Shadowood had property and equipment,  at cost, of approximately $955,000,
accumulated   depreciation  of  approximately  $391,000  and  mortgage  debt  of
approximately $724,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement to sell its limited partnership interest in Brookwood Associates,  Ltd
("Brookwood") to an affiliate of the Local General Partners for a sales price of
$1,000. The sales documents have been executed and the initial deposit funds are
being held in escrow.  The closing is  expected to occur by the end of 2008.  No
assurance  can be given that the sale will actually  occur.  As of September 30,
2007,   Brookwood  had  property  and  equipment,   at  cost,  of  approximately
$1,689,000, accumulated depreciation of approximately $697,000 and mortgage debt
of approximately $1,230,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement to sell its limited partnership  interest in Hidden Valley Apartments,
Ltd ("Hidden  Valley") to an affiliate of the Local General Partners for a sales
price of $1,000.  The sales documents have been executed and the initial deposit
funds are being held in escrow.  The  closing is expected to occur by the end of
2008.  No  assurance  can be given  that the sale  will  actually  occur.  As of
September  30,  2007,  Hidden  Valley had property and  equipment,  at cost,  of
approximately $1,862,000, accumulated depreciation of approximately $755,000 and
mortgage debt of approximately $1,164,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement to sell its limited  partnership  interest in Heflin Hills Apartments,
Ltd  ("Heflin") to an affiliate of the Local General  Partners for a sales price
of $1,000.  The sales documents have been executed and the initial deposit funds
are being held in escrow.  The  closing is expected to occur by the end of 2008.
No assurance can be given that the sale will actually occur. As of September 30,
2007,  Heflin  Hills had  property  and  equipment,  at cost,  of  approximately
$974,000,  accumulated  depreciation of approximately $401,000 and mortgage debt
of approximately $722,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement  to  sell  its  limited  partnership  interest  in  West  Hill  Square
Apartments,  Ltd ("West Hill") to an affiliate of the Local General Partners for
a sales price of $1,000.  The sales documents have been executed and the initial
deposit funds are being held in escrow.  The closing is expected to occur by the
end of 2008. No assurance can be given that the sale will actually  occur. As of
September  30, 2007,  West Hill Square had property and  equipment,  at cost, of
approximately $1,060,000, accumulated depreciation of approximately $419,000 and
mortgage debt of approximately $747,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement  to sell its  limited  partnership  interest  in  Windsor  Place,  Ltd
("Windsor")  to an affiliate of the Local General  Partners for a sales price of
$1,000. The sales documents have been executed and the initial deposit funds are
being held in escrow.  The closing is  expected to occur by the end of 2008.  No
assurance  can be given that the sale will actually  occur.  As of September 30,
2007,  Windsor  Place had  property and  equipment,  at cost,  of  approximately
$1,016,000, accumulated depreciation of approximately $414,000 and mortgage debt
of approximately $745,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement to sell its limited  partnership  interest in New Augusta  Associates,
Ltd ("New  Augusta") to an affiliate of the Local  General  Partners for a sales
price of $1,000.  The sales documents have been executed and the initial deposit
funds are being held in escrow.  The  closing is expected to occur by the end of
2008.  No  assurance  can be given  that the sale  will  actually  occur.  As of
September  30,  2007,  New Augusta  had  property  and  equipment,  at cost,  of
approximately $1,093,000, accumulated depreciation of approximately $444,000 and
mortgage debt of approximately $692,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement  to  sell  its  limited   partnership   interest  in  Elmwood   Square
Preservation, L.P. ("Elmwood") to an affiliate of the Local General Partners for
a sales price of $1,000.  The sales documents have been executed and the initial
deposit funds are being held in escrow.  The closing is expected to occur by the
end of 2008. No assurance can be given that the sale will actually  occur. As of
September  30, 2007,  Elmwood  Square had property and  equipment,  at cost,  of
approximately $978,000,  accumulated  depreciation of approximately $358,000 and
mortgage debt of approximately $690,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement to sell its limited partnership interest in Brittany Associates,  L.P.
("Brittany") to an affiliate of the Local General  Partners for a sales price of
$1,000. The sales documents have been executed and the initial deposit funds are
being held in escrow.  The closing is  expected to occur by the end of 2008.  No
assurance  can be given that the sale will actually  occur.  As of September 30,
2007, Brittany had property and equipment,  at cost, of approximately  $942,000,
accumulated   depreciation  of  approximately  $381,000  and  mortgage  debt  of
approximately $671,000.

On December 31, 2007 the  Partnership  entered into an assignment and assumption
agreement to sell its limited  partnership  interest in Pine Shadow,  Ltd ("Pine
Shadow") to an  affiliate  of the Local  General  Partners  for a sales price of
$1,000. The sales documents have been executed and the initial deposit funds are
being held in escrow.  The closing is  expected to occur by the end of 2008.  No
assurance  can be given that the sale will actually  occur.  As of September 30,
2007,  Pine  Shadow  had  property  and  equipment,  at cost,  of  approximately
$2,397,000,  accumulated  depreciation of approximately  $1,178,000 and mortgage
debt of approximately $1,605,000.

                                       11
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


Note 5 - Discontinued Operations

The following table summarizes the financial  position of the Local Partnerships
that are classified as  discontinued  operations  because the  respective  Local
Partnerships were under contract to be sold and, therefore, classified as assets
held for sale.  As of December  31,  2007,  Victoria  Manor,  Vendome and Wilson
Street, which were sold during the current year and Shadowood, Brookwood, Hidden
Valley,  Heflin, West Hill,  Windsor,  New Augusta,  Elmwood,  Brittany and Pine
Shadow,  which were  classified as assets held for sale,  were all classified as
discontinued  operations on the condensed consolidated financial statements.  On
March 31, 2007,  there were no Local  Partnerships  classified  as  discontinued
operations in the  consolidated  balance sheets.  The amounts shown below, as of
March 31, 2007,  represent residual cash and accounts payable balances as of the
balance sheet date from the sale of Washington, which subsequently were paid.

Consolidated Balance Sheets of Discontinued Operations:
<TABLE>
<CAPTION>
                                                      December 31,    March 31,
                                                          2007          2007
                                                      -----------    -----------
<S>                                                   <C>            <C>
Assets
  Property and equipment, net of accumulated
    depreciation of $5,471,750 and $0, respectively   $ 7,527,207    $         0
  Cash and cash equivalents                               313,267          1,704
  Cash held in escrow                                   1,057,276              0
  Other assets                                             73,017              0
                                                      -----------    -----------
Total assets                                          $ 8,970,767    $     1,704
                                                      ===========    ===========

Liabilities
  Mortgage notes payable                              $ 8,988,672    $         0
  Accounts payable and other liabilities                  295,857          7,113
  Due to local general partners and affiliates             11,833              0
  Due to general partners and affiliates                   11,461              0
  Minority interest                                      (404,414)             0
                                                      -----------    -----------
Total liabilities                                     $ 8,903,409    $     7,113
                                                      ===========    ===========
</TABLE>


The  following  table   summarizes  the  results  of  operations  of  the  Local
Partnerships that are classified as discontinued  operations.  For the three and
nine months ended  December 31, 2007,  Magnolia Mews,  Cooper  Street,  Victoria
Manor,  Vendome and Wilson Street,  which were sold during the nine months ended
December 31, 2007, and Heflin,  Hidden Valley,  Shadowood,  Windsor,  Brookwood,
West Hill, Elmwood, New Augusta, Brittany and Pine Shadow, which were classified
as assets held for sale, were all classified as  discontinued  operations on the
condensed consolidated  statements of operations.  For the three and nine months
ended  December 31, 2006,  Nelson  Anderson,  Ivanhoe,  Davidson  Court,  Morris
Avenue,  Northwood,  Bethel Park, Zebulon,  Hunters Chase,  Wilshire,  Mulberry,
Oxford Trace,  Tivoli Place,  Twin Trees and Washington,  which were sold during
the nine months  ended  December 31, 2006,  Eagle  Ridge,  Lauderdale  Lakes and
Manhattan B, which were classified as assets held for sale,  Abraham Lincoln and
Harmony Gates,  which were sold during the year ended March 31, 2007, and Cooper
Street,  Magnolia  Mews,  Victoria  Manor,  Heflin,  Hidden  Valley,  Shadowood,
Windsor,  Brookwood,  West Hill, Elmwood, New Augusta, Brittany and Pine Shadow,
in order to  present  comparable  results  for the three and nine  months  ended
December  31,  2007,  were all  classified  as  discontinued  operations  on the
condensed consolidated statements of operations.

                                       12
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


Condensed Consolidated Statements of Discontinued Operations:
<TABLE>
<CAPTION>
                                                                  Three Months Ended           Nine Months Ended
                                                                     December 31,                 December 31,
                                                              --------------------------   --------------------------
                                                                  2007          2006*          2007          2006*
                                                              -----------    -----------   -----------    -----------
<S>                                                           <C>            <C>           <C>            <C>
Revenues

Rental income                                                 $   591,670    $ 2,044,352   $ 2,250,179    $ 7,448,269
Other                                                             140,518        191,461       419,199        624,278
Gain (loss) on sale of property                                         0      4,319,879      (172,895)     8,909,564
                                                              -----------    -----------   -----------    -----------
Total revenues                                                    732,188      6,555,692     2,496,483     16,982,111
                                                              -----------    -----------   -----------    -----------

Expenses

General and administrative                                         93,221        525,149       418,651      1,865,380
General and administrative-related parties (Note 2)                46,123        116,944       170,157        438,182
Repairs and maintenance                                           161,286        359,412       510,008      1,494,482
Operating and other                                                62,569        228,372       270,604        810,495
Real estate taxes                                                  36,305         30,872       129,014        398,936
Insurance                                                          27,705        119,160       140,760        395,750
Interest                                                          176,357        974,905       598,522      2,447,749
Depreciation and amortization                                     163,562        446,399       687,360      1,699,570
Loss on impairment of fixed assets                                      0      1,300,000             0      1,700,000
                                                              -----------    -----------   -----------    -----------

Total expenses                                                    767,128      4,101,213     2,925,076     11,250,544
                                                              -----------    -----------   -----------    -----------

(Loss) income before minority interest                            (34,940)     2,454,479      (428,593)     5,731,567
Minority interest in loss of subsidiaries from discontinued
  operations                                                    3,784,840      3,350,311     3,879,490      4,640,902
                                                              -----------    -----------   -----------    -----------
Net income from discontinued operations                       $ 3,749,900    $ 5,804,790   $ 3,450,897    $10,372,469
                                                              ===========    ===========   ===========    ===========

Net income - limited partners from discontinued operations    $ 3,712,401    $ 5,746,742   $ 3,416,388    $10,268,744
                                                              ===========    ===========   ===========    ===========

Number of BACs outstanding                                         72,896         72,896        72,896         72,896
                                                              ===========    ===========   ===========    ===========

Net income from discontinued operations per weighted
  average BAC                                                 $     50.93    $     78.84   $     46.87    $    140.87
                                                              ===========    ===========   ===========    ===========
</TABLE>


Cash Flows from Discontinued Operations:
<TABLE>
<CAPTION>
                                                                                               Nine Months Ended
                                                                                                  December 31,
                                                                                           ---------------------------
                                                                                              2007            2006*
                                                                                           -----------    ------------
<S>                                                                                        <C>            <C>
Net cash (used in) provided by discontinued operating activities                           $  (293,886)   $  9,359,935
                                                                                           -----------    ------------

Net cash provided by discontinued investing activities                                     $ 6,269,747    $  9,710,200
                                                                                           -----------    ------------

Net cash used in discontinued financing activities                                         $(6,181,888)   $(20,358,656)
                                                                                           -----------    ------------
</TABLE>


* Reclassified for comparative purposes.


Note 6 - Commitments and Contingencies

Pine Shadow, Ltd. ("Pine Shadow")
---------------------------------
During  2005,  Pine Shadow  suffered  damages  from  flooding  due to  Hurricane
Katrina.  However,  in 2006,  Pine Shadow  entered into an agreement  with Rural
Housing  Services  ("RHS") in which Pine Shadow is to receive funding to replace
all damages to the property. The funds to be received will be a Second Soft Loan
in the amount of $4,384,000  with an annual interest rate of 1%. Payments on the
loan will be deferred for a 20 year period. In accordance with SFAS No. 144, the
Partnership has determined that there is no impairment and the carrying  amounts
of the assets are recoverable, therefore, no adjustments are required. As of the
filing date of this report, the funds have not yet been received. As of December
31, 2007, the Partnership entered into an assignment and assumption agreement to
sell its limited partnership interest in Pine Shadow.

                                       13
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2007
                                   (Unaudited)


Other
-----

The  Partnership is subject to risks  incident to potential  losses arising from
the management and ownership of improved real estate.  The  Partnership can also
be affected by poor economic conditions  generally,  however no more than 40% of
the  properties  are  located  in any  single  state  (Alabama).  There are also
substantial  risks  associated  with  owning  properties   receiving  government
assistance,  for example the possibility that Congress may not appropriate funds
to enable the U.S.  Department of Housing and Urban Development  ("HUD") to make
rental  assistance  payments.  HUD also restricts  annual cash  distributions to
partners  based on  operating  results and a  percentage  of the owners'  equity
contribution.  As of  December  31,  2007,  there  were two  Local  Partnerships
subsidized by HUD. The Partnership  cannot sell or  substantially  liquidate its
investments  in  subsidiary  partnerships  during  the period  that the  subsidy
agreements are in existence without HUD's approval. Furthermore there may not be
market  demand for  apartments  at full market rents when the rental  assistance
contract expires.

Except as  described  above,  management  is not aware of any  trends or events,
commitments or uncertainties, which have not otherwise been disclosed, that will
or are likely to impact  liquidity in a material  way.  Management  believes the
only impact would be from laws that have not yet been adopted.  The portfolio is
diversified by the location of the  properties  around the United States so that
if one  area of the  country  is  experiencing  downturns  in the  economy,  the
remaining  properties  in the  portfolio  may  not  be  affected.  However,  the
geographic  diversification  of the portfolio may not protect  against a general
downturn in the national economy. The current market conditions could affect the
value of the Partnership's portfolio.

                                       14
<PAGE>

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

Liquidity and Capital Resources
-------------------------------

The   Partnership's   capital  was  originally   invested  in  forty-two   Local
Partnerships.  As of December 31, 2007, the  Partnership's  limited  partnership
interest in thirteen Local  Partnerships and the property and the related assets
and liabilities of fourteen Local Partnerships have been sold. In addition,  the
Partnership has entered into agreements to sell its limited partnership interest
in ten Local Partnerships (see Note 4).

Off-Balance Sheet Arrangements
------------------------------
The Partnership has no off-balance sheet arrangements.

Tabular disclosure of Contractual Obligations
---------------------------------------------
The Partnership  disclosed in Item 7 of the Partnership's  Annual Report on Form
10-K for the year ended March 31, 2007,  the  Partnership's  commitments to make
future  payments under its debt  agreements and other  contractual  obligations.
There are no material  changes to such  disclosure or amounts as of December 31,
2007.

Short-Term
----------

The  Partnership's  primary  sources  of funds  included:  (i)  working  capital
reserves;  (ii)  interest  earned on the working  capital  reserves;  (iii) cash
distributions from operations of the Local Partnerships; and (iv) sales proceeds
and distributions.  Such funds,  although minimal (other than sales proceeds and
sales distributions),  are available to meet the obligations of the Partnership.
The Partnership does not anticipate providing cash distributions to BACs holders
in circumstances  other than refinancing or sales.  During the nine months ended
December  31,  2007  and  2006,  distributions  from  operations  of  the  Local
Partnerships amounted to approximately $68,000 and $54,000, respectively,  which
have been  eliminated  in  consolidation.  Additionally,  during the nine months
ended  December  31,  2007 and  2006,  the  Partnership  received  approximately
$3,899,000 and $10,133,000, respectively, of proceeds and distributions from the
sale of investments.

For the nine months ended  December 31, 2007,  cash and cash  equivalents of the
Partnership and its  consolidated  Local  Partnerships  increased  approximately
$3,609,000  due to net cash provided by operating  activities  of  approximately
$7,000 and proceeds from sale of investments of approximately  $6,742,000.  Such
inflows  exceeded   acquisition  of  property  and  equipment  of  approximately
$175,000,  repayments of mortgage notes of approximately $2,043,000,  costs paid
relating to sale of properties of  approximately  $297,000 and a decrease in the
capitalization of consolidated  subsidiaries  attributable to minority interests
of  approximately  $625,000.  Included in the  adjustments  to reconcile the net
income  to net  cash  provided  by  operating  activities  is  depreciation  and
amortization  of  approximately  $1,016,000  and loss on sale of  properties  of
approximately $173,000.

Total  expenses for the three and nine months ended  December 31, 2007 and 2006,
excluding   depreciation   and   amortization,    interest   and   general   and
administrative-related  parties,  totaled  $490,796,  $512,172,  $1,504,038  and
$1,531,067, respectively.

As of  December  31,  2007 and  March  31,  2007,  accounts  payable  and  other
liabilities totaled $304,302 and $1,350,713,  respectively,  which are comprised
of the following amounts:
<TABLE>
<CAPTION>
                                               December 31,     March 31,
                                                   2007           2007
                                               ------------   ------------
<S>                                            <C>            <C>
Accounts payable                               $    153,287   $    534,287
Accrued interest payable                             85,074        579,535
Security deposits payable                            65,941        236,891
                                               ------------   ------------
Total accounts payable and other liabilities   $    304,302   $  1,350,713
                                               ============   ============
</TABLE>


Accounts payable are short term  liabilities  which are expected to be paid from
operating cash flows,  working capital balances at the Local Partnership  level,
Local General Partner advances and, in certain circumstances,  advances from the
Partnership.  Because the provisions of the secondary loans defer the payment of
accrued interest of the respective Local Partnerships,  the Partnership believes
it (and the applicable Local Partnerships) has sufficient  liquidity and ability
to generate cash and to meet existing and known or reasonably likely future cash
requirements over both the short and long term.

Accrued interest payable  represents the accrued interest on all mortgage loans,
which  include  primary  and  secondary  loans.  Certain  secondary  loans  have
provisions  such that  interest is accrued but not payable  until a future date.
The  Partnership  anticipates  the payment of accrued  interest on the secondary
loans (which make up the  majority of the accrued  interest  payable  amount and
which  have  been  accumulating  since  the  Partnership's   investment  in  the
respective  Local  Partnership)  will be made from future  refinancings or sales
proceeds  of  the  respective  Local  Partnerships.   In  addition,  each  Local
Partnership's mortgage notes are collateralized by the land and buildings of the
respective  Local   Partnership,   and  are  without  further  recourse  to  the
Partnership.

Security  deposits payable are offset by cash held in security  deposits,  which
are included in "Cash held in escrow" on the financial statements.

A working  capital  reserve  of  approximately  $8,898,000,  exclusive  of Local
Partnerships' working capital,  remained unused at December 31, 2007. It is used
to pay operating expenses of the Partnership,  including partnership  management
fees  payable to the General  Partners  and  advances to Local  Partnerships  if
warranted.

                                       15
<PAGE>

Long-Term
---------

Partnership  management  fees and  expense  reimbursements  owed to the  General
Partners  amounting to approximately  $3,034,000 and $2,983,000 were accrued and
unpaid as of December 31, 2007 and March 31, 2007, respectively.

For a discussion of contingencies affecting certain Local Partnerships, see Note
6 to the condensed consolidated financial statements. Since the maximum loss the
Partnership  would be liable for is its net investment in the  respective  Local
Partnerships, the resolution of the existing contingencies is not anticipated to
impact  future  results of  operations,  liquidity or  financial  condition in a
material way.

The Local  Partnerships  are impacted by inflation  in several  ways.  Inflation
allows for  increases in rental rates  generally to reflect the impact of higher
operating and  replacement  costs.  Furthermore,  inflation  generally  does not
impact the fixed long-term financing under which real property  investments were
purchased. Inflation also affects the Local Partnerships adversely by increasing
operating costs,  such as fuel,  utilities,  and labor.  Since revenues from the
sales of assets are driven by market conditions, inflation has little impact.

Management is not aware of any trends or events,  commitments or  uncertainties,
which have not  otherwise  been  disclosed,  that will,  or are likely to impact
liquidity in a material way.  Management  believes the only impact would be from
laws  that  have not yet been  adopted.  The  portfolio  is  diversified  by the
location of the  properties  around the United States so that if one area of the
country is experiencing  downturns in the economy,  the remaining  properties in
the  Partnership's  portfolio  may  not be  affected.  However,  the  geographic
diversification  of the portfolio may not protect against a general  downturn in
the national  economy.  The current market  conditions could affect the value of
the Partnership's portfolio.

The  Partnership  fully invested the proceeds of its offering in forty-two local
partnerships,  all of which have been held  through the end of their  respective
Compliance Periods. As of December 31, 2002 all the Local Partnerships completed
their tax credit periods and the  Partnership  had met its primary  objective of
generating  Tax Credits  for  qualified  BACs  holders.  Each Local  Partnership
complied with the Tax Credit requirements until the end of the Compliance Period
and,  therefore,  did not suffer a recapture of the Tax Credits.  The Compliance
Periods with respect to the Properties have all ended as of December 31, 2007.

Discontinued Operations
-----------------------

The Partnership is currently in the process of disposing of its investments. The
disposals  meet the  criteria  established  for  recognition  as a  discontinued
operation  under SFAS No.  144.  SFAS No. 144  specifically  requires  that such
amounts must differentiate a component of a business comprised of operations and
cash flows that can be clearly  distinguished  operationally  and for  financial
reporting  purposes,  from the rest of the entity.  See Note 3 to the  condensed
consolidated financial statements for a discussion of the sale of properties. As
of December  31,  2007,  there were ten assets  held for sale.  See Note 4 for a
discussion of assets held for sale.

Critical Accounting Policies and Estimates
------------------------------------------

In preparing the condensed  consolidated  financial  statements,  management has
made estimates and  assumptions  that affect the reported  amounts of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting periods.  Actual results could differ
from those  estimates.  Set forth below is a summary of the accounting  policies
that  management  believes  are  critical to the  preparation  of the  condensed
consolidated  financial  statements.  The summary  should be read in conjunction
with  the  more  complete  discussion  of the  Partnership  accounting  policies
included  in Item 8,  Note 2 to the  consolidated  financial  statements  in the
Annual Report on Form 10-K for the year ended March 31, 2007.

Property and Equipment
----------------------

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  Properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts  and the profit or loss on such  disposition  is reflected in earnings.
The  Partnership  complies  with SFAS No. 144. A loss on impairment of assets is
recorded when management estimates amounts recoverable through future operations
and sale of the property on an undiscounted basis are below depreciated cost. At
that time, property  investments  themselves are reduced to estimated fair value
(generally using discounted cash flows).

In  accordance  with SFAS No. 144, the results of  discontinued  operations  are
reported as a separate  component of income  before  extraordinary  items on the
condensed consolidated statements of operations. Discontinued operations include
the results of operations and any gain or loss recognized for Local Partnerships
that have been  disposed of or are held for sale. A gain or loss  recognized  on
the disposal is disclosed in the notes to the condensed  consolidated  financial
statements.  Adjustments to amounts  previously  reported in operations that are
directly related to the disposal of a Local  Partnership are reclassified in the
current period as discontinued operations for comparability purposes. Assets and
liabilities  of a Local  Partnership  that are  classified  as held for sale are
presented separately in the asset and liability sections,  respectively,  of the
condensed consolidated balance sheets.

During the nine months ended December 31, 2007, the Partnership has not recorded
any loss on impairment of assets or reduction to estimated  fair value.  Through
December 31, 2007, the  Partnership has recorded  approximately  $5,726,000 as a
loss on impairment of assets or reduction to estimated fair value.

At the time  management  commits to a plan to dispose  of the  assets,  the said
assets are adjusted to the lower of carrying  amount or fair value less costs to
sell.  These assets are classified as property and  equipment-held  for sale and
are not depreciated.

                                       16
<PAGE>

Revenue Recognition
-------------------

Rental income is earned  primarily under standard  residential  operating leases
and is typically  due the first day of each month,  but can vary by property due
to the terms of the tenant leases.  Rental income is recognized  when earned and
as rents become due and charged to tenants' accounts  receivable if not received
by the due  date.  Rental  payments  received  in  advance  of the due  date are
deferred until earned.  Rental  subsidies are recognized as rental income during
the month in which they are earned.

Other  revenues are  recorded  when earned and consist of the  following  items:
Interest  income  earned on cash and cash  equivalent  balances and cash held in
escrow balances,  income from forfeited security deposits, late charges, laundry
and vending income, and other rental related items.

Results of Operations
---------------------

Three and nine months ended December 31, 2007 as compared to the same periods in
--------------------------------------------------------------------------------
2006
----

The results of operations  for the three and nine months ended December 31, 2007
and 2006, as discussed below,  continued to be in the form of rental income with
corresponding  expenses  divided  among  operations,  depreciation  and mortgage
interest.  This discussion  excludes the results of its discontinued  operations
(see Item 1, Note 5).

Rental income  increased  approximately  6% and 5% for the three and nine months
ended  December  31,  2007 as  compared  to the  corresponding  periods in 2006,
primarily due to an increase in rental rates at the Local Partnerships.

Other income decreased approximately $35,000 and increased approximately $36,000
for the three  and nine  months  ended  December  31,  2007 as  compared  to the
corresponding  periods in 2006. These  fluctuations  resulted from the different
amounts of cash available for investment due to the receipt of sales proceeds as
well as the length of time such cash was invested at the Partnership level.

Total   expenses,   excluding   general   and   administrative,    general   and
administrative-related  parties and operating, remained fairly consistent with a
decrease of  approximately  3% and an increase of approximately 3% for the three
and nine months ended December 31, 2007 as compared to the corresponding periods
in 2006.

General and  administrative-related  parties  expenses  decreased  approximately
$78,000 and $369,000  for the three and nine months  ended  December 31, 2007 as
compared to the  corresponding  periods in 2006,  primarily due to a decrease in
partnership management fees and expense reimbursement charges at the Partnership
level resulting from the sale of properties incurred during the previous year.

Operating expenses decreased approximately $12,000 and $18,000 for the three and
nine months ended December 31, 2007 as compared to the corresponding  periods in
2006,  primarily  due to a decrease  in  electric,  water and sewer costs at one
Local Partnership.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

The  Partnership  has  mortgage  notes  that are  payable in  aggregate  monthly
installments including principal and interest at rates varying from 1% to 13.50%
per annum.  The Partnership does not believe there is a material risk associated
with the  various  interest  rates  associated  with the  mortgage  notes as the
majority  of  the  Local  Partnership  mortgage  notes  have  fixed  rates.  The
Partnership disclosed in Item 8, Note 3 to the consolidated financial statements
in the  Partnership's  Annual  Report on Form 10-K for the year ended  March 31,
2007,  the fair value of the mortgage notes payable.  The  Partnership  does not
have any other market  sensitive  instruments.  There are no material changes to
such disclosure or amounts as of December 31, 2007.

The Partnership does not have any other market risk sensitive instruments.

Item 4. Controls and Procedures

(a)  EVALUATION  OF  DISCLOSURE  CONTROLS AND  PROCEDURES.  The Chief  Executive
Officer and Chief  Financial  Officer of Related  Freedom  Associates  L.P.  and
Freedom G.P. Inc., the general partners of the  Partnership,  have evaluated the
effectiveness of the Partnership's  disclosure  controls and procedures (as such
term is defined in Rules 13a-15(e) and 15d-15(e)  under the Securities  Exchange
Act of 1934, as amended ("Exchange Act")) as of the end of the period covered by
this report. Based on such evaluation,  such officers have concluded that, as of
the end of such period, the Partnership's disclosure controls and procedures are
effective.

(b) CHANGES IN INTERNAL CONTROLS OVER FINANCIAL  REPORTING.  There have not been
any changes in the  Partnership's  internal  control  over  financial  reporting
during the fiscal  quarter to which this  report  relates  that have  materially
affected,  or are  reasonably  likely to materially  affect,  the  Partnership's
internal control over financial reporting.

                                       17
<PAGE>

                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings - None

Item 1A. Risk Factors - No changes

Item 2.  Unregistered Sales of Equity and Use of Proceeds - None

Item 3.  Defaults Upon Senior Securities - None

Item 4.  Submission of Matters to a Vote of Security Holders - None

Item 5.  Other Information - None

Item 6.  Exhibits

         (3A)   The  Partnership's  Amended and  Restated  Agreement  of Limited
                Partnership,  incorporated  herein as an exhibit by reference to
                Exhibit A to the  Partnership's  Prospectus,  dated  February 9,
                1990, as supplemented  by supplements  thereto dated December 7,
                1990,  May 10,  1991,  July 10,  1991  and July 23,  1991 (as so
                supplemented,  the "Prospectus"),  filed with the Securities and
                Exchange  Commission on July 30, 1992, as part of Post-Effective
                Amendment No. 6 to the Partnership's  registration  statement on
                Form S-11, File No. 33-30859 ("Post-Effective Amendment No. 6")

         (3B)   The Partnership's  Certificate of Limited Partnership,  as filed
                with  Secretary  of State of the State of Delaware on August 28,
                1989,  incorporated herein as an exhibit by reference to Exhibit
                (3C) to the Partnership's  registration  statement on Form S-11,
                File No.  33-30859,  as filed with the  Securities  and Exchange
                Commission on September 1, 1989 (the "Initial S-11")

         (10A)  Form  of  Subscription  Agreement,  incorporated  herein  as  an
                exhibit by reference to Exhibit B to the  Prospectus as filed as
                part of Post-Effective Amendment No. 6

         (10B)  Form  of  Purchase  and  Sale   Agreement   pertaining   to  the
                Partnership's   acquisition  of  Local  Partnership   Interests,
                incorporated  herein as an exhibit by reference to Exhibit (10C)
                to the Initial S-11

         (10C)  Form of Amended and Restated Agreement of Limited Partnership of
                Local  Partnerships,   incorporated  herein  as  an  exhibit  by
                reference to Exhibit (10D) to  Pre-Effective  Amendment No. 1 to
                the Partnership's  registration statement on Form S-11, File No.
                33-30859,  as filed with the Securities and Exchange  Commission
                on December 21, 1989

         (10D)  to   Pre-Effective   Amendment   No.  1  to  the   Partnership's
                registration statement on Form S-11, File No. 33-30859, as filed
                with the Securities and Exchange Commission on December 21, 1989

         (31.1) Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a)

         (31.2) Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a)

         (32.1) Certification  Pursuant to Rule  13a-14(b) or Rule 15d-14(b) and
                Section  1350 of Title 18 of the United  States  Code (18 U.S.C.
                1350)

                                       18
<PAGE>


                                   SIGNATURES
                                   ----------


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                          FREEDOM TAX CREDIT PLUS L.P.
                          ----------------------------
                                  (Registrant)


                                By:  RELATED FREEDOM ASSOCIATES L.P.
                                     a general partner


                                     By:  RELATED FREEDOM ASSOCIATES INC.,
                                          a general partner



Date: February 8, 2008
      ----------------
                                          By: /s/ Robert L. Levy
                                              ------------------
                                              Robert L. Levy
                                              Chief Financial Officer



Date: February 8, 2008
      ----------------
                                          By: /s/ Andrew J. Weil
                                              ------------------
                                              Andrew J. Weil
                                              President, Chief Executive Officer



                                     By:  FREEDOM GP INC.
                                          a general partner



Date: February 8, 2008
      ----------------
                                          By: /s/ Robert L. Levy
                                              ------------------
                                              Robert L. Levy
                                              Chief Financial Officer



Date: February 8, 2008
      ----------------
                                          By: /s/ Andrew J. Weil
                                              ------------------
                                              Andrew J. Weil
                                              President, Chief Executive Officer

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