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 June 15, 2003

                                       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
                                              ---    ---

     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

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                   (Unaudited)
<TABLE>
<CAPTION>
                                               =============      =============
                                                 June 15,           March 15,
                                                   2003               2003
                                               -------------      -------------
<S>                                            <C>                <C>
ASSETS
Property and equipment, at cost,
  net of accumulated depreciation
  of $107,018,374 and $118,952,648
  respectively                                 $ 116,391,636      $ 133,543,024
Property and equipment -
  held for sale, net of accumulated
  depreciation of $11,101,343 and $0              11,805,319                  0
Cash and cash equivalents                          5,442,384          6,067,262
Cash held in escrow                               13,796,000         13,328,404
Accounts receivable - tenants                        637,004            780,278
Deferred costs - net of accumulated
  amortization of $3,585,962
  and $3,419,798, respectively                     3,084,436          3,250,600
Other assets                                       1,398,614          1,583,913
                                               -------------      -------------
Total assets                                   $ 152,555,393      $ 158,553,481
                                               =============      =============
</TABLE>

                                       2
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                               =============      =============
                                                 June 15,           March 15,
                                                   2003               2003
                                               -------------      -------------
<S>                                            <C>                <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
  Mortgage notes payable                       $ 142,885,567      $ 147,794,611
  Accounts payable and other
   liabilities                                    12,983,000         12,746,386
  Due to local general partners and
   affiliates                                     16,194,082         16,794,330
  Due to general partners and
   affiliates                                      7,808,077          7,727,769
  Due to selling partners                          1,303,680          1,303,680
                                               -------------      -------------
Total liabilities                                181,174,406        186,366,776
                                               -------------      -------------


Minority interest                                  1,499,233          1,743,507
                                               -------------      -------------

Commitments and contingencies
  (Note 4)

Partners' deficit:
  Limited partners (15,987.5 BACs
   issued and outstanding)                       (29,087,220)       (28,531,390)
  General partners                                (1,031,026)        (1,025,412)
                                               -------------      -------------
Total partners' deficit                          (30,118,246)       (29,556,802)
                                               -------------      -------------
Total liabilities and partners'
  deficit                                      $ 152,555,393      $ 158,553,481
                                               =============      =============

</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
                                                            June 15,
                                                 ------------------------------
                                                     2003              2002
                                                 ------------------------------
<S>                                              <C>               <C>
Revenues
Rental income                                    $  8,394,143      $  8,967,937
Other                                                 318,448           296,595
Gain on sale of properties (Note 3)                 1,285,639                 0
                                                 ------------      ------------
                                                    9,998,230         9,264,532
                                                 ------------      ------------
Expenses
General and administrative                          1,448,792         1,473,896
General and administrative-
  related parties (Note 2)                            640,705           659,718
Repairs and maintenance                             1,670,458         1,653,987
Operating and other                                 1,470,087         1,358,178
Taxes                                                 361,116           379,112
Insurance                                             463,593           367,723
Financial                                           2,641,742         3,103,880
Depreciation and amortization                       2,093,887         2,317,804
                                                 ------------      ------------

Total expenses                                     10,790,380        11,314,298
                                                 ------------      ------------

Loss before minority
  interest                                           (792,150)       (2,049,766)

Minority interest in loss of
  subsidiaries                                        230,706           128,929
                                                 ------------      ------------

Net loss                                         $   (561,444)     $ (1,920,837)
                                                 ============      ============

Net loss-limited partners                        $   (555,830)     $ (1,901,629)
                                                 ============      ============

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

Net loss per BAC                                 $     (34.77)     $    (118.94)
                                                 ============      ============
</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, 2003             $(29,556,802)      $(28,531,390)      $ (1,025,412)

Net loss                         (561,444)          (555,830)            (5,614)
                             ------------       ------------       ------------

Partners'
  deficit -
  June 15, 2003              $(30,118,246)      $(29,087,220)      $ (1,031,026)
                             ============       ============       ============
</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>
                                                 ==============================
                                                       Three Months Ended
                                                            June 15,
                                                 ------------------------------
                                                     2003              2002
                                                 ------------------------------
<S>                                              <C>               <C>
Net loss                                         $   (561,444)     $ (1,920,837)

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

Gain on sale of properties (Note 3)                (1,285,639)                0
Depreciation and amortization                       2,093,887         2,317,804
Minority interest in loss of
  subsidiaries                                       (230,706)         (128,929)
Decrease in accounts
  receivable-tenants                                  143,274           104,220
Decrease (increase) in other assets                   185,299          (255,058)
Increase in accounts payable and
  other liabilities                                   267,021           444,871
Increase in due to general partners
  and affiliates                                      107,808           228,026
Decrease (increase) in cash held
  in escrow                                           198,829          (805,659)
                                                 ------------      ------------

Net cash provided by (used in)
  operating activities                                918,329           (15,562)
                                                 ------------      ------------

Cash flows from investing activities:

Proceeds from sales                                   764,997                 0
(Increase) decrease in cash held in
  escrow                                             (666,425)          945,252
Improvements to property and
  equipment                                          (346,922)         (811,715)
                                                 ------------      ------------

Net cash (used in) provided by
   investing activities                              (248,350)          133,537
                                                 ------------      ------------
</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>
                                                 ==============================
                                                       Three Months Ended
                                                            June 15,
                                                 ------------------------------
                                                     2003              2002
                                                 ------------------------------
<S>                                              <C>               <C>
Cash flows from financing activities:

Increase in deferred costs                                  0          (236,711)
Proceeds from mortgage notes                                0        11,500,000
Repayments of mortgage notes                       (1,151,301)      (11,149,878)
Increase in due to local general
  partners and affiliates                             736,776            85,912
Decrease in due to local general
  partners and affiliates                            (866,764)         (837,747)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest                   (13,568)          (23,710)
                                                 ------------      ------------

Net cash used in
  financing activities                             (1,294,857)         (662,134)
                                                 ------------      ------------

Net decrease in cash and cash
  equivalents                                        (624,878)         (544,159)

Cash and cash equivalents at
  beginning of period                               6,067,262         6,379,655
                                                 ------------      ------------

Cash and cash equivalents at
  end of period                                  $  5,442,384      $  5,835,496
                                                 ============      ============


Supplemental disclosures of noncash
  investing and financing activities:

Increase in property and equipment -
  held for sale reclassified from
  property and equipment                         $ 11,805,319      $  9,682,316
</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>
                                                 ==============================
                                                       Three Months Ended
                                                            June 15,
                                                 ------------------------------
                                                     2003              2002
                                                 ------------------------------
<S>                                              <C>               <C>
Summarized below are the components
  of the gain on sale of properties:

Decrease in property and
  equipment, net of accumulated                     3,734,861                 0
Decrease in mortgage notes payable                 (3,757,743)                0
Decrease in due to general partner
  and affiliates                                      (27,500)                0
Decrease in due to local general
  partner and affiliates:                            (470,260)                0

</TABLE>


See Accompanying Notes to Consolidated Financial Statements.


                                       8
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 15, 2003
                                   (Unaudited)

Note 1 - General

The consolidated financial statements include the accounts of Liberty Tax Credit
Plus L.P. (the "Partnership") and 30 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 June
15. All subsidiary  partnerships  have fiscal quarters ending March 31. Accounts
of the subsidiary partnerships have been adjusted for intercompany  transactions
from April 1 through June 15. The Partnership's quarter ends on June 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 June 15, 2003,  the results of operations  and cash flows for
the three months ended June 15, 2003 and 2002.  However,  the operating  results
for the three  months ended June 15, 2003 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
                                  June 15, 2003
                                   (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, 2003.

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  aggregate $0 and $73,000 for the three months
ended June 15, 2003 and 2002,  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
                                  June 15, 2003
                                   (Unaudited)

The costs  incurred to related  parties for the three months ended June 15, 2003
and 2002 were as follows:
<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                                  June 15,
                                                           ---------------------
                                                             2003         2002
                                                           ---------------------
<S>                                                        <C>          <C>
Partnership management fees (a)                            $269,250     $284,500
Expense reimbursement (b)                                    23,767       23,612
Property management fees incurred to
  affiliates of the General Partners (c)                    306,247      305,421
Local administrative fee (d)                                 14,000       16,000
                                                           --------     --------

Total general and administrative
  General Partners                                          613,264      629,533
                                                           --------     --------

Property management fees incurred to
  affiliates of the local general partners (c)               27,441       30,185
                                                           --------     --------

Total general and administrative-related
  parties                                                  $640,705     $659,718
                                                           ========     ========
</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
General  Partners  amounting to  approximately  $7,295,000 and  $7,151,000  were
accrued and unpaid as of June 15, 2003 and March 15, 2003, 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

                                       11
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 15, 2003
                                   (Unaudited)

partnerships' performance. Expense reimbursements and asset monitoring fees owed
to Related Credit Properties L.P., a General Partner, amounting to approximately
$31,000  and $61,000  were  accrued and unpaid as of June 15, 2003 and March 15,
2003, 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
$455,660  and  $488,728  for the  three  months  ended  June 15,  2003 and 2002,
respectively.  Of these fees,  $306,247 and $305,421 were incurred to affiliates
of the local general partners. In addition, $27,441 and $30,185 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  - Sale of Properties

On May 19, 2003, the property and the related  assets and  liabilities of Silver
Blue Apartments,  LTD., ("Silver Blue") were sold to an unaffiliated third party
for a  purchase  price  of  $3,500,000  resulting  in a  gain  of  approximately
$1,103,000 which will be recognized in the September 15, 2003 10-Q.

On January 23,  2003,  the property and the related  assets and  liabilities  of
Ludlam Gardens  Apartments,  LTD.  ("Ludlam") were sold to an unaffiliated third
party for a purchase  price of $3,900,000  resulting in a gain of  approximately
$959,000.

On January 16,  2003,  the property and the related  assets and  liabilities  of
Dixie Apartment  Associates,  LTD.  ("Dixie") were sold to an unaffiliated third

                                       12
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 15, 2003
                                   (Unaudited)

party for a purchase  price of $1,300,000  resulting in a gain of  approximately
$327,000.

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 $6,763,000.


Note 4 - 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, 2003.

                                       13
<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. As of June
15, 2003, the  properties and the related assets and  liabilities of three Local
Partnerships and the limited partnership  interest in one Local Partnership were
sold. For a discussion of the sale of the Local Partnerships,  see Note 3 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 three months ended
June 15, 2003 and 2002, such distributions amounted to approximately $29,000 and
$231,000,  respectively.  In addition,  partnership  management fees and expense
reimbursements   owed  to  the  General  Partners   amounting  to  approximately
$7,326,000 and $7,212,000  were accrued and unpaid as of June 15, 2003 and March
15, 2003, 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 three  months  ended June 15,  2003,  cash and cash  equivalents  of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$625,000.  This  decrease  is  attributable  to  improvements  to  property  and
equipment  ($347,000),  principal repayment of mortgage notes  ($1,151,000),  an
increase in cash held in escrow relating to investing activities  ($666,000),  a
decrease in capitalization of consolidated subsidiaries attributable to minority
interest  ($14,000)  and a net  decrease in due to local  general  partners  and
affiliates relating to financing  activities  ($130,000) which exceeded net cash
provided by operating activities  ($918,000) and proceeds from sales ($765,000).
Included  in  adjustments  to  reconcile  the net  income  to cash  provided  by
operating   activities  is  depreciation   and   amortization  of  approximately
($2,094,000) and gain on sale of properties is ($1,286,000).

For a discussion of contingencies affecting certain Local Partnerships, see Note
4 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

                                       14
<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.

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.

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

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts  and the profit or loss on such  disposition  is reflected in earnings.
The Partnership complies with Statement of Financial Accounting Standards (SFAS)

                                       15
<PAGE>

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).

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  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 identified any variable  interest entities that were created
after January 31, 2003 and is currently  evaluating the impact of the provisions
of FIN 46 on its consolidated financial statements.

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

The results of operations of the Partnership, as well as the Local Partnerships,
remained fairly consistent during the three months ended June 15, 2003 and 2002,
excluding  gain on sale of properties,  insurance,  operating and capital events
with respect to Ludlam and Dixie, which sold their respective properties and the
related assets and liabilities  and Apple Creek,  in which the Partnership  sold
its limited partnership interest (the "Sold Assets").  The results of operations
for the three  months  ended  June,  2003 and 2002  consisted  primarily  of the
results of the Partnership's investment in the consolidated Local Partnerships.

Rental  income  decreased  approximately  7% for the three months ended June 15,
2003 as  compared  to the  corresponding  periods  in 2002.  Excluding  the Sold

                                       16
<PAGE>

Assets, rental income decreased approximately 1%, primarily due to a decrease in
occupancy at two Local Partnerships.

Total  expenses,  excluding the Sold Assets,  insurance and operating,  remained
fairly consistent with a decrease of approximately 1% for the three months ended
June 15, 2003 as compared to the corresponding period in 2002.

Insurance  increased  approximately  $96,000 for the three months ended June 15,
2003 as  compared  to the  corresponding  periods  in 2002.  Excluding  the Sold
Assets, insurance increased approximately $83,000,  primarily due to an increase
in insurance premiums at the Local Partnerships.

Operating increased  approximately  $112,000 for the three months ended June 15,
2003 as compared to the corresponding period in 2002. Excluding the Sold Assets,
operating increased  approximately  $139,000 primarily due to an increase in gas
prices at the Local Partnerships.

Financial decreased  approximately  $462,000 for the three months ended June 15,
2003,  as  compared  to the  corresponding  period  in  2002,  primarily  due to
decreases relating to the sold assets.

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  June 15,  2003 as filed  with the  Securities  and
Exchange  Commission and has judged such controls and procedures to be effective
as of June 15, 2003 (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: July 9, 2003
                            By: /s/ Alan P. Hirmes
                                ------------------
                                Alan P. Hirmes,
                                President and Chief Executive
                                Officer
                                (Principal Executive and Financial
                                Officer)

Date: July 9, 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: July 9, 2003
                                By: /s/ Alan P. Hirmes
                                    ------------------
                                    Alan P. Hirmes,
                                    President and Chief
                                    Executive Officer
                                    (Principal Executive and
                                    Financial Officer)

Date: July 9, 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 June 15, 2003 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,   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;

         b) evaluated the effectiveness of the Partnership's disclosure controls
         and procedures as of June 15, 2003 (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
                                July 9, 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  June 15, 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 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
     July 9, 2003