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, 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>

                                                     June 15,        March 15,
                                                       2002            2002
                                                   ------------    ------------
<S>                                                <C>             <C>
ASSETS
Property and equipment, at cost,
  net of accumulated depreciation
  of $110,706,546 and $117,564,191
  respectively                                     $133,182,626    $144,303,061
Property and equipment -
  held for sale, net of accumulated
  depreciation of $9,091,326
  and $0, respectively                                9,682,316               0
Cash and cash equivalents                             5,835,496       6,379,655
Cash held in escrow                                  14,568,335      14,707,928
Accounts receivable - tenants                           599,781         704,001
Deferred costs - net of accumulated
  amortization of $3,336,269
  and $3,268,299, respectively                        3,553,328       3,384,587
Other assets                                          1,328,128       1,073,070
                                                    -----------     -----------
Total assets                                       $168,750,010    $170,552,302
                                                    ===========     ===========

</TABLE>

                                       2
<PAGE>


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

                                                     June 15,        March 15,
                                                       2002            2002
                                                   ------------    ------------
<S>                                                <C>             <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
  Mortgage notes payable                           $161,846,710    $161,496,588
  Accounts payable and other
   liabilities                                       13,139,427      12,694,556
  Due to local general partners and
   affiliates                                        14,497,251      15,249,086
  Due to general partners and
   affiliates                                         6,952,007       6,723,981
  Due to selling partners                             1,233,660       1,233,660
                                                    -----------     -----------
Total liabilities                                   197,669,055     197,397,871
                                                    -----------     -----------


Minority interest                                     1,958,665       2,111,304
                                                    -----------     -----------

Commitments and contingencies
  (Note 3)

Partners' deficit:
  Limited partners (15,987.5 BACs
   issued and outstanding)                          (29,839,089)    (27,937,460)
  General partners                                   (1,038,621)     (1,019,413)
                                                    -----------     -----------
Total partners' deficit                             (30,877,710)    (28,956,873)
                                                    -----------     -----------
Total liabilities and partners'
  deficit                                          $168,750,010    $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
                                                             June 15,
                                                   -----------------------------
                                                       2002             2001
                                                   -----------------------------
<S>                                                <C>             <C>
Revenues
Rental income                                      $  8,967,937    $  8,983,757
Other                                                   296,595         342,201
                                                   ------------    ------------
                                                      9,264,532       9,325,958
Expenses
General and administrative                            1,473,896       1,676,364
General and administrative-
  related parties (Note 2)                              659,718         618,744
Repairs and maintenance                               1,653,987       1,462,618
Operating and other                                   1,358,178       1,511,914
Taxes                                                   379,112         388,105
Insurance                                               367,723         363,013
Financial                                             3,103,880       3,143,907
Depreciation and amortization                         2,317,804       2,205,928
                                                   ------------    ------------

Total expenses                                       11,314,298      11,370,593
                                                   ------------    ------------

Loss before minority
  interest                                           (2,049,766)     (2,044,635)

Minority interest in loss of
  subsidiaries                                          128,929         130,784
                                                   ------------    ------------

Net loss                                           $ (1,920,837)   $ (1,913,851)
                                                   ============    ============

Net loss-limited partners                          $ (1,901,629)   $ (1,894,712)
                                                   ============    ============

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

Net loss per BAC                                   $    (118.94)   $    (118.51)
                                                   ============    ============

</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 loss                                (1,920,837)    (1,901,629)      (19,208)
                                       ------------   ------------   -----------

Partners'
  deficit -
  June 15, 2002                       $(30,877,710)  $(30,877,710)  $(1,038,621)
                                       ============   ============   ===========
</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,
                                                   -----------------------------
                                                       2002             2001
                                                   -----------------------------
<S>                                                <C>              <C>
Cash flows from operating activities:

Net loss                                           $ (1,920,837)    $(1,913,851)
Adjustments to reconcile net loss
  to net cash (used in) provided
  by operating activities:
Depreciation and amortization                         2,317,804       2,205,928
Minority interest in loss of
  subsidiaries                                        (128,929)        (130,784)
Decrease (increase) in accounts
  receivable-tenants                                    104,220          (4,923)
Increase in other assets                               (255,058)       (387,174)
Increase in accounts payable and
  other liabilities                                     444,871         844,960
Increase in due to general partners
  and affiliates                                        228,026         115,671
Increase in cash held
  in escrow                                            (805,659)       (440,024)
                                                   ------------      -----------

Net cash (used in) provided by
  operating activities                                  (15,562)        289,803
                                                   ------------      -----------

Cash flows from investing activities:

Decrease in cash held in escrow                         945,252         761,437
Improvements to property and
  equipment                                            (811,715)       (203,067)
                                                   ------------      -----------

Net cash provided by investing
  activities                                            133,537         558,370
                                                   ------------      -----------

</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,
                                                   -----------------------------
                                                       2002             2001
                                                   -----------------------------
<S>                                                <C>             <C>
Cash flows from financing activities:

Increase in deferred costs                             (236,711)              0
Proceeds from mortgage notes                         11,500,000               0
Repayments of mortgage notes                        (11,149,878)       (900,221)
Increase in due to local general
  partners and affiliates                                85,912         201,509
Decrease in due to local general
  partners and affiliates                              (837,747)       (270,714)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest                     (23,710)       (320,888)
                                                   ------------    -------------

Net cash used in
  financing activities                                 (662,134)     (1,290,314)
                                                   ------------    -------------

Net decrease in cash and cash
  equivalents                                          (544,159)       (442,141)

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

Cash and cash equivalents at
  end of period                                    $  5,835,496    $  6,217,734
                                                   ============    =============

Supplemental disclosures of noncash investing and
  financing activities:

Increase in property and equipment -
  held for sale reclassified from
  property and equipment                           $  9,682,316    $          0

</TABLE>

          See Accompanying Notes to Consolidated Financial Statements.


                                       7
<PAGE>


                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 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 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, 2002 and the results of operations and its cash flows
for the three  months  ended  June 15,  2002 and 2001.  However,  the  operating
results for the three  months ended June 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
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.

                                       8
<PAGE>

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.

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'  investment in subsidiary  partnerships have been charged to
the Partnership. Such losses aggregated $73,000 and $50,000 for the three months
ended June 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.

                                       9
<PAGE>


The costs  incurred to related  parties for the three months ended June 15, 2002
and 2001 were as follows:
<TABLE>
<CAPTION>

                                                             Three Months Ended
                                                                  June 15,
                                                            --------------------
                                                              2002        2001
                                                            --------------------

<S>                                                         <C>         <C>
Partnership management fees (a)                             $284,500    $284,500
Expense reimbursement (b)                                     23,612      27,583
Property management fees incurred
  to affiliates of the General Partners (c)305,421           261,697
Local administrative fee (d)                                  16,000      17,000
                                                            --------    --------

Total general and administrative -
  General Partners                                           629,533     590,780
                                                            --------    --------
Property management fees incurred
  to affiliates of the subsidiary
  partnerships' general partners (c)                          30,185      27,964
                                                            --------    --------

Total general and administrative -
  related parties                                           $659,718    $618,744
                                                            ========    ========
</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  $6,437,000 and  $6,215,000  were
accrued and unpaid as of June 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.  amounting  to  approximately  $20,000 were
accrued and unpaid as of both June 15, 2002 and March 15, 2002, respectively.

                                       10
<PAGE>

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
$488,728  and  $482,657  for the  three  months  ended  June 15,  2002 and 2001,
respectively.  Of these fees,  $305,421 and $261,697 were incurred to affiliates
of the  subsidiary  partnerships'  general  partners.  In addition,  $30,185 and
$27,964 were incurred to affiliates of the General Partners.

(d) Liberty  Associates III L.P., 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 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 May 22, 2002,  Dixie Apartment  Associates,  LTD. entered into a purchase and
sale  agreement  with an  unaffiliated  third  party  for a  purchase  price  of
$1,350,000.  The closing is expected to occur in late 2002.  No assurance can be
given that the closing will actually occur.

On May 31, 2002, the Partnership's  Limited Partnership  Interest in Apple Creek
Housing  Associates,  LTD. was sold to an unaffiliated third party purchaser for
$200,000  resulting  in a gain of  approximately  $6,740,000,  such gain will be
recognized in the second quarter of 2002.

                                       11
<PAGE>


On June 7, 2002,  Ludlam Gardens  Apartments,  LTD.  entered into a purchase and
sale  agreement  with an  unaffiliated  third  party  for a  purchase  price  of
$3,900,000.  The closing is expected to occur in late 2002.  No assurance can be
given that the closing will actually occur.


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.

                                       12
<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'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, 2002 and 2001, such  distributions  amounted to approximately  $231,000
and $946,000, respectively. In addition, partnership management fees and expense
reimbursements   owed  to  the  General  Partners   amounting  to  approximately
$6,457,000 and $6,235,000  were accrued and unpaid as of June 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 these  partnership  management fees but are under no
obligation to continue to do so.

For the three  months  ended June 15,  2002,  cash and cash  equivalents  of the
Partnership and its 31 subsidiary partnerships decreased approximately $544,000.
This  decrease  is  attributable  to  improvements  to  property  and  equipment
($812,000),   an  increase  in  deferred   costs   ($237,000),   a  decrease  in
capitalization  of consolidated  subsidiaries  attributable to minority interest
($24,000), cash used in operating activities ($16,000) and a net decrease in due
to local  general  partners  and  affiliates  relating to  financing  activities
($752,000) which exceeded net proceeds and principal repayment of mortgage notes
($350,000)  and a  decrease  in  cash  held  in  escrow  relating  to  investing
activities ($945,000). Included in adjustments to reconcile the net loss to cash
used in operating  activities is depreciation  and amortization of approximately
$2,318,000.

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
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.

                                       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  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

Results  of  operations  for the  three  months  ended  June  15,  2002 and 2001
consisted  primarily  of the  results  of the  Partnership's  investment  in the
consolidated Local Partnerships.

Rental income decreased less than 1% for the three months ended June 15, 2002 as
compared to the corresponding period in 2001.

Other income decreased approximately $46,000 for the three months ended June 15,
2002 as compared to the  corresponding  period in 2001,  primarily  due to lower
interest rates on cash and cash equivalent balances at the Partnership level.

Total expenses,  excluding general and  administrative,  repairs and maintenance
and  operating  and other,  remained  fairly  consistent,  with an  increase  of
approximately  2% for the three  months  ended June 15,  2002 as compared to the
corresponding period in 2001.

General and administrative decreased approximately $202,000 for the three months
ended June 15, 2002 as compared to the corresponding  period in 2001,  primarily
due to a decrease in salaries and professional  fees at one Local Partnership as
well as small decreases at three other Local Partnerships.

Repairs and maintenance  increased  approximately  $191,000 for the three months
ended June 15, 2002 as compared to the corresponding  period in 2001,  primarily
due to carpet  replacement,  new cabinets and painting at one Local  Partnership
due to a fire.

Operating  and other  expenses  decreased  approximately  $154,000 for the three
months  ended June 15,  2002 as compared  to the  corresponding  period in 2001,
primarily due to a decrease in gas prices at three Local Partnerships.

                                       14
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

None

                                       15
<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 - None

           (b) Reports on Form 8-K - None

                                       16
<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 16, 2002
                           By:/s/ Alan P. Hirmes
                              Alan P. Hirmes,
                              President and Chief Executive
                              Officer
                              (Principal Executive and Financial Officer)

Date:  July 16, 2002
                           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 16, 2002
                              By:  /s/ Alan P. Hirmes
                                   ------------------
                                   Alan P. Hirmes,
                                   President and Chief Executive Officer
                                   (Principal Executive and Financial Officer)

Date:  July 16, 2002
                              By:  /s/ Glenn F. Hopps
                                   ------------------
                                   Glenn F. Hopps,
                                   Treasurer
                                   (Principal Accounting Officer)