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


                                    FORM 10-Q


(Mark One)

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


For the quarterly period ended September 30, 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>
                                                                               September 30,     March 31,
                                                                                   2007            2007
                                                                               ------------    ------------
                                                                               (Unaudited)       (Audited)
<S>                                                                            <C>             <C>
ASSETS

Operating assets
  Property and equipment - (at cost, net of accumulated depreciation
    of $17,729,765 and $23,820,319, respectively)                              $ 18,134,007    $ 24,877,432
  Cash and cash equivalents                                                       5,210,977       5,899,857
  Cash held in escrow                                                             2,339,781       2,869,341
  Deferred costs (net of accumulated amortization of $164,676 and
    $204,969, respectively)                                                         202,236         243,958
  Other assets                                                                      775,013         852,070
                                                                               ------------    ------------

Total operating assets                                                           26,662,014      34,742,658
                                                                               ------------    ------------

Assets related to discontinued operations (Note 4)
  Property and equipment held for sale (net of accumulated depreciation of
    $2,966,956 and $0, respectively)                                              3,006,843               0
  Other assets related to discontinued operations                                   394,553           1,704
                                                                               ------------    ------------
Total assets related to discontinued operations                                   3,401,396           1,704
                                                                               ------------    ------------

Total assets                                                                   $ 30,063,410    $ 34,744,362
                                                                               ============    ============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Operating liabilities
  Mortgage notes payable                                                       $ 20,870,018    $ 25,276,141
  Accounts payable and other liabilities                                            916,423       1,350,713
  Due to local general partners and affiliates                                       59,872       1,078,112
  Due to general partners and affiliates (Note 2)                                 3,126,446       3,229,196
                                                                               ------------    ------------

Total operating liabilities                                                      24,972,759      30,934,162
                                                                               ------------    ------------

Liabilities related to discontinued operations (Note 5)
  Mortgage notes payable                                                          1,907,036               0
  Liabilities related to discontinued operations including minority interest        458,418           7,113
                                                                               ------------    ------------
Total liabilities related to discontinued operations                              2,365,454           7,113
                                                                               ------------    ------------

Total liabilities                                                                27,338,213      30,941,275
                                                                               ------------    ------------

Minority interests                                                                  206,520         672,373
                                                                               ------------    ------------

Commitments and contingencies (Note 6)

Partners' capital (deficit):
  Limited partners - 72,896 BACs issued and outstanding                            (992,349)       (386,432)
  General partners                                                                3,511,026       3,517,146
                                                                               ------------    ------------

Total partners' capital (deficit)                                                 2,518,677       3,130,714
                                                                               ------------    ------------

Total liabilities and partners' capital (deficit)                              $ 30,063,410    $ 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            Six Months Ended
                                                             September 30,                 September 30,
                                                      --------------------------    --------------------------
                                                          2007           2006*          2007           2006*
                                                      -----------    -----------    -----------    -----------
<S>                                                   <C>            <C>            <C>            <C>
Operations:

Revenues
Rental income                                         $ 1,089,129    $   946,765    $ 2,092,285    $ 1,927,959
Other                                                     254,682        236,888        480,479        408,629
                                                      -----------    -----------    -----------    -----------
Total revenues                                          1,343,811      1,183,653      2,572,764      2,336,588
                                                      -----------    -----------    -----------    -----------

Expenses
General and administrative                                300,018        354,199        599,270        629,995
General and administrative-related parties (Note 2)       168,212        274,006        289,604        581,053
Repairs and maintenance                                   303,068        341,886        551,865        531,822
Operating and other                                       124,880        113,696        263,992        253,096
Real estate taxes                                          70,168         70,926        142,329        141,124
Insurance                                                  72,455         63,038        141,049        132,284
Interest                                                  307,284        283,876        595,726        592,211
Depreciation and amortization                             280,724        280,563        552,197        553,395
                                                      -----------    -----------    -----------    -----------
Total expenses                                          1,626,809      1,782,190      3,136,032      3,414,980
                                                      -----------    -----------    -----------    -----------

Loss before minority interest and discontinued
  operations                                             (282,998)      (598,537)      (563,268)    (1,078,392)

Minority interest in loss of subsidiaries from
  operations                                                2,102          4,964          4,850          7,558
                                                      -----------    -----------    -----------    -----------

Loss from continuing operations                          (280,896)      (593,573)      (558,418)    (1,070,834)

Discontinued operations:
(Loss) income from discontinued operations
  (including minority interest and (loss) gain
  on sale of properties) (Note 5)                        (223,069)     6,334,587        (53,619)     4,916,656
                                                      -----------    -----------    -----------    -----------
Net (loss) income                                     $  (503,965)   $ 5,741,014    $  (612,037)   $ 3,845,822
                                                      ===========    ===========    ===========    ===========

Loss from continuing operations - limited
  partners                                            $  (278,087)   $  (587,637)   $  (552,834)   $(1,060,126)
(Loss) income from discontinued operations
  (including  minority interest and (loss) gain
   on sale of properties) - limited partners             (220,838)     6,271,241        (53,083)     4,867,490
                                                      -----------    -----------    -----------    -----------
Net (loss) income - limited partners                  $  (498,925)   $ 5,683,604    $  (605,917)   $ 3,807,364
                                                      ===========    ===========    ===========    ===========

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

Loss from continuing operations per weighted
  average BAC                                         $     (3.81)   $     (8.06)   $     (7.58)   $    (14.54)
(Loss) income from discontinued operations per
  weighted average BAC                                      (3.03)         86.03          (0.73)         66.77
                                                      -----------    -----------    -----------    -----------

Net (loss) income per weighted average BAC            $     (6.84)   $     77.97    $     (8.31)   $     52.23
                                                      ===========    ===========    ===========    ===========
</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 loss                                              (612,037)      (605,917)        (6,120)
                                                   -----------    -----------    -----------

Partners' capital (deficit) - September 30, 2007   $ 2,518,677    $  (992,349)   $ 3,511,026
                                                   ===========    ===========    ===========
</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>
                                                                                      Six Months Ended
                                                                                        September 30,
                                                                                ----------------------------
                                                                                    2007             2006
                                                                                ------------    ------------
<S>                                                                             <C>             <C>
Cash flows from operating activities:

Net (loss) income                                                               $   (612,037)   $  3,845,822

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

   Loss (gain) on sale of properties                                                 172,895      (4,589,685)
   Loss on impairment of fixed assets                                                      0         400,000
   Depreciation and amortization                                                     749,225       1,475,490
   Minority interest in loss of subsidiaries                                         (95,836)     (1,292,448)
   Increase in cash held in escrow                                                  (169,280)        (36,315)
   (Increase) decrease in other assets                                              (181,568)         51,196
   Decrease in accounts payable and other liabilities                                (85,897)     (2,187,083)
   Decrease in due to general partners and affiliates                               (100,250)     (1,919,115)
   Increase in due to local general partners and affiliates                            3,330          15,341
   Decrease in due to local general partners and affiliates                          (21,098)       (154,704)
                                                                                ------------    ------------

Net cash used in operating activities                                               (340,516)     (4,391,501)
                                                                                ------------    ------------

Cash flows from investing activities:

   Proceeds from sale of investments                                                 121,767      14,980,000
   Costs paid relating to sale of properties                                         (11,850)       (848,801)
   Acquisition of property and equipment                                            (174,415)       (428,187)
                                                                                ------------    ------------

Net cash (used in) provided by investing activities                                  (64,498)     13,703,012
                                                                                ------------    ------------

Cash flows from financing activities:

   Repayments of mortgage notes                                                     (114,765)    (10,066,104)
   (Decrease) increase in capitalization of consolidated subsidiaries
     attributable to minority interest                                                (4,317)      2,118,000
                                                                                ------------    ------------

Net cash used in financing activities                                               (119,082)     (7,948,104)
                                                                                ------------    ------------

Net (decrease) increase in cash and cash equivalents                                (524,096)      1,363,407

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

Cash and cash equivalents at end of period*                                     $  5,377,465    $  6,035,673
                                                                                ============    ============

Supplemental disclosure of cash flow information:
   Cash paid during period for interest                                         $    915,384    $  1,745,591
                                                                                ============    ============

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

   Proceeds from sale of investment - net                                       $   (109,917)   $(14,131,199)
   Decrease in property and equipment, net of accumulated depreciation             3,169,189      16,815,371
   Decrease in cash held in escrow                                                   519,906         635,247
   Decrease in rents receivable                                                      207,054          53,688
   Decrease in other assets                                                            2,440         450,801
   Decrease in mortgage notes payable                                             (2,384,322)     (5,530,236)
   (Decrease) increase in accounts payable and other liabilities                    (320,782)        226,121
   Decrease in due to general partners and affiliates                                      0         (70,964)
   Decrease in due to local general partners and affiliate                          (998,721)       (473,964)
   Decrease in deferred costs                                                         34,305         150,056
   Increase (decrease) in capitalization of consolidated subsidiaries
     attributable to minority interest                                                53,743      (2,714,606)
</TABLE>

See Note 5 for cash flows from discontinued operations.

*  Cash and cash equivalents,  end of period, includes cash and cash equivalents
   from discontinued operations of $166,488 and $181,779, 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
                               September 30, 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 September 30,
2007,  the   Partnership's   limited   partnership   interest  in  eleven  Local
Partnerships and the property and the related assets and liabilities of thirteen
Local  Partnerships  were sold (see Note 3). In addition,  one Local Partnership
entered into a purchase and sale  agreement to sell its property and the related
assets and liabilities (see Note 4).

The Partnership's second fiscal quarter ends on September 30. The second quarter
for all  subsidiaries  ends  June 30 in  order to  allow  adequate  time for the
subsidiaries' financial statements to be prepared and consolidated.  Accounts of
the subsidiaries  have been adjusted for intercompany  transactions  from July 1
through September 30.

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  $0,
$1,990,000,  $96,000 and $1,292,000 for the three and six months ended September
30,  2007 and  2006,  respectively.  These  amounts  include  approximately  $0,
$1,985,000,  $91,000  and  $1,285,000,   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 September 30, 2007, its results of operations
for the three and six  months  ended  September  30,  2007 and 2006 and its cash
flows  for the six  months  ended  September  30,  2007 and 2006.  However,  the
operating results and cash flows for the six months ended September 30, 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.


Note 2 - Related Party Transactions

The costs  incurred to related  parties  from  operations  for the three and six
months ended September 30, 2007 and 2006 were as follows:
<TABLE>
<CAPTION>
                                                          Three Months Ended     Six Months Ended
                                                             September 30,         September 30,
                                                         -------------------   -------------------
                                                           2007       2006*      2007       2006*
                                                         --------   --------   --------   --------
<S>                                                      <C>        <C>        <C>        <C>
Partnership management fees (a)                          $ 47,125   $163,875   $ 52,089   $327,750
Expense reimbursement (b)                                  40,684     40,778     74,776     92,898
Local administrative fee (c)                                4,000      4,000      8,000      8,000
                                                         --------   --------   --------   --------

Total general and administrative-General Partners          91,809    208,653    134,865    428,648
Property management fees incurred to affiliates of the
  subsidiary partnerships' general partners (d)            76,403     65,353    154,739    152,405
                                                         --------   --------   --------   --------
Total general and administrative-related parties         $168,212   $274,006   $289,604   $581,053
                                                         ========   ========   ========   ========
</TABLE>

* Reclassified for comparative purposes.

                                       6
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2007
                                   (Unaudited)


The costs incurred to related parties from discontinued operations for the three
and six months ended September 30, 2007 and 2006 were as follows:
<TABLE>
<CAPTION>
                                                      Three Months Ended     Six Months Ended
                                                         September 30,         September 30,
                                                     -------------------   -------------------
                                                       2007       2006*      2007       2006*
                                                     --------   --------   --------   --------
<S>                                                  <C>        <C>        <C>        <C>
Local administrative fee (c)                         $  6,297   $  7,875   $ 12,593   $ 15,750
                                                     --------   --------   --------   --------
Total general and administrative-General Partners       6,297      7,875     12,593     15,750

Property management fees incurred to affiliates of
  the Local General Partners (d)                       23,771    113,401     46,721    240,879
                                                     --------   --------   --------   --------

Total general and administrative-related parties     $ 30,068   $121,276   $ 59,314   $256,629
                                                     ========   ========   ========   ========
</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  $2,948,000  were accrued and unpaid as of both September 30, 2007
and March 31, 2007.

(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
$108,982,  $204,609,  $218,821  and  $431,916 for the three and six months ended
September 30, 2007 and 2006,  respectively.  Of these fees, $100,174,  $178,754,
$201,460  and  $393,284  were   incurred  to   affiliates   of  the   subsidiary
partnerships,   which   include   $23,771,   $113,401,   $46,721  and  $240,879,
respectively, of fees relating to discontinued operations.


Note 3 - Sale of Properties

The Partnership is currently in the process of disposing of its investments.  As
of September 30, 2007, the Partnership's  limited partnership interest in eleven
Local  Partnerships  and the property and the related assets and  liabilities of
thirteen Local  Partnerships have been sold. In addition,  one Local Partnership
entered into a purchase and sale  agreement to sell its property and the related
assets and liabilities (see Notes 4 and 7). 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  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.

During the quarter ended June 30, 2007,  Brookwood  Associates,  Ltd., Shadowood
Apartments,  Ltd., Heflin Hills Apartments L.P., Hidden Valley Apartments, Ltd.,
West Hill  Apartments,  L.P. and Windsor  Place,  L.P.  (collectively  "Farmers'
Homes") all entered into agreements to sell their  properties and related assets
and  liabilities  to an  unaffiliated  third  party  purchaser  ("Buyer").  This
transaction was disclosed as a subsequent event in the  Partnership's  Form 10-K
for the year ended March 31, 2007.  However,  during the same quarter ended June
30, 2007, the Buyer  withdrew from the  contracts,  at which time the properties
were placed back on the market. As of September 30, 2007 the Farmers' Homes were
not  classified  as assets  held for  sale,  and,  therefore,  not  included  in
discontinued operations.

                                       7
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2007
                                   (Unaudited)


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 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.

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 the  litigation
discussed in Note 6. 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  upon the
settlement of a foreclosure  dispute (see Note 6). 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,

                                       8
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2007
                                   (Unaudited)


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
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

                                       9
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2007
                                   (Unaudited)


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.


Note 4 - Assets Held for Sale

On May 18, 2007,  Victoria Manor  Associates  ("Victoria  Manor") entered into a
purchase and sale  agreement  to sell its  property  and the related  assets and
liabilities  to an affiliate of the Local  General  Partner for a sales price of
$6,475,000. The sales documents have been executed and the initial deposit funds
are being held in escrow.  As of June 30, 2007,  Victoria Manor had property and
equipment,  at cost, of approximately  $5,940,000,  accumulated  depreciation of
approximately   $2,933,000  and  mortgage  debt  of  approximately   $1,907,000.
Subsequently,  on October 24,  2007,  the  property  and the related  assets and
liabilities of Victoria Manor were sold (see Note 7).


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  September  30, 2007,  Victoria  Manor was  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>
                                                      September 30,     March 31,
                                                           2007            2007
                                                      -------------   -------------
<S>                                                   <C>             <C>
Assets
  Property and equipment, net of accumulated
    depreciation of $2,966,956 and $0, respectively   $   3,006,843   $           0
  Cash and cash equivalents                                 166,488           1,704
  Cash held in escrow                                       178,934               0
  Other assets                                               49,131               0
                                                      -------------   -------------
Total assets                                          $   3,401,396   $       1,704
                                                      =============   =============

Liabilities
  Mortgage notes payable                              $   1,907,036   $           0
  Accounts payable and other liabilities                     34,728           7,113
  Due to local general partners and affiliates                1,751               0
  Due to general partners and affiliates                      2,500               0
  Minority interest                                         419,439               0
                                                      -------------   -------------
Total liabilities                                     $   2,365,454   $       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
six months ended September 30, 2007, Magnolia Mews and Cooper Street, which were
sold during the six months ended September 30, 2007, and Victoria  Manor,  which
was  classified  as an asset  held for sale,  were  classified  as  discontinued
operations on the condensed consolidated statements of operations. For the three
and six months ended  September 30, 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 six months ended September 30, 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 and Victoria Manor, in order to present comparable
results  for the  three  and six  months  ended  September  30,  2007,  were all
classified as discontinued  operations on the condensed consolidated  statements
of operations.

                                       10
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2007
                                   (Unaudited)


Condensed Consolidated Statements of Discontinued Operations:
<TABLE>
<CAPTION>
                                                                 Three Months Ended          Six Months Ended
                                                                    September 30,              September 30,
                                                              ------------------------   ------------------------
                                                                 2007          2006*        2007          2006*
                                                              ----------    ----------   ----------    ----------
<S>                                                           <C>           <C>          <C>           <C>
Revenues

Rental income                                                 $  404,195    $2,079,967   $  750,170    $4,606,723
Other                                                             16,068        87,351       21,716       178,801
(Loss) gain on sale of property                                 (197,159)    4,673,340     (172,895)    4,589,685
                                                              ----------    ----------   ----------    ----------
Total revenues                                                   223,104     6,840,658      598,991     9,375,209
                                                              ----------    ----------   ----------    ----------

Expenses

General and administrative                                       104,763       632,870      155,883     1,176,263
General and administrative-related parties (Note 2)               30,068       121,276       59,314       256,629
Repairs and maintenance                                           48,189       462,408      102,575       863,683
Operating and other                                               33,532       190,866       83,688       475,339
Real estate taxes                                                  9,605       123,628       24,237       300,867
Insurance                                                         19,588       111,725       36,304       216,501
Interest                                                          49,246       543,643       84,567     1,132,066
Depreciation and amortization                                     89,253       304,796      197,028       922,095
Loss on impairment of fixed assets                                     0             0            0       400,000
                                                              ----------    ----------   ----------    ----------

Total expenses                                                   384,244     2,491,212      743,596     5,743,443
                                                              ----------    ----------   ----------    ----------

(Loss) income before minority interest                          (161,140)    4,349,446     (144,605)    3,631,766
Minority interest in (income) loss of subsidiaries from
  discontinued operations                                        (61,929)    1,985,141       90,986     1,284,890
                                                              ----------    ----------   ----------    ----------
Net (loss) income from discontinued operations                $ (223,069)   $6,334,587   $  (53,619)   $4,916,656
                                                              ==========    ==========   ==========    ==========

Net (loss) income - limited partners from discontinued
  operations                                                  $ (220,838)   $6,271,241   $  (53,083)   $4,867,490
                                                              ==========    ==========   ==========    ==========

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

Net (loss) income from discontinued operations per weighted
  average BAC                                                 $    (3.03)   $    86.03   $    (0.73)   $    66.77
                                                              ==========    ==========   ==========    ==========
</TABLE>


Cash Flows from Discontinued Operations:
<TABLE>
<CAPTION>
                                                                                          Six Months Ended
                                                                                             September 30,
                                                                                     ----------------------------
                                                                                            2007          2006*
                                                                                     ------------    ------------
                                                                                     <C>             <C>

Net cash used in discontinued operating activities                                   $   (200,568)   $    (39,029)
                                                                                     ------------    ------------

Net cash (used in) provided by discontinued investing activities                     $    (64,754)   $ 13,997,501
                                                                                     ------------    ------------

Net cash used in discontinued financing activities                                   $   (143,549)   $(10,001,966)
                                                                                     ------------    ------------
</TABLE>


* Reclassified for comparative purposes.


Note 6 - Commitments and Contingencies

Washington
----------
On July 26, 2006,  the sale of Washington was completed (see Note 3) pursuant to
the purchase and sale  agreement.  Upon closing,  the  purchaser  assumed all of
Washington's  rights and  liabilities  with respect to the litigation  described
below.

In  or  about  September  2003,  a  putative  mortgagee   commenced  a  mortgage
foreclosure  action in the Supreme Court of the State of New York,  Kings County
(the  "Court"),  entitled  150 Beach 120th  Street Inc. v.  Washington  Brooklyn
Limited  Partnership,  Index No. 35255/2003,  seeking to foreclose on an alleged
$100,000 loan and mortgage  against the real property (the "Apartment  Complex")

                                       11
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2007
                                   (Unaudited)


owned by Washington. Apparently, the former general partner of Washington, BUFNY
Houses of  Brooklyn,  Inc.  ("BUFNY"),  allegedly  granted two  mortgages in the
amounts of $225,000 and $100,000 secured by the Apartment  Complex.  Each of the
foregoing  mortgages was granted without the knowledge of Freedom SLP, L.P. (the
"Special Limited  Partner") or the Partnership  (collectively the "Freedom LPs")
or the  consent of the Special  Limited  Partner,  as  required by  Washington's
Amended  and  Restated   Agreement  of  Limited   Partnership  (the  "Washington
Partnership  Agreement").  The Freedom  LPs  believe  that BUFNY did not use the
alleged loan proceeds for the benefit of  Washington  or the Apartment  Complex.
For these and other reasons,  the Freedom LPs contend that the alleged mortgages
are invalid.

In addition, BUFNY allegedly failed to comply with the terms of either mortgage,
which resulted in the holders of the alleged  $100,000  mortgage  commencing the
foreclosure  proceedings.  BUFNY did not appear in or  otherwise  respond to the
foreclosure  proceedings.  The holders of the alleged $225,000 mortgage have not
yet, to the knowledge of the Freedom LPs, commenced any foreclosure proceedings.

Due to  BUFNY's  breach of  fiduciary  duties  and  breaches  of the  Washington
Partnership  Agreement,  the Special Limited Partner  exercised its rights under
the Washington  Partnership  Agreement to remove BUFNY as  Washington's  general
partner  and to  substitute  itself  as the  new  replacement  general  partner,
effective April 26, 2004.

Shortly  after the Freedom LPs became  aware of these  foreclosure  proceedings,
their counsel  contacted  counsel for the plaintiffs and mortgagees in an effort
to learn more about the alleged  mortgages and to resolve the disputes  relating
to the mortgages.  When those efforts failed,  the Freedom LPs filed a motion to
intervene  in the  foreclosure  action  and to file a late  answer  on behalf of
themselves  and  Washington.  The  Freedom LPs contend  that the  mortgages  are
invalid  and  that   Washington  is  not  liable  for  them  or  the  underlying
indebtedness. In an order dated September 7, 2004, the Court granted the Freedom
LPs' motion to intervene and to file a late answer on behalf of Washington.

On or about  September 21, 2004,  the Freedom LPs, on behalf of  themselves  and
Washington, served an answer, counterclaims and crossclaims in defending against
the action.  The answer  denied the material  allegations  of the  complaint and
asserted certain  affirmative  defenses,  counterclaims  and crossclaims.  Among
other things, the Freedom LPs, on behalf of themselves and Washington, added The
Levites  Organization,  one of the two  co-holders of the $225,000  mortgage for
which the  plaintiffs'  complaint  did not seek  foreclosure,  as an  additional
counterclaim defendant,  and the Freedom LPs asserted that both the $100,000 and
$225,000 mortgages are invalid and void ab initio.

After  obtaining  discovery  from the putative  mortgagees,  Washington  and the
Freedom LPs on July 12, 2005 made a motion for summary  judgment  dismissing the
complaint and declaring the mortgages  invalid and void ab initio.  The putative
mortgagees  cross-moved for summary  judgment  declaring the mortgages valid and
enforceable.  Subsequently,  by decision dated January 3, 2006, the Court denied
both  motions,  finding  that  questions  of  fact  exist  for  trial  as to the
reasonableness of the putative mortgagees' reliance on BUFNY.

On February 14, 2006,  the Freedom LPs filed a notice of appeal from the January
3, 2006 decision.

On July 18,  2006,  the  Freedom  LPs  perfected  their  appeal from the Court's
January 3, 2006 decision.

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.

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 33% of
the properties are located in any single state. 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
September  30, 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.

                                       12
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2007
                                   (Unaudited)


NOTE 7 - Subsequent Events

On October 24, 2007, Victoria Manor sold its property and the related assets and
liabilities  to an affiliate of the Local  General  Partner for a sales price of
$6,475,000.  The Partnership  expects to receive proceeds of $3,960,000 from the
sale.  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  $6,936,000.  Such
contribution flows through minority interest as a result of the write-off of the
basis in the property of approximately  $2,976,000 and the $3,960,000 cash to be
received from the sale, which will be recognized on the Partnership's  Quarterly
Report on Form 10-Q for the quarter ending  December 31, 2007. The sale resulted
in the liquidation of Victoria Manor.

                                       13
<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 September 30, 2007, the Partnership's  limited  partnership
interest in eleven Local  Partnerships  and the property and the related  assets
and liabilities of thirteen Local Partnerships have been sold. In addition,  one
Local  Partnership  entered  into a  purchase  and  sale  agreement  to sell its
property and the related assets and liabilities (see Notes 4 and 7).

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 September 30,
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 six months ended
September  30,  2007  and  2006,  distributions  from  operations  of the  Local
Partnerships amounted to approximately $67,000 and $54,000, respectively,  which
have been eliminated in consolidation. Additionally, during the six months ended
September 30, 2007 and 2006, the Partnership received  approximately $94,000 and
$8,265,000,  respectively,  of  proceeds  and  distributions  from  the  sale of
investments.

For the six months ended  September 30, 2007,  cash and cash  equivalents of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$524,000 due to net cash used in operating activities of approximately $341,000,
acquisition of property and equipment of approximately  $174,000,  repayments of
mortgage  notes  of  approximately  $115,000,  costs  paid  relating  to sale of
property  of  approximately  $12,000  and a decrease  in the  capitalization  of
consolidated  subsidiaries  attributable to minority  interests of approximately
$4,000. Such outflows exceeded proceeds from sale of investment of approximately
$122,000. Included in the adjustments to reconcile the net loss to net cash used
in operating  activities  is  depreciation  and  amortization  of  approximately
$749,000 and loss on sale of properties of approximately $173,000.

Total  expenses for the three and six months ended  September 30, 2007 and 2006,
excluding   depreciation   and   amortization,    interest   and   general   and
administrative-related  parties,  totaled  $870,589,  $943,745,  $1,698,505  and
$1,688,321, respectively.

As of  September  30,  2007 and  March  31,  2007,  accounts  payable  and other
liabilities  totaled  $916,423  and  $1,350,713,  which  are  comprised  of  the
following amounts:
<TABLE>
<CAPTION>

                                               September 30,     March 31,
                                                    2007            2007
                                               -------------   -------------
<S>                                            <C>             <C>
Accounts payable                               $     400,843   $     534,287
Accrued interest payable                             340,625         579,535
Security deposits payable                            174,955         236,891
                                               -------------   -------------
Total accounts payable and other liabilities   $     916,423   $   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  $4,600,000,  exclusive  of Local
Partnerships' working capital, remained unused at September 30, 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.

                                       14
<PAGE>

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

Partnership  management  fees and  expense  reimbursements  owed to the  General
Partners  amounting to approximately  $2,987,000 and $2,983,000 were accrued and
unpaid as of September 30, 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.  However,  the  Partnership's  loss of its  investment in a Local
Partnership  may result in  recapture of Tax Credits if the  investment  is lost
before the expiration of the applicable Compliance Period.

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  Partnership  has fully  invested  the proceeds of its offering in forty-two
local  partnerships,  all of which  have  their Tax  Credits  in place.  The Tax
Credits  are  attached  to the  property  for a  period  of ten  years  and  are
transferable  with the property during the remainder of such ten year period. As
of December 31, 2002 all the Local  Partnerships have completed their tax credit
periods and the  Partnership  has met its primary  objective of  generating  Tax
Credits  for  qualified  BACs  holders.  However,  each Local  Partnership  must
continue  to  comply  with  the Tax  Credit  requirements  until  the end of the
Compliance Period in order to avoid recapture of the Tax Credits. The Compliance
Periods will continue  through  December 31, 2007 with respect to the Properties
depending upon when the Compliance Period commenced.

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  September  30,  2007,  there was one asset  held for sale.  See Note 4 for a
discussion of assets held for sale.

Critical Accounting Policies
----------------------------

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 six months ended September 30, 2007, the Partnership has not recorded
any loss on impairment of assets or reduction to estimated  fair value.  Through
September 30, 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.

                                       15
<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 Six months ended September 30, 2007 as compared to the same periods in
--------------------------------------------------------------------------------
2006
----

The results of operations for the three and six months ended  September 30, 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, excluding the results of its discontinued operations (see Item 1, Note
5).

Rental income  increased  approximately  15% and 9% for the three and six months
ended  September  30,  2007 as compared  to the  corresponding  periods in 2006,
primarily  due to the receipt of rental  insurance  payments  for rental  losses
caused by Hurricane  Katrina at one Local  Partnership  and  increases in rental
rates and decreases in vacancies at two additional Local Partnerships.

Other income  increased by  approximately  $18,000 and $72,000 for the three and
six months ended September 30, 2007 as compared to the corresponding  periods in
2006,  primarily due to an increase in interest income earned at the Partnership
level due to higher cash balances  available for  investment  resulting from the
sale of properties and increases in tenant charges at one Local Partnership.

Total   expenses,   excluding   general   and   administrative,    general   and
administrative-related parties, insurance and repairs and maintenance,  remained
fairly  consistent with increases of  approximately  5% and 1% for the three and
six months ended September 30, 2007 as compared to the corresponding  periods in
2006.

General and administrative  expenses decreased approximately $54,000 and $31,000
for the three  and six  months  ended  September  30,  2007 as  compared  to the
corresponding  periods  in 2006,  primarily  due to a  decrease  in  legal  fees
relating to sales  activity and the Washington  litigation  (see Item 1, Note 6)
and a decrease  in  accounting  fees  related to the Public  Company  Accounting
Oversight Board requirements at the Partnership level.

General and  administrative-related  parties  expenses  decreased  approximately
$106,000 and $291,000 for the three and six months ended  September  30, 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,
offset by an increase in other professional expense at one Local Partnership.

Insurance  expenses  increased  approximately  $9,000 for both the three and six
months  ended  September  30, 2007 as compared to the  corresponding  periods in
2006,  primarily due to underaccruals in 2006 at two Local Partnerships and rate
increases at several other Local Partnerships, partially offset by a decrease in
premiums at one Local Partnership.

Repairs and maintenance expenses decreased  approximately  $39,000 for the three
months ended September 30, 2007 as compared to the corresponding period in 2006,
primarily  due to the  timing of  invoices  received  from  vendors 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 September 30, 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.

                                       16
<PAGE>

                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings - See Item I. Financial Statements - Note 6

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)

                                       17
<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: November 13, 2007
      -----------------
                                          By: /s/ Robert L. Levy
                                              ------------------
                                              Robert L. Levy
                                              Chief Financial Officer



Date: November 13, 2007
      -----------------
                                          By: /s/ Andrew J. Weil
                                              ------------------
                                              Andrew J. Weil
                                              President, Chief Executive Officer



                                     By:  FREEDOM GP INC.
                                          a general partner



Date: November 13, 2007
      -----------------
                                          By: /s/ Robert L. Levy
                                              ------------------
                                              Robert L. Levy
                                              Chief Financial Officer



Date: November 13, 2007
      -----------------
                                          By: /s/ Andrew J. Weil
                                              ------------------
                                              Andrew J. Weil
                                              President, Chief Executive Officer

                                       18
<PAGE>

                                                                    Exhibit 31.1



                         CERTIFICATION PURSUANT TO RULE
                           13a-14(a) OR RULE 15d-14(a)


I, Robert L. Levy, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q for the period ended
         September 30, 2007 of Freedom Tax Credit Plus L.P.;

     2.  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3.  Based on my knowledge, the condensed consolidated financial statements,
         and other financial information included in this report, fairly present
         in all material respects the consolidated financial condition,  results
         of  operations  and cash flows of the  registrant  as of, and for,  the
         periods presented in this report;

     4.  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules  13a-15(e)  and  15d-15(e))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant and have:

         a) Designed such  disclosure  controls and  procedures,  or caused such
         disclosure   controls  and   procedures   to  be  designed   under  our
         supervision,  to  ensure  that  material  information  relating  to the
         registrant,  including its consolidated subsidiaries,  is made known to
         us by others within those entities,  particularly  during the period in
         which this report is being prepared;

         b) Designed such internal control over financial  reporting,  or caused
         such internal control over financial reporting to be designed under our
         supervision,  to provide reasonable assurance regarding the reliability
         of financial  reporting and the  preparation of condensed  consolidated
         financial statements for external purposes in accordance with generally
         accepted accounting principles;

         c) Evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this report our  conclusions  about the
         effectiveness of the disclosure controls and procedures,  as of the end
         of the period covered by this report based on such evaluation; and

         d)  Disclosed  in this report any change in the  registrant's  internal
         control over financial  reporting that occurred during the registrant's
         most  recent  fiscal  quarter  that  has  materially  affected,  or  is
         reasonably  likely to  materially  affect,  the  registrant's  internal
         control over financial reporting; and

     5.  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of directors (or persons  performing the equivalent
         functions):

         a) All significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) Any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.



         Date:  November 13, 2007
                -----------------

                                                    By:  /s/ Robert L. Levy
                                                         ------------------
                                                         Robert L Levy
                                                         Chief Financial Officer

                                       19
<PAGE>


                                                                    Exhibit 31.2



                         CERTIFICATION PURSUANT TO RULE
                           13a-14(a) OR RULE 15d-14(a)


I, Andrew J Weil, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q for the period ended
         September 30, 2007 of Freedom Tax Credit Plus L.P.;

     2.  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3.  Based on my knowledge, the condensed consolidated financial statements,
         and other financial information included in this report, fairly present
         in all material respects the consolidated financial condition,  results
         of  operations  and cash flows of the  registrant  as of, and for,  the
         periods presented in this report;

     4.  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules  13a-15(e)  and  15d-15(e))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant and have:

         a) Designed such  disclosure  controls and  procedures,  or caused such
         disclosure   controls  and   procedures   to  be  designed   under  our
         supervision,  to  ensure  that  material  information  relating  to the
         registrant,  including its consolidated subsidiaries,  is made known to
         us by others within those entities,  particularly  during the period in
         which this report is being prepared;

         b) Designed such internal control over financial  reporting,  or caused
         such internal control over financial reporting to be designed under our
         supervision,  to provide reasonable assurance regarding the reliability
         of financial  reporting and the  preparation of condensed  consolidated
         financial statements for external purposes in accordance with generally
         accepted accounting principles;

         c) Evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this report our  conclusions  about the
         effectiveness of the disclosure controls and procedures,  as of the end
         of the period covered by this report based on such evaluation; and

         d)  Disclosed  in this report any change in the  registrant's  internal
         control over financial  reporting that occurred during the registrant's
         most  recent  fiscal  quarter  that  has  materially  affected,  or  is
         reasonably  likely to  materially  affect,  the  registrant's  internal
         control over financial reporting; and

     5.  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of directors (or persons  performing the equivalent
         functions):

         a) All significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) Any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.



         Date:  November 13, 2007
                ------------------

                                                    By:  /s/ Andrew J. Weil
                                                         ------------------
                                                         Andrew J. Weil
                                                         Chief Executive Officer


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<PAGE>

                                                                    Exhibit 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)


In connection with the Quarterly  Report of Freedom Tax Credit Plus L.P. on Form
10-Q for the period ended  September 30, 2007 as filed with the  Securities  and
Exchange Commission ("SEC") on the date hereof (the "Report"), I, Robert L. Levy
and I, Andrew J. Weil, certify,  pursuant to 18 U.S.C.  Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:


       (1) The Report fully complies with the  requirements  of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


       (2) The  information  contained  in the Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
registrant.

A signed  original of this  written  statement  required by Section 906 has been
provided to the  registrant and will be retained by the registrant and furnished
to the SEC or its staff upon request.



By:  /s/ Robert L. Levy                             By:  /s/ Andrew J. Weil
     ------------------                                  ------------------
     Robert L. Levy                                      Andrew J. Weil
     Chief Financial Officer                             Chief Executive Officer
     November 13, 2007                                   November 13, 2007

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