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 June 30, 2003

                                       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
                                             -----  -----

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). Yes     No  X
                                        -----  -----


<PAGE>
                         PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                    ============   ============
                                                      June 30,       March 31,
                                                        2003           2003
                                                    ------------   ------------
                                                    (Unaudited)
<S>                                                 <C>            <C>
ASSETS

Property and equipment - (at cost,
  net of accumulated depreciation
  of $60,118,820 and $58,927,642,
  respectively)                                     $ 83,229,479   $ 84,274,411
Cash and cash equivalents                              2,372,341      2,247,128
Investment in marketable securities                      107,759        109,498
Cash held in escrow                                    4,835,697      4,654,612
Deferred costs (net of accumulated
  amortization of $1,867,796
  and $1,821,322, respectively)                        1,095,019      1,141,493
Other assets                                           1,456,674      1,240,691
                                                    ------------   ------------

Total Assets                                        $ 93,096,969   $ 93,667,833
                                                    ============   ============
</TABLE>
                                       2

<PAGE>

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

<TABLE>
<CAPTION>

                                                    ============   ============
                                                      June 30,       March 31,
                                                        2003           2003
                                                    ------------   ------------
                                                    (Unaudited)
<S>                                                 <C>            <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Liabilities:
  Mortgage notes payable                            $ 67,091,012   $ 67,366,819
  Accounts payable and other
   liabilities                                         1,960,025      1,411,077
  Due to local general partners and
   affiliates                                          4,023,938      4,025,449
  Due to general partners and
   affiliates (Note 2)                                 7,170,681      6,933,531
                                                    ------------    -----------

Total Liabilities                                     80,245,656     79,736,876
                                                    ------------    -----------

Minority interests                                     8,055,836      8,079,257
                                                    ------------    -----------

Partners' Capital (Deficit):
  Limited partners (72,896 BACs
   issued and outstanding)                             5,426,316      6,470,255
  General partners                                      (632,710)      (622,165)
  Accumulated other comprehensive
   income:
  Unrealized loss on marketable
   securities                                              1,871          3,610
                                                    ------------    -----------

Total Partners' Capital (Deficit)                      4,795,477      5,851,700
                                                    ------------    -----------

Total Liabilities and Partners'
  Capital (Deficit)                                 $ 93,096,969   $ 93,667,833
                                                    ============   ============

</TABLE>

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


                                       3
<PAGE>
                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                    ===========================
                                                         Three Months Ended
                                                              June 30,
                                                    ---------------------------
                                                        2003           2002
                                                    ---------------------------
<S>                                                 <C>            <C>
Revenues
Rental income                                       $   3,664,367  $  3,510,661
Other                                                     326,921       290,513
                                                    -------------  ------------

Total revenues                                          3,991,288     3,801,174
                                                    -------------  ------------

Expenses
General and administrative                                768,148       713,346
General and administrative-
  related parties (Note 2)                                416,123       428,139
Operating and other                                       392,394       357,771
Repairs and Maintenance                                   722,880       572,343
Real estate taxes                                         251,523       251,172
Insurance                                                 165,260       125,204
Financial                                               1,103,490     1,142,157
Depreciation and amortization                           1,237,652     1,265,074
                                                    -------------  ------------

Total expenses                                          5,057,470     4,855,206
                                                    -------------  ------------

Loss before minority interest                          (1,066,182)   (1,054,032)

Minority interest in loss of subsidiaries                  11,698        10,814
                                                    -------------  ------------

Net loss                                            $  (1,054,484) $ (1,043,218)
                                                    =============  ============

Net loss - limited partners                         $  (1,043,939) $ (1,032,786)
                                                    =============  ============

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

Net loss per BAC                                    $      (14.32) $     (14.17)
                                                    =============  ============
</TABLE>


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

                                       4
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
   CONSOLIDATED CONDENSED 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, 2003       $  5,851,700    $ 6,470,255     $ (622,165)    $    3,610

Comprehensive Loss:
Net loss - Three months ended
  June 30, 2003                                   (1,054,484)    (1,043,939)       (10,545)                    $ (1,054,484)

Net unrealized loss on marketable
  securities                                          (1,739)            0              0          (1,739)           (1,739)
                                                ------------    -----------     ----------     ----------      ------------

Total Comprehensive Loss                                                                                       $ (1,056,223)
                                                                                                               ============
Partners' capital - (deficit)
  June 30, 2003                                 $  4,795,477    $ 5,426,316     $ (632,710)    $    1,871
                                                ============    ===========     ==========     ==========
</TABLE>

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

                                       5
<PAGE>

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

<TABLE>
<CAPTION>
                                                   ============================
                                                        Three Months Ended
                                                             June 30,
                                                   ----------------------------
                                                       2003            2002
                                                   ----------------------------
<S>                                                <C>             <C>
Cash flows from operating activities:

Net loss                                           $ (1,054,484)   $ (1,043,218)

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

Depreciation and amortization                         1,237,652       1,265,074
Minority interest in loss of
  subsidiaries                                          (11,698)        (10,814)
Increase in other assets                               (215,983)       (229,118)
Increase in accounts payable
  and other liabilities                                 548,948         473,831
(Increase) decrease in cash held
  in escrow                                            (181,085)         92,218
Increase in due to general partners
  and affiliates                                        237,150         268,534
Increase in due to local general
  partners and affiliates                                12,871          11,585
Decrease in due to local general
  partners and affiliates                               (14,382)        (88,576)
                                                   ------------    ------------

Net cash provided by
  operating activities                                  558,989         739,516
                                                   ------------    ------------

Cash flows from investing activities:

Acquisition of property and
  equipment                                            (146,246)       (125,095)
                                                   ------------    ------------

Net cash used in investing
  activities                                           (146,246)       (125,095)
                                                   ------------    ------------
</TABLE>

                                       6
<PAGE>

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

<TABLE>
<CAPTION>
                                                   ============================
                                                        Three Months Ended
                                                             June 30,
                                                   ----------------------------
                                                       2003            2002
                                                   ----------------------------
<S>                                                <C>             <C>
Cash flows from financing activities:

Repayments of mortgage notes                           (275,807)       (229,684)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest                     (11,723)        (14,185)
                                                   ------------    ------------

Net cash used in financing
  activities                                           (287,530)       (243,869)
                                                   ------------    ------------

Net increase in cash and cash
  equivalents                                           125,213         370,552

Cash and cash equivalents at
  beginning of period                                 2,247,128       1,833,843
                                                   ------------    ------------

Cash and cash equivalents at
  end of period                                    $  2,372,341    $  2,204,395
                                                   ============    ============

Supplemental disclosure of cash
  flow information:
Cash paid during period for interest               $    920,486    $    942,760
                                                   ============    ============
</TABLE>

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

                                       7
<PAGE>

                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                         NOTES TO CONSOLIDATED CONDENSED
                              FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (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 June 30. All  subsidiaries  have fiscal
quarters  ending March 31 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 April 1
through June 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  $12,000 and
$11,000 for the three  months  ended June 30, 2003 and 2002,  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 June 30, 2003 and


                                       8
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                         NOTES TO CONSOLIDATED CONDENSED
                              FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (Unaudited)


the results of operations and its cash flows for the three months ended June 30,
2003 and 2002.  However,  the  operating  results  and cash  flows for the three
months ended June 30, 2003 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
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, 2003.


                                       9
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                         NOTES TO CONSOLIDATED CONDENSED
                              FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (Unaudited)


Note 2 - Related Party Transactions

The costs  incurred to related  parties for the three months ended June 30, 2003
and 2002 were as follows:
<TABLE>
<CAPTION>
                                                   ============================
                                                        Three Months Ended
                                                             June 30,
                                                   ----------------------------
                                                       2003            2002
                                                   ----------------------------
<S>                                                <C>             <C>
Partnership management fees (a)                    $    169,000    $   169,000
Expense reimbursement (b)                                39,160         52,866
Local administrative fee (c)                             13,000         13,000
                                                   ------------    -----------

Total general and administrative-
  General Partners                                      221,160        234,866
                                                   ------------    -----------
Property management fees
  incurred to  affiliates of
  the subsidiary partnerships'
  general partners (d)                                  194,963        193,273
                                                   ------------    -----------
Total general and administrative-
  related parties                                  $    416,123    $   428,139
                                                   ============    ===========
</TABLE>

(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  $5,701,000 and $5,532,000 were accrued and unpaid as
of June 30, 2003 and March 31, 2003, respectively. Without the General Partners'
continued accrual without payment,  the Partnership will not be in a position to

                                       10
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                         NOTES TO CONSOLIDATED CONDENSED
                              FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (Unaudited)


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
$260,658  and  $257,142  for the  three  months  ended  June 30,  2003 and 2002,
respectively. Of these fees, $194,963 and $193,273,  respectively, were incurred
to affiliates of the  subsidiary  partnerships'  general  partners for the three
months ended June 30, 2003 and 2002, respectively.

Note 3 - New Accounting Pronouncements

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003,  the  provisions of FIN 46 are  applicable no later than July 1, 2003. The
Partnership  has not created any variable  interest  entities  after January 31,
2003. The  Partnership  is currently  evaluating the impact of the provisions of
FIN 46 on its consolidated financial statements and will complete its assessment
by September 2003.

                                       11
<PAGE>


                          FREEDOM TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                         NOTES TO CONSOLIDATED CONDENSED
                              FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (Unaudited)


In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics  of both Liabilities and Equity." SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those  instruments  to  be  classified  as  liabilities  (  or  assets  in  some
circumstances) in the Consolidated  Condensed Balance Sheets.  Further, SFAS No.
150 requires disclosure  regarding the terms of those instruments and settlement
alternatives.  The  guidance  in SFAS No. 150  generally  is  effective  for all
financial  instruments  entered  into or  modified  after May 31,  2003,  and is
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.


                                       12
<PAGE>

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

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

The Partnership's  sources of funds during the three months ended June 30, 2003,
include  working  capital  reserves,  interest  earned on  working  capital  and
distributions  received  from the  Local  Partnerships.  None of  these  sources
generated substantial amounts of funds.

A  working  capital  reserve  of  approximately  $59,000,   exclusive  of  Local
Partnerships' working capital, remains as of June 30, 2003.

During the three months ended June 30, 2003 and 2002, the distributions received
from the Local Partnerships approximated $3,000 and $12,000, respectively.  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.

Partnership   management  fees  owed  to  the  General  Partners   amounting  to
approximately  $5,701,000 and $5,532,000  were accrued and unpaid as of June 30,
2003 and March 31, 2003,  respectively.  Without the General Partners  continued
accrual without payments,  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 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.

During the three months ended June 30, 2003,  cash and cash  equivalents  of the
Partnership  and  its  forty-two   consolidated  Local  Partnerships   increased
approximately  $125,000 due to cash provided by operating activities  ($559,000)
which exceeded acquisitions of property and equipment ($146,000),  a decrease in
capitalization  of consolidated  subsidiaries  attributable to minority interest
($12,000)  and  repayments  of  mortgage  notes  ($276,000).   Included  in  the
adjustments  to reconcile the net loss to cash provided by operating  activities
is depreciation and amortization of approximately $1,238,000.


                                       13
<PAGE>


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  experiencing  downswings.  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 42 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. If
trends in the real estate market warranted the sale of a property, the remaining
tax  credits  would  transfer  to the new  owner,  thereby  adding  value to the
property  on the  market.  However,  such  value  declines  each year and is not
included in the financial statement carrying amount.

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

In  preparing  the  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  consolidated
financial  statements.  The summary should be read in conjunction  with the more
complete  discussion of the Company's  accounting policies included in Note 2 to
the consolidated financial statements in the annual report on Form 10-K.

(a)  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

                                       14
<PAGE>

accounts  and the profit or loss on such  disposition  is reflected in earnings.
The Partnership complies with Statement of Financial Accounting Standards (SFAS)
No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets". 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).

(b)  Income Taxes

The  Partnership  is not  required to provide  for, or pay,  any federal  income
taxes.  Net income or loss generated by the Partnership is passed through to the
partners and is required to be reported by them. The  Partnership may be subject
to state and local taxes in jurisdictions  in which it operates.  For income tax
purposes, the Partnership has a fiscal year ending December 31.

New Accounting Pronouncements
-----------------------------

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003,  the  provisions of FIN 46 are  applicable no later than July 1, 2003. The
Partnership  has not created any variable  interest  entities  after January 31,
2003. The  Partnership  is currently  evaluating the impact of the provisions of
FIN 46 on its consolidated financial statements and will complete its assessment
by September 2003.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics  of both Liabilities and Equity." SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those  instruments  to  be  classified  as  liabilities  (  or  assets  in  some
circumstances) in the Consolidated  Condensed Balance Sheets.  Further, SFAS No.
150 requires disclosure  regarding the terms of those instruments and settlement
alternatives.  The  guidance  in SFAS No. 150  generally  is  effective  for all
financial  instruments  entered  into or  modified  after May 31,  2003,  and is
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.

                                       15
<PAGE>



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

The results of operations  for the three months ended June 30, 2003 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 4% for
the three months ended June 30, 2003 as compared to the corresponding  period in
2002, primarily due to rental rate increases.

Other income increased by approximately  $36,000 for the three months ended June
30, 2003 as compared to the  corresponding  period in 2002,  primarily due to an
increase in late fees at one Local  Partnership  and an  increase  in  insurance
refunds at two other Local Partnerships.

Total expenses, excluding repairs and maintenance and insurance, remained fairly
consistent with an increase of  approximately 1% for the three months ended June
30, 2003 as compared to the corresponding period in 2002.

Repairs and maintenance  expenses  increased by  approximately  $151,000 for the
three  months  ended June 30, 2003 as compared  to the  corresponding  period in
2002,  primarily  due to  fire  damage  repairs  at one  Local  Partnership  and
rehabilitation of apartments at a second Local Partnership.

Insurance expense increased by approximately  $40,000 for the three months ended
June 30, 2003 as compared to the corresponding  period in 2002, 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.

                                       16
<PAGE>


Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures
------------------------------------------------
The  Principal  Executive  Officer and  Principal  Financial  Officer of Related
Freedom  Associates L.P. and Freedom GP Inc.,  which are the general partners of
Freedom  Tax  Credit  Plus  L.P.  (the   "Partnership"),   have   evaluated  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 (the
"Exchange  Act") as of June 30,  2003  (the  "Evaluation  Date").  Based on such
evaluation,  such officers have concluded  that, as of the Evaluation  Date, the
Partnership's disclosure controls and procedures are effective in alerting them,
on a timely basis, to material  information relating to the Partnership required
to be  included  in the  Partnership's  reports  filed or  submitted  under  the
Exchange Act .

Changes  in  Internal  Control  Over  Financial  Reporting
----------------------------------------------------------
There has been no significant change in the Partnership's  internal control over
financial reporting during the Partnership's  fiscal quarter ended June 30, 2003
which has materially  affected,  or is reasonably  likely to materially  affect,
such internal control over financial reporting .

                                       17
<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

           31.1   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).

           (b)    Reports on Form 8-K - None

                                       18
<PAGE>

                                   SIGNATURES

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

                          FREEDOM TAX CREDIT PLUS L.P.
                                  (Registrant)

                            By: RELATED FREEDOM ASSOCIATES L.P.,
                                a General Partner

                            By: RELATED FREEDOM ASSOCIATES INC.,
                                General Partner

Date:  August 1, 2003

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

Date:  August 1, 2003

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

                            and

                            By: FREEDOM GP INC.,
                                a General Partner

Date:  August 1, 2003

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

Date:  August 1, 2003

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


                                                                    Exhibit 31.1


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

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 June 30, 2003 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-15(e)  and
          15d-15(e)) and internal  control over financial  reporting (as defined
          in Exchange Act Rues 13a-15(f) and 15d-15(f)) for the  Partnership and
          I have:

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

<PAGE>

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

          c)  evaluated  the  effectiveness  of  the  Partnership'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  quarterly  report  based on
          such evaluation; and

          d) disclosed in this quarterly report any change in the  Partnership's
          internal  control over financial  reporting  that occurred  during the
          period  ending  June 30,  2003  that has  materially  affected,  or is
          reasonably likely to materially  affect,  the  Partnership's  internal
          control over financial reporting; and

     5)   I have  disclosed,  based on my most  recent  evaluation  of  internal
          control over financial reporting, to the Partnership's auditors and to
          the boards of directors of the General Partners:

          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  Partnership'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  Partnership's
          internal control over financial reporting.


Date:     August 1, 2003
          --------------

                          By: /s/ Alan P. Hirmes
                              ------------------
                              Alan P. Hirmes
                              Principal Executive Officer and
                              Principal Financial Officer

<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. (the
"Partnership") on Form 10-Q for the period ended June 30, 2003 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
    August 1, 2003