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

                                    FORM 10-Q

(Mark One)


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


For the quarterly period ended December 15, 2002

                                       OR

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


                         Commission File Number 0-17015


                          LIBERTY TAX CREDIT PLUS L.P.
                          ----------------------------
             (Exact name of registrant as specified in its charter)


           Delaware                                            13-3446500
-------------------------------                         ------------------------
(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

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                  ============      ============
                                                  December 15,        March 15,
                                                      2002              2002
                                                  ------------      ------------
<S>                                               <C>               <C>
ASSETS
Property and equipment, at cost,
  net of accumulated depreciation
  of $114,829,639 and $117,564,191
  respectively                                    $130,940,730      $144,303,061
Property and equipment -
  held for sale, net of accumulated
  depreciation of $2,776,591                         3,734,297                 0
Cash and cash equivalents                            5,379,920         6,379,655
Cash held in escrow                                 14,139,465        14,707,928
Accounts receivable - tenants                          611,719           704,001
Deferred costs - net of accumulated
  amortization of $3,300,784
  and $3,268,299, respectively                       3,051,842         3,384,587
Other assets                                         1,424,439         1,073,070
                                                  ------------      ------------
Total assets                                      $159,282,412      $170,552,302
                                                  ============      ============
</TABLE>

                                       2
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>

                                               =============      =============
                                                December 15,         March 15,
                                                   2002                2002
                                               -------------      -------------
<S>                                            <C>               <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
  Mortgage notes payable (Note 3)              $ 148,534,361      $ 161,496,588
  Accounts payable and other
   liabilities                                    13,375,107         12,694,556
  Due to local general partners and
   affiliates                                     14,901,466         15,249,086
  Due to general partners and
   affiliates                                      7,404,509          6,723,981
  Due to selling partners                          1,203,660          1,233,660
                                               -------------      -------------
Total liabilities                                185,419,103        197,397,871
                                               -------------      -------------


Minority interest                                  1,588,393          2,111,304
                                               -------------      -------------

Commitments and contingencies
  (Note 5)

Partners' deficit:
  Limited partners (15,987.5 BACs
   issued and outstanding)                       (26,717,989)       (27,937,460)
  General partners                                (1,007,095)        (1,019,413)
                                               -------------      -------------
Total partners' deficit                          (27,725,084)       (28,956,873)
                                               -------------      -------------
Total liabilities and partners'
  deficit                                      $ 159,282,412      $ 170,552,302
                                               =============      =============

</TABLE>

See Accompanying Notes to Consolidated Financial Statements.


                                       3
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Operations
                                   (Unaudited)
<TABLE>
<CAPTION>

                       ============================    ===========================
                            Three Months Ended              Nine Months Ended
                               December 15,                    December 15,
                       ----------------------------    ---------------------------
                           2002            2001            2002           2001
                       ----------------------------    ---------------------------
<S>                    <C>             <C>             <C>            <C>
Revenues

Rental income          $  8,419,178    $  9,013,362    $ 26,328,074   $ 26,858,913
Other                       289,505         338,405         881,529      1,075,601
Gain on sale of
  property (Note 4)               0               0       6,585,801              0
                       ------------    ------------    ------------   ------------
                          8,708,683       9,351,767      33,795,404     27,934,514
                       ------------    ------------    ------------   ------------
Expenses
General and
  administrative          1,436,963       1,431,618       4,344,906      4,733,876
General and
  administrative-
  related parties
  (Note 2)                  669,776         637,182       2,011,196      1,885,877
Repairs and
  maintenance             1,724,332       1,697,665       5,115,684      4,914,825
Operating and
  other                     925,180       1,163,042       3,339,221      3,731,117
Taxes                       499,450         541,032       1,298,309      1,391,438
Insurance                   421,628         374,412       1,156,809      1,058,081
Financial                 2,874,953       3,226,006       8,957,980      9,447,130
Depreciation and
  amortization            2,414,562       2,187,280       6,760,711      6,541,762
                       ------------    ------------    ------------   ------------

Total expenses           10,966,844      11,258,237      32,984,816     33,704,106
                       ------------    ------------    ------------   ------------

(Loss) income before
  minority
  interest               (2,258,161)     (1,906,470)        810,588     (5,769,592)

Minority interest
  in loss of
  subsidiaries              113,124         220,841         421,201        387,202
                       ------------    ------------    ------------   ------------

Net (loss) income      $ (2,145,037)   $ (1,685,629)   $  1,231,789   $ (5,382,390)
                       ============    ============    ============   ============

Net (loss) income
-limited partners      $ (2,123,587)   $ (1,668,773)   $  1,219,471   $ (5,328,566)
                       ============    ============    ============   ============


Number of BACs
  outstanding              15,987.5        15,987.5        15,987.5       15,987.5
                       ============    ============    ============   ============

Net (loss) income
  per BAC              $    (132.82)   $    (104.38)   $      76.28   $    (333.30)
                       ============    ============    ============   ============
</TABLE>

See Accompanying Notes to Consolidated Financial Statements.

                                       4
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
             Consolidated Statement of Changes in Partners' Deficit
                                   (Unaudited)
<TABLE>
<CAPTION>


                               ================================================
                                                   Limited           General
                                  Total            Partners          Partners
                               ------------------------------------------------
<S>                            <C>               <C>               <C>
Partners'
  deficit -
  March 16, 2002               $(28,956,873)     $(27,937,460)     $ (1,019,413)

Net income                        1,231,789         1,219,471            12,318
                               ------------      ------------      ------------

Partners'
  deficit -
  December 15, 2002            $(27,725,084)     $(26,717,989)     $ (1,007,095)
                               ============      ============      ============
</TABLE>


See Accompanying Notes to Consolidated Financial Statements.

                                       5
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                Increase (decrease) in Cash and Cash Equivalents
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                     ==========================
                                                          Nine Months Ended
                                                             December 15,
                                                     --------------------------
                                                        2002            2001
                                                     --------------------------
<S>                                                  <C>            <C>
Cash flows from operating activities:
Net income (loss)                                    $ 1,231,789    $(5,382,390)
Adjustments to reconcile net income
  (loss) to net cash provided by
  operating activities:
Gain on sale of property (Note 4)                     (6,585,801)             0
Depreciation and amortization                          6,760,711      6,541,762
Minority interest in loss of
  subsidiaries                                          (421,201)      (387,202)
Decrease in accounts
  receivable-tenants                                      88,292        205,977
Increase in other assets                                (370,245)      (249,156)
Increase in accounts payable and
  other liabilities                                      833,355      1,197,779
Increase in due to general partners
  and affiliates                                         718,508        471,670
Increase in cash held in escrow                         (995,264)      (799,695)
                                                     -----------    -----------

Net cash provided by operating
  activities                                           1,260,144      1,598,745
                                                     -----------    -----------

Cash flows from investing activities:

Proceeds from sale                                       200,000              0
Decrease in cash held in escrow                        1,249,986        710,063
Improvements to property and
  equipment                                           (2,724,451)      (989,503)
                                                     -----------    -----------

Net cash used in investing
  activities                                          (1,274,465)      (279,440)
                                                     -----------    -----------
</TABLE>

                                       6
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                Increase (decrease) in Cash and Cash Equivalents
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                   ============================
                                                        Nine Months Ended
                                                           December 15,
                                                   ----------------------------
                                                       2002            2001
                                                   ----------------------------
<S>                                                <C>             <C>
Cash flows from financing activities:

Increase in deferred costs                             (345,301)              0
Proceeds from mortgage notes                         18,059,376               0
Repayments of mortgage notes                        (18,220,159)     (2,620,659)
Decrease in due to selling partner                      (30,000)              0
Increase in due to local general
  partners and affiliates                               381,193       1,407,849
Decrease in due to local general
  partners and affiliates                              (728,813)       (283,478)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest                    (101,710)       (433,555)
                                                   ------------    ------------

Net cash used in
  financing activities                                 (985,414)     (1,929,843)
                                                   ------------    ------------

Net decrease in cash and cash
  equivalents                                          (999,735)       (610,538)

Cash and cash equivalents at
  beginning of period                                 6,379,655       6,659,875
                                                   ------------    ------------

Cash and cash equivalents at
  end of period                                    $  5,379,920    $  6,049,337
                                                   ============    ============

Supplemental disclosures of noncash activities:
Increase in property and equipment-
  held for sale reclassified from
  property and equipment                           $ 3,734,297     $          0

Summarized below are the components of the gain
  on sale of property:

</TABLE>

                                       7
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                Increase (decrease) in Cash and Cash Equivalents
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                   ============================
                                                        Nine Months Ended
                                                           December 15,
                                                   ----------------------------
                                                       2002            2001
                                                   ----------------------------
<S>                                                <C>             <C>
Decrease in property and
  equipment, net of accumulated
  depreciation                                     $  6,081,229    $          0
Decrease in mortgage escrow
  deposits                                              313,741               0
Decrease in prepaid expenses
  and other assets                                       18,876               0
Decrease in accounts receivable                           3,990               0
Decrease in deferred costs                              188,591               0
Decrease in mortgage notes payable                  (12,801,444)              0
Decrease in accounts payable,
  accrued expenses and other
  liabilities                                          (152,804)              0
Decrease in due to general partners
  and affiliates                                        (37,980)              0

</TABLE>

See Accompanying Notes to Consolidated Financial Statements.


                                       8
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2002
                                   (Unaudited)

Note 1 - General

The consolidated financial statements include the accounts of Liberty Tax Credit
Plus L.P. (the "Partnership") and 31 subsidiary partnerships (each a "subsidiary
partnership"  or  "Local  Partnership")  in which the  Partnership  is a limited
partner.  Through the rights of the Partnership  and/or a general partner of the
Partnership  (a "General  Partner"),  which  General  Partner has a  contractual
obligation to act on behalf of the  Partnership,  to remove the general partners
of each  subsidiary  partnership  (the "local general  partners") and to approve
certain  major  operating  and  financial  decisions,   the  Partnership  has  a
controlling financial interest in the subsidiary partnerships.  All intercompany
accounts and transactions with the subsidiary  partnerships have been eliminated
in consolidation.

For financial  reporting  purposes,  the  Partnership's  fiscal  quarter ends on
December 15. All subsidiary  partnerships  have fiscal quarters ending September
30. Accounts of the subsidiary  partnerships have been adjusted for intercompany
transactions from October 1 through December 15. The Partnership's  quarter ends
on December 15 in order to allow adequate time for the  subsidiary  partnerships
financial  statements to be prepared and consolidated.  The books and records of
the Partnership are maintained on the accrual basis of accounting, in accordance
with generally accepted accounting principles ("GAAP").

In the opinion of the General  Partners,  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 December 15, 2002, the results of operations for the three and
nine months ended  December 15, 2002 and 2001 and cash flows for the nine months
ended December 15, 2002 and 2001.  However,  the operating  results for the nine
months  ended  December  15, 2002 may not be  indicative  of the results for the
year.

Certain  information  and  note  disclosures  which  are  normally  included  in
financial  statements  prepared  in  accordance  with GAAP have been  omitted or
condensed. These consolidated financial statements should be read in conjunction

                                       9
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2002
                                   (Unaudited)

with the financial  statements and notes thereto  included in the  Partnership's
Annual Report on Form 10-K for the period ended March 15, 2002.

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

The  Partnership's  investment in each  subsidiary  partnership  is equal to the
respective  subsidiary  partnership's  partners'  equity less minority  interest
capital,  if any.  Losses  attributable  to minority  interests which exceed the
minority interests' investments in the subsidiary partnerships have been charged
to the  Partnership.  Such losses  aggregated $0 and $41,000 and $0 and $153,000
for the three and nine months ended December 15, 2002 and 2001, respectively. In
consolidation,   all   subsidiary   partnership   losses  are  included  in  the
Partnership's  capital account except for losses allocated to minority  interest
capital.


Note 2 - Related Party Transactions

An affiliate of the General  Partners  has a 1% interest,  as a special  limited
partner,  in each of the  subsidiary  partnerships.  An affiliate of the General
Partners also has a minority interest in certain subsidiary partnerships.


                                       10
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2002
                                   (Unaudited)

The costs  incurred  to  related  parties  for the three and nine  months  ended
December 15, 2002 and 2001 were as follows:

<TABLE>
<CAPTION>
                               =======================   =======================
                                 Three Months Ended         Nine Months Ended
                                     December 15,             December  15,
                               -----------------------   -----------------------
                                  2002         2001         2002         2001
                               -----------------------   -----------------------
<S>                            <C>          <C>          <C>          <C>
Partnership manage-
  ment fees (a)                $  284,500   $  284,500   $  853,500   $  853,500
Expense reimburse-
  ment (b)                         44,620       34,750      109,551       93,352
Property management
  fees incurred to af-
  filiates of the Gen-
  eral Partners (c)                30,186       32,172       90,557       86,416
Local administrative
  fee (d)                          16,000       17,000       48,000       51,000
                               ----------   ----------   ----------   ----------
Total general and
  administrative-
  General Partners                375,306      368,422    1,101,608    1,084,268
                               ----------   ----------   ----------   ----------
Property manage-
  ment fees
  incurred to affili-
  ates of the local
  general partners (c)            294,470      268,760      909,588      801,609
                               ----------   ----------   ----------   ----------

Total general and
  administrative-
  related parties              $  669,776   $  637,182   $2,011,196   $1,885,877
                               ==========   ==========   ==========   ==========
</TABLE>


(a) The General  Partners are entitled to receive a partnership  management fee,
after payment of all Partnership expenses,  which together with the local annual
administrative  fees  will not  exceed a maximum  of 0.5% per annum of  invested
assets (as  defined in the  Partnership's  Amended  and  Restated  Agreement  of
Limited  Partnership),  for  administering  the affairs of the Partnership.  The
partnership  management  fee,  subject  to the  foregoing  limitation,  will  be
determined  by the General  Partners in their sole  discretion  based upon their
review of the Partnership's investments. Partnership management fees owed to the

                                       11
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2002
                                   (Unaudited)

General  Partners  amounting to  approximately  $6,944,000 and  $6,215,000  were
accrued and unpaid as of December 15, 2002 and March 15, 2002, respectively.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the Partnership  Agreement.  Another
affiliate of the General Partners performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance. Expense reimbursements and asset monitoring fees owed
to Related Credit Properties L.P., a General Partner, amounting to approximately
$24,000 and $20,000  were  accrued and unpaid as of December  15, 2002 and March
15, 2002, respectively.

The General Partners have allowed for the accrual without payment of the amounts
set forth in (a) and (b) but are under no obligation to continue to do so.

(c) Property management fees incurred by the subsidiary partnerships amounted to
$455,627 and  $426,530  and  $1,439,879  and  $1,415,056  for the three and nine
months ended December 15, 2002 and 2001,  respectively.  Of these fees, $294,470
and  $268,760  and  $909,588  and  $801,609,   respectively,  were  incurred  to
affiliates of the local general partners.  In addition,  $30,186 and $32,172 and
$90,557 and $86,416,  respectively,  were  incurred to affiliates of the General
Partners.

(d) Liberty  Associates  III L.P.,  a General  Partner  and the special  limited
partner  of  the  subsidiary  partnerships,  is  entitled  to  receive  a  local
administrative fee of up to $2,500 per year from each subsidiary partnership.

Note 3 - Mortgage Note Payable

On August 29, 2002, B&C Housing  Associates,  L.P.  refinanced  its  outstanding
mortgage  note  payable  of  $5,390,000.  The new  mortgages  in the  amounts of
$1,201,000,  $4,157,376  and  $1,201,000  bear  interest  at  7.5%,  4% and  4%,
respectively, through October 30, 2032.

                                       12
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2002
                                   (Unaudited)

In February 2002, Ludlam Gardens  Apartments'  previous mortgage note payable of
$2,486,169 was repaid in full with the proceeds from a new mortgage note payable
of  $2,850,000.  The new mortgage  note payable is secured by a deed of trust on
the  real  estate  and is due in  monthly  installments  of  $20,070,  including
interest at 7.25%, through March 12, 2011 when a balloon payment is due.

On January 31, 2002, Alameda Towers Associates,  Ltd. refinanced its outstanding
mortgage  note  payable  of  $7,834,000.  The  new  mortgage  in the  amount  of
$8,650,000 bears interest at 7% through January 31, 2032.

Note 4 - Sale of Properties

On June 7, 2002,  Ludlam  Gardens  Apartments,  Ltd.  ("Ludlam")  entered into a
purchase and sale agreement with an  unaffiliated  third party pursuant to which
Ludlam  agreed  to  sell  its  property  for a  purchase  price  of  $3,900,000.
Subsequently,  the contract was cancelled. On July 30, 2002, Ludlam entered into
a new purchase and sale agreement with an  unaffiliated  third party pursuant to
which Ludlam agreed to sell its property for a purchase price of $3,900,000. The
closing is expected to occur in early 2003.  No assurance  can be given that the
closing will actually occur.

On May 31, 2002, the Partnership sold its limited partnership  interest in Apple
Creek Housing  Associates,  Ltd. to an  unaffiliated  third party  purchaser for
$200,000 resulting in a gain of approximately $6,586,000.

On May 22, 2002,  Dixie  Apartment  Associates,  Ltd.  ("Dixie")  entered into a
purchase and sale agreement with an  unaffiliated  third party pursuant to which
Dixie  agreed  to  sell  its  property  for  a  purchase  price  of  $1,350,000.
Subsequently,  the contract was  cancelled.  On November 7, 2002,  Dixie entered
into a new purchase and sale agreement with an unaffiliated third party pursuant
to which Dixie agreed to sell its property for a purchase  price of  $1,300,000.
The closing is expected to occur in early 2003.  No assurance  can be given that
the closing will actually occur.

                                       13
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2002
                                   (Unaudited)

Note 5 - Commitments and Contingencies

There  have  been  no  material  changes  and/or  additions  to the  disclosures
regarding the subsidiary  partnerships  which were included in the Partnership's
Annual Report on Form 10-K for the fiscal year ended March 15, 2002.

                                       14
<PAGE>

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

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

The  Partnership's  capital  has been  invested  in 31 Local  Partnerships.  The
Partnership sold its interest in one Local  Partnership (the "Sold Interest") in
May 2002. For a discussion of the sale of the Sold  Interest,  see Note 4 to the
financial statements.

The Partnership's  primary source of funds is cash distributions from operations
of the Local Partnerships in which the Partnership has invested.  Such funds are
available to meet obligations of the  Partnership.  During the nine months ended
December  15,  2002 and  2001,  such  distributions  amounted  to  approximately
$248,000 and $1,028,000,  respectively. In addition, partnership management fees
and  expense   reimbursements   owed  to  the  General  Partners   amounting  to
approximately  $6,968,000 and $6,235,000  were accrued and unpaid as of December
15,  2002 and  March 15,  2002,  respectively.  Without  the  General  Partners'
continued  accrual  without  payment of the  partnership  management  fees,  the
Partnership  will not be in a  position  to meet its  obligations.  The  General
Partners  have  allowed  for the  accrual  without  payment  of the  partnership
management fees but are under no obligation to continue to do so.

For the nine months ended  December 15, 2002,  cash and cash  equivalents of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$1,000,000.  This decrease is primarily attributable to improvements to property
and equipment  ($2,724,000),  net proceeds and  principal  repayment of mortgage
notes  ($161,000),  an  increase  in deferred  costs  ($345,000),  a decrease in
capitalization  of consolidated  subsidiaries  attributable to minority interest
($102,000)  and a net decrease in due to local general  partners and  affiliates
relating to financing activities  ($348,000) which exceeded net cash provided by
operating activities ($1,260,000),  proceeds from sale ($200,000) and a decrease
in cash held in escrow relating to investing activities  ($1,250,000).  Included
in  adjustments  to  reconcile  the net  income to cash  provided  by  operating
activities is depreciation and  amortization of  approximately  ($6,761,000) and
gain on sale of property ($6,586,000).

For a discussion of contingencies affecting certain Local Partnerships, see Note
5 to the financial  statements.  Since the maximum loss the Partnership would be
liable for is its net  investment  in the  respective  Local  Partnerships,  the
resolution of the existing  contingencies  is not  anticipated  to impact future

                                       15
<PAGE>

results of  operations,  liquidity  or financial  condition  in a material  way.
However,  the  Partnership's  loss of its investment in a Local  Partnership may
result  in  recapture  of tax  credits  if the  investment  is lost  before  the
expiration of the applicable compliance period.

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

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

The results of operations of the Partnership, as well as the Local Partnerships,
remained fairly  consistent  during the three and nine months ended December 15,
2002 and 2001,  excluding  the Sold  Interest,  gain on sale of property,  other
income, insurance,  operating and depreciation and amortization.  The results of
operations for the three and nine months ended December, 2002 and 2001 consisted
primarily of the results of the  Partnership's  investment  in the  consolidated
Local Partnerships.

Rental income  decreased  approximately  7% and 2% for the three and nine months
ended  December  15,  2002 as  compared  to the  corresponding  periods in 2001.
Excluding the Sold Interest,  rental income  decreased  approximately 3% and 1%,
primarily due to a decrease in occupancy at three local partnerships.

Other income decreased approximately $49,000 and $194,000 for the three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.
Excluding the Sold Interest,  other income decreased  approximately  $40,000 and
$167,000,  primarily  due to lower  interest  rates on cash and cash  equivalent
balances at the Local Partnerships and Partnership level.

Total  expenses,   excluding  the  Sold  Interest,   insurance,   operating  and
depreciation and  amortization,  remained fairly  consistent with an increase of
approximately  1% and a  decrease  of  approximately  1% for the  three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.

                                       16
<PAGE>

Insurance  increased  approximately  $47,000  and $99,000 for the three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.
Excluding the Sold Asset, insurance increased approximately $52,000 and $97,000,
primarily due to an increase in insurance premiums at the Local Partnerships.

Operating decreased  approximately  $238,000 and $392,000 for the three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.
Excluding the Sold  Interest,  operating  decreased  approximately  $220,000 and
$374,000, primarily due to a decrease in gas prices at three Local Partnerships.

Depreciation  and  amortization  expense  increased  approximately  $227,000 and
$219,000  for the three and nine months  ended  December 15, 2002 as compared to
the corresponding periods in 2001. Excluding the Sold Interest, depreciation and
amortization expense increased  approximately  $424,000 and $710,000,  primarily
due to the write-off of deferred financing costs at one Local Partnership.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

None.

Item 4. Controls and Procedures

The  Principal  Executive  Officer and  Principal  Financial  Officer of Related
Credit  Properties  L.P. and Liberty  Associates  III, L.P.,  each of which is a
general partner of 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  December 15, 2002 as filed with the  Securities  and
Exchange  Commission and has judged such controls and procedures to be effective
as of December 15, 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.

                                       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

               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 - None


                                       18
<PAGE>

                                   SIGNATURES

Pursuant  to the  requirements  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.

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


                               By: RELATED CREDIT PROPERTIES L.P.,
                                   a General Partner

                                   By: Related Credit Properties Inc.,
                                       its General Partner

Date:  January 8, 2003
                                       By: /s/ Alan P. Hirmes
                                           ------------------
                                           Alan P. Hirmes,
                                           President and Chief Executive
                                           Officer
                                           (Principal Executive and Financial
                                           Officer)

Date:  January 8, 2003
                                       By: /s/ Glenn F. Hopps
                                           ------------------
                                           Glenn F. Hopps,
                                           Treasurer
                                           (Principal Accounting Officer)

                               By: LIBERTY ASSOCIATES III, L.P.,
                                   a General Partner

                                   By: Related Credit Properties L.P.,
                                       its General Partner

                                       By: Related Credit Properties Inc.,
                                           its General Partner

Date:  January 8, 2003
                                           By: /s/ Alan P. Hirmes
                                               ------------------
                                               Alan P. Hirmes,
                                               President and Chief
                                               Executive Officer
                                               (Principal Executive and
                                               Financial Officer)

Date:  January 8, 2003
                                           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 Credit Properties L.P. and Liberty Associates III, L.P. (the "General
Partners"),  each of which is a general  partner of Liberty Tax Credit Plus L.P.
(the "Partnership"), hereby certify that:

     1.   I have  reviewed  this  quarterly  report on Form 10-Q for the  period
          ending December 15, 2002 of the Partnership;

     2.   Based on my  knowledge,  this  quarterly  report  does not contain any
          untrue  statement of a material  fact or omit to state 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
          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 December  15,  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 my
          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.




                                           By: /s/ Alan P. Hirmes
                                               ------------------
                                               Alan P. Hirmes
                                               Principal Executive Officer and
                                               Principal Financial Officer
                                               January 8, 2003

<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 Liberty Tax Credit Plus L.P. (the
"Partnership")  on Form 10-Q for the period  ending  December  15, 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 Credit Properties L.P. and Liberty  Associates III, L.P., the general
partners 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
     January 8, 2003