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, 2002

                                       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                       (I.R.S. Employer
       incorporation or 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)421-5333


     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 ____


<PAGE>


                         PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                           CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>

                                              ==============      =============
                                               September 30,         March 31,
                                                   2002                2002
                                              --------------      -------------
                                                 (Unaudited)
<S>                                              <C>                <C>
ASSETS

Property and equipment - (at cost,
  net of accumulated depreciation
  of $56,608,050 and $54,178,153,
  respectively)                                  $86,067,594        $88,272,567
Cash and cash equivalents                          2,166,212          1,833,843
Investment in marketable securities                   80,918            109,005
Cash held in escrow                                4,956,103          4,671,259
Deferred costs (net of accumulated
  amortization of $1,749,005
  and $1,655,647, respectively)                    1,192,934          1,286,292
Other assets                                       1,191,279          1,002,139
                                                 -----------        -----------

Total Assets                                     $95,655,040        $97,175,105
                                                 ===========        ===========

</TABLE>

                                       2
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                           CONSOLIDATED BALANCE SHEETS
                                   (continued)

<TABLE>
<CAPTION>

                                              ==============      =============
                                               September 30,         March 31,
                                                   2002                2002
                                              --------------      -------------
                                                 (Unaudited)
<S>                                              <C>                <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Liabilities:
Mortgage notes payable                           $67,638,688        $68,063,227
  Accounts payable and other
liabilities                                        2,392,164          1,649,957
  Due to local general partners and
 affiliates                                        3,558,323          3,819,933
Due to general partners and
 affiliates (Note 2)                               6,503,386          6,020,763
                                                 -----------        -----------

Total Liabilities                                 80,092,561         79,553,880
                                                 -----------        -----------

Minority interests                                 7,984,445          8,015,243
                                                 -----------        -----------

Partners' Capital (Deficit):
  Limited partners (72,896 BACs
 issued and outstanding)                           8,206,603         10,186,465
General partners                                    (604,627)          (584,628)
  Accumulated other comprehensive
   income:
  Unrealized (gain) loss on marketable
securities                                           (23,942)             4,145
                                                 -----------        -----------

Total Partners' Capital (Deficit)                  7,578,034          9,605,982
                                                 -----------        -----------

Total Liabilities and Partners'
Capital (Deficit)                                $95,655,040        $97,175,105
                                                 ===========        ===========

</TABLE>

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

                                       3
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                            =======================    ========================
                              Three Months Ended           Six Months Ended
                                September 30,                 September 30,
                            -----------------------    ------------------------
                               2002         2001          2002          2001
                            -----------------------    ------------------------
<S>                         <C>          <C>           <C>          <C>

Revenues
Rental income               $3,561,670   $3,403,347    $ 7,072,331  $ 6,779,237
Other                          387,619      397,048        678,132      736,665
                            ----------   ----------    -----------  -----------

Total revenues               3,949,289    3,800,395      7,750,463    7,515,902
                            ----------   ----------    -----------  -----------

Expenses
General and
administrative                 671,036      642,837      1,384,382    1,385,566
General and
  administrative-
  related parties
  (Note 2)                     407,916      363,663        836,055      730,096
Operating and
  other                        382,072      363,972        739,843      764,951
Repairs and
  maintenance                  657,321      496,106      1,229,664      998,390
Real estate taxes              240,264      248,857        491,436      500,343
Insurance                      132,743      114,387        257,947      220,223
Financial                    1,165,618    1,196,755      2,307,775    2,351,229
Depreciation and
  amortization               1,258,181    1,285,674      2,523,255    2,571,197
                            ----------   ----------    -----------  -----------

Total expenses               4,915,151    4,712,251      9,770,357    9,521,995
                            ----------   ----------    -----------  -----------

Loss before
  minority interest           (965,862)    (911,856)    (2,019,894)  (2,006,093)

Minority interest
  in loss of
  subsidiary
partnerships                     9,219        9,223         20,033       21,312
                            ----------   ----------    -----------  -----------

Net loss                    $ (956,643)  $ (902,633)   $(1,999,861) $(1,984,781)
                            ==========   ==========    ===========  ===========

Net loss - limited
  partners                  $ (947,076)  $ (893,606)   $(1,979,862) $(1,964,933)
                            ==========   ==========    ===========  ===========

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

Net loss per BAC            $   (12.99)  $   (12.26)   $    (27.16) $    (26.96)
                            ==========   ==========    ===========  ===========

</TABLE>

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

                                       4
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                                     Accumulated
                                                                                                        Other
                                                                  Limited            General        Comprehensive      Comprehensive
                                                  Total           Partners           Partners       Income (loss)          Loss
                                               -----------       -----------       -----------      -------------      -------------


<S>                                            <C>               <C>               <C>               <C>                <C>

Partners' capital (deficit) April 1, 2002      $ 9,605,982       $10,186,465       $  (584,628)      $     4,145

Comprehensive Loss:
Net loss - Six months ended
September 30, 2002                              (1,999,861)       (1,979,862)          (19,999)                         $(1,999,861)

Net unrealized loss on marketable
  securities                                       (28,087)                0                 0           (28,087)           (28,087)
                                               -----------       -----------       -----------       -----------        -----------

Total Comprehensive Loss                                                                                                $(2,027,948)
                                                                                                                        ===========
Partners' capital (deficit)
  September 30, 2002                           $ 7,578,034       $ 8,206,603       $  (604,627)      $   (23,942)
                                               ===========       ===========       ===========       ===========

</TABLE>

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



                                       5
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                   =============================
                                                         Six Months Ended
                                                           September 30,
                                                   -----------------------------
                                                      2002              2001
                                                   -----------------------------
<S>                                                <C>              <C>
Cash flows from operating activities:

Net loss                                           $(1,999,861)     $(1,984,781)

Adjustments to reconcile net loss
  to net cash provided by
  operating activities:

Depreciation and amortization                        2,523,255        2,571,197
Minority interest in loss of
  subsidiaries                                         (20,033)         (21,312)
Increase in cash held
  in escrow                                           (284,844)        (255,459)
Increase in other assets                              (189,140)        (123,194)
Increase in accounts payable
  and other liabilities                                742,207          566,734
Increase in due to general partners
  and affiliates                                       482,623          474,769
Increase in due to local general
  partners and affiliates                               58,917           55,017
Decrease in due to local general
  partners and affiliates                             (320,527)        (168,770)
                                                   -----------      -----------

Net cash provided by
  operating activities                                 992,597        1,114,201
                                                   -----------      -----------

Cash flows from investing activities:

Acquisition of property and
  equipment                                           (224,924)        (422,130)
                                                   -----------      -----------

Net cash used in investing
  activities                                          (224,924)        (422,130)
                                                   -----------      -----------
</TABLE>

                                       6
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (continued)

<TABLE>
<CAPTION>

                                                   =============================
                                                         Six Months Ended
                                                           September 30,
                                                   -----------------------------
                                                      2002              2001
                                                   -----------------------------
<S>                                                <C>              <C>
Cash flows from financing activities:

Repayments of mortgage notes                          (424,539)        (405,712)
Decrease in capitalization of
  consolidated subsidiaries and
  distributions attributable to
  minority interest                                    (10,765)         (20,297)
                                                   -----------      -----------

Net cash used in financing
  activities                                          (435,304)        (426,009)
                                                   -----------      -----------

Net increase in cash and cash
  equivalents                                          332,369          266,062

Cash and cash equivalents at
  beginning of period                                1,833,843        1,671,096
                                                   -----------      -----------

Cash and cash equivalents at
  end of period                                    $ 2,166,212      $ 1,937,158
                                                   ===========      ===========

Supplemental disclosure of cash
  flow information:
Cash paid during period for interest               $ 2,079,207      $ 2,159,373
                                                   ===========      ===========
</TABLE>

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


                                       7
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2002
                                   (Unaudited)

Note 1 - General

The consolidated financial statements include the accounts of Freedom Tax Credit
Plus L.P. ("the  Partnership") and 42 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 a
General Partner,  which affiliate has a contractual  obligation to act on behalf
of the Partnership,  to remove the general partner of the Local Partnerships and
to approve certain major operating and financial decisions,  the Partnership has
a controlling financial interest in the Local Partnerships.

The Partnership's fiscal quarter ends September 30. All subsidiaries have fiscal
quarters  ending 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  $9,000,
$9,000,  $20,000 and $21,000 for the three and six months  ended  September  30,
2002 and 2001, respectively.  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  financial  statements  contain  all
adjustments  (consisting  only of normal  recurring  adjustments)  necessary  to
present  fairly the financial  position of the  Partnership  as of September 30,
2002, the results of operations for the three and six months ended September 30,
2002 and 2001 and cash flows for the six months  ended  September  30,  2002 and
2001.  However,  the  operating  results and cash flows for the six months ended
September 30, 2002 may not be indicative of the results for the year.

                                       8
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2002
                                   (Unaudited)

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
financial statements should be read in conjunction with the financial statements
and notes thereto included in the  Partnership's  Annual Report on Form 10-K for
the year ended March 31, 2002.


Note 2 - Related Party Transactions

The costs  incurred  to  related  parties  for the three  and six  months  ended
September 30, 2002 and 2001 were as follows:

<TABLE>
<CAPTION>

                                  Three Months Ended         Six Months Ended
                                      September 30,             September 30,
                                 ---------------------     ---------------------
                                   2002         2001         2002         2001
                                 ---------------------     ---------------------
<S>                              <C>          <C>          <C>          <C>
Partnership manage-
  ment fees (a)                  $169,000     $169,000     $338,000     $338,000
Expense reimburse-
  ment (b)                         34,464       19,679       87,330       45,929
Local administra-
  tive fee (c)                     14,000       14,000       27,000       27,000
                                 --------     --------     --------     --------

Total general and
  administrative-
  General Partners                217,464      202,679      452,330      410,929
                                 --------     --------     --------     --------
Property manage-
  ment fees
  incurred to
  affiliates of
  the subsidiary
  partnerships'
  general
  partners (d)                    190,452      160,984      383,725      319,167
                                 --------     --------     --------     --------
Total general and
  administrative-
  related parties                $407,916     $363,663     $836,055     $730,096
                                 ========     ========     ========     ========
</TABLE>

                                       9
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2002
                                   (Unaudited)

(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 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
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  $5,194,000 and $4,856,000 were accrued and unpaid as
of  September  30, 2002 and March 31,  2002,  respectively.  Without the General
Partners'  continued  accrual without payment,  the Partnership will not be in a
position to meet its obligations.  The General Partners have continued  allowing
the accrual  without  payment of these  amounts,  but are under no obligation to
continue to do so. The  Partnership is dependent upon the support of the General
Partners and certain of their affiliates in order to meet its obligations at the
Partnership  level.  The General  Partners and these  affiliates  have agreed to
continue such support for the foreseeable future.

(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
$253,677,  $248,853,  $510,819  and  $497,327 for the three and six months ended
September 30, 2002 and 2001,  respectively.  Of these fees, $190,452,  $160,984,

                                       10
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                          AND CONSOLIDATED PARTNERSHIPS
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2002
                                   (Unaudited)

$383,725  and  $319,167,  respectively,  were  incurred  to  affiliates  of  the
subsidiary  partnerships'  general  partners  for the three and six months ended
September 30, 2002 and 2001, respectively.

                                       11
<PAGE>

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

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

During  the  quarter  ended  September  30,  2002,  net cash flow from  property
operations,  working capital and interest  earned on working capital  represents
the primary  source of liquidity to fund  distributions,  debt service,  capital
improvements and non-revenue  enhancing tenant  improvements.  The net cash flow
from property operations is dependent upon the occupancy level of the properties
owned by the Local  Partnerships,  the collectibility of rent from tenants,  the
level of operating and other expenses,  and other factors.  Material  changes in
these factors may adversely  affect the net cash flow from property  operations.
Such changes, in turn, would adversely affect the Local Partnerships' ability to
fund distributions, debt service, capital improvements and non-revenue enhancing
tenant improvements. In addition, a material adverse change in the net cash flow
from  operations  may  affect  the  financial  performance  covenants  under the
mortgage notes within each Local Partnership.  If the Local Partnerships fail to
meet any of these financial  performance  covenants,  these properties' mortgage
notes may become due and in default,  or the interest charged on refinancing the
notes may increase.  Either of these  circumstances  could adversely  affect the
Local Partnerships' ability to fund working capital and revenue enhancing tenant
improvements, and unanticipated cash needs.

As of September 30, 2002,  there was  approximately  $20,000 in working  capital
reserves  available to fund Partnership  level expenses,  including  Partnership
management  fees  payable  to  the  General   Partners  and  advances  to  Local
Partnerships if warranted.  The Partnership is dependent upon the support of the
General  Partners and certain of its affiliates in order to meet its obligations
at the Partnership  level. The General Partners and these affiliates have agreed
to continue such support for the foreseeable future.

Cash  distributions  from Local  Partnerships  are not expected to reach a level
sufficient to permit cash distributions to BACs holders.  These distributions as
well as the working capital reserves referred to in the preceding  paragraph and
the continued deferral by the General Partners of fees owed to them will be used
to meet the operating expenses of the Partnership.

During the six months ended September 30, 2002, cash and cash equivalents of the
Partnership  and  its  forty-two   consolidated  Local  Partnerships   increased
approximately  $332,000 due to cash provided by operating activities  ($993,000)
which exceeded acquisitions of property and equipment ($225,000),  a decrease in
capitalization  of consolidated  subsidiaries  attributable to minority interest
($11,000)  and  repayments  of  mortgage  notes  ($425,000).   Included  in  the
adjustments  to reconcile the net loss to cash provided by operating  activities
is depreciation and amortization of approximately $2,523,000.

                                       12
<PAGE>


The Partnership's  most critical  accounting policy relates to the evaluation of
the fair value of real estate. Each Local Partnership  evaluates the need for an
impairment  loss on its real estate assets when  indicators  of  impairment  are
present  and the  undiscounted  cash flows are not  sufficient  to  recover  the
asset's carrying  amount.  The impairment loss is measured by comparing the fair
value of the asset to its carrying amount. In addition,  estimates are used when
accounting for the allowance for doubtful  accounts and contingent  liabilities,
among others. These estimates are susceptible to change and actual results could
differ  from these  estimates.  The  affects of changes in these  estimates  are
recognized in the period they are determined.

Commitments and Contingencies
-----------------------------

The Partnership is subject to risks  incidental to potential losses arising from
the management  and ownership of improved real estate by the Local  Partnerships
in which it invests.  The  Partnership  can also be  affected  by poor  economic
conditions.  However,  no more than 24% 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 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.  The Partnership  cannot sell or
substantially  liquidate its investments in Local 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.

                                       13
<PAGE>

The Partnership's  loss of its investment in a Local Partnership would eliminate
the ability to generate  future Housing Tax Credits from such Local  Partnership
and may also result in  recapture  of Housing Tax Credits if the  investment  is
lost before the expiration of the Credit Period.

The  Partnership  has fully  invested  the  proceeds of its offering in 42 Local
Partnerships,  all of which have their Housing Tax Credits in place. The Housing
Tax  Credits,  which expire in the years ended  December 31, 2002 and 2003,  are
attached to the property for a period of ten years and are transferable with the
property  during the  remainder  of the ten year  period.  If trends in the real
estate  market  warranted  the sale of a  property,  the  remaining  Housing Tax
Credits would transfer to the new owner, thereby adding significant value to the
property on the market.

Related Party Transactions and Transactions with General Partners and Affiliates
--------------------------------------------------------------------------------

The Local General Partners may from time to time advance the Local  Partnerships
money to fund certain  property  costs.  These  advances are to be repaid to the
Local  General  Partners  without  interest from  available  surplus cash of the
respective  Local  Partnership,  or at the time of sale or  refinancing.  Unpaid
balance  amounted to $3,558,323  and  $3,819,933 at September 30, 2002 and March
31, 2002,  respectively,  and is recorded as due to Local  General  Partners and
affiliates on the consolidated balance sheets.

Certain  costs  are  also  incurred  by the  Partnership  that  are  payable  to
affiliates.   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 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  investment.
Partnership management fee amounted to $338,000 for each of the six months ended
September 30, 2002 and 2001.  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 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 General Partners amounting to approximately
$5,194,000 and  $4,856,000  were accrued and unpaid as of September 30, 2002 and
March 31, 2002,  respectively.  Without the General Partners'  continued accrual
without  payment,  the  Partnership  will  not  be in a  position  to  meet  its
obligations.  The General  Partners have continued  allowing the accrual without
payment of these amounts,  but are under no obligation to continue to do so. The
Partnership is dependent upon the support of the General  Partner and certain of
its affiliates in order to meet its  obligations at the Partnership  level.  The
General  Partner and these  affiliates  have agreed to continue such support for
the foreseeable future.

                                       14
<PAGE>

Furthermore,   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  provision  of  the
Partnership  Agreement and could  fluctuate from year to year depending upon the
level of activities and transactions for the year.  Services  performed by these
affiliates include monitoring of partnership assets, site visits and evaluations
of Local  Partnership  performance.  Reimbursements  amounted  to  approximately
$87,000 and $119,000 for the six months  ended  September  30, 2002 and the year
ended March 31, 2002, respectively.

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

The results of operations for the three and six months ended  September 30, 2002
continued to be in the form of rental income with corresponding expenses divided
among operations, depreciation and mortgage interest.

Rental income remained fairly  consistent with increases of approximately 5% and
4% for the three and six months  ended  September  30,  2002 as  compared to the
corresponding periods in 2001, primarily due to rental rate increases.

General and  administrative-related  parties  expenses  increased  approximately
$44,000 and $106,000 for the three and six months  ended  September  30, 2002 as
compared to the corresponding  periods in 2001,  primarily due to an increase in
expenses  reimbursements  due to the General  Partner for asset  monitoring  and
overhead and an increase in property  management  fees incurred to affiliates of
the Local Partnership's general partners.

                                       15
<PAGE>


Repairs and maintenance expenses increased  approximately  $161,000 and $231,000
for the three  and six  months  ended  September  30,  2002 as  compared  to the
corresponding  periods in 2001,  primarily due to insurance  reimbursements  for
fire  damages  at one  Local  Partnership  in 2001  and an  increase  in  ground
maintenance at two other Local Partnerships in 2002.

Insurance expenses increased approximately $18,000 and $38,000 for the three and
six months ended September 30, 2002 as compared to the corresponding  periods in
2001,  primarily  due  to  an  increase  in  insurance  premiums  at  the  Local
Partnerships.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The  Partnership  is not exposed to market risk since its mortgage  indebtedness
bears fixed rates of interest.

Item 4 Controls and Procedures

The  Principal  Executive  Officer and  Principal  Financial  Officer of Related
Freedom  Associates L.P. and Freedom GP Inc., each of which is a general partner
of  Freedom  Tax  Credit  Plus  L.P.  (the  "Partnership"),  has  evaluated  the
Partnership's  disclosure  controls and procedures relating to the Partnership's
quarterly  report on Form 10-Q for the period ending September 30, 2002 as filed
with the  Securities  and Exchange  Commission  and has judged such controls and
procedures to be effective as of September 30, 2002 (the "Evaluation Date").

There have been no  significant  changes in the  internal  controls  or in other
factors  that could  significantly  affect  internal  controls  relating  to the
Partnership since the Evaluation Date.

                                       16
<PAGE>


                           PART II. OTHER INFORMATION

Item 1.   Legal Proceedings - None

Item 2.   Changes in Securities 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 and Reports on Form 8-K

          (a) Exhibits

          99.1  Certification  Pursuant to 18 U.S.C.  Section  1350,  as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

          (b) Reports on Form 8-K

          Current  report on Form  8-K/A  dated  August 28,  2002,  was filed on
September 3, 2002, relating to the change in Partnership's accountant.

                                       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.,
                                 General Partner

Date:  November 5, 2002

                                 By:/s/ Alan P. Hirmes
                                    ------------------
                                    Alan P. Hirmes, President
                                    (Principal Executive and
                                    Financial Officer)

Date:  November 5, 2002

                                 By:/s/ Glenn F. Hopps
                                    ------------------
                                    Glenn F. Hopps, Treasurer
                                    (Principal Accounting Officer)

                             and

                             By: FREEDOM GP INC.,
                                 a General Partner

Date:  November 5, 2002

                                 By:/s/ Alan P. Hirmes
                                    ------------------
                                    Alan P. Hirmes, President
                                    (Principal Executive and
                                    Financial Officer)

Date:  November 5, 2002

                                 By:/s/ Glenn F. Hopps
                                    ------------------
                                    Glenn F. Hopps, Treasurer
                                    (Principal Accounting Officer)


<PAGE>

                                  CERTIFICATION


I, Alan P. Hirmes,  Principal  Executive Officer and Principal Financial Officer
of Related Freedom Associates L.P. and Freedom GP Inc. (the "General Partners"),
each of which is a  general  partner  of  Freedom  Tax  Credit  Plus  L.P.  (the
"Partnership"), hereby certify that:

     1.   I have  reviewed  this  quarterly  report on Form 10-Q for the  period
          ended September 30, 2002 of the Partnership;

     2.   Based on my  knowledge,  this  quarterly  report  does not contain any
          untrue  statement of a material  fact or omit stating a material  fact
          necessary  in  order  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 quarterly report;

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

     4.   I am responsible for establishing and maintaining  disclosure controls
          and  procedures  (as defined in Exchange Act Rules 13a-14 and 15-d-14)
          for the Partnership and I have:

          a) designed such disclosure controls and procedures to ensure that the
          material  information relating to the Partnership is made known to me,
          particularly  during  the period in which  this  quarterly  report was
          being prepared;

          b)  evaluated  the  effectiveness  of  the  Partnership's   disclosure
          controls  and  procedures  as of September  30, 2002 (the  "Evaluation
          Date"); and


<PAGE>


          c)  presented  in this  quarterly  report  my  conclusions  about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

     5.   I  have  disclosed,  based  on  my  most  recent  evaluation,  to  the
          Partnership's  auditors  and to the boards of directors of the General
          Partners:

          a) all significant deficiencies in the design or operation of internal
          controls which could  adversely  affect the  Partnership's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the Partnership's  auditors any material  weaknesses in
          internal controls; and

          b) any fraud,  whether or not material,  that  involves  management or
          other  employees  who  have a  significant  role in the  Partnership's
          internal controls; and

     6.   I have  indicated in this  quarterly  report whether or not there were
          significant  changes in  internal  controls or in other  factors  that
          could significantly affect internal controls subsequent to the date of
          our most recent  evaluation,  including  any  corrective  actions with
          regard to significant deficiencies and material weaknesses.

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Partnership  has duly  caused  this  report to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.



                           By: /s/ Alan P. Hirmes
                               -------------------
                               Alan P. Hirmes
                               Principal Executive Officer and
                               Principal Financial Officer
                               November 5, 2002


<PAGE>


                                                                    Exhibit 99.1


                            CERTIFICATION PURSUANT TO
                             18.U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In  connection  with the  Quarterly  Report of Freedom Tax Credit Plus L.P. (the
"Partnership")  on Form 10-Q for the period  ending  September 30, 2002 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I, Alan P. Hirmes,  Principal  Executive Officer and Principal Financial Officer
of Related  Freedom  Associates  L.P. and Freedom GP Inc.,  each of which is the
general partner of the Partnership, 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
Partnership.



By: /s/ Alan P. Hirmes
    ------------------
    Alan P. Hirmes
    Principal Executive Officer and Principal Financial Officer
    November 5, 2002