<PAGE>

                                  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, 2000

                                       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,
                                                2000              2000
                                           --------------    --------------
<S>                                        <C>                  <C>
ASSETS
Property and equipment, at cost,
  net of accumulated depreciation
  of $106,550,132 and $99,818,713
  respectively                             $  152,498,494       158,760,665
Cash and cash equivalents                       5,220,772         5,940,310
Cash held in escrow                            11,887,436        10,986,005
Accounts receivable - tenants                     798,739           790,793
Deferred costs - net of accumulated
  amortization of $3,200,199
  and $2,998,109, respectively                  3,585,762         3,182,228
Other assets                                    1,596,359         1,051,471
                                           --------------    --------------
Total assets                               $  175,587,562    $  180,711,472
                                           ==============    ==============
</TABLE>

                                      -2-

<PAGE>

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

<TABLE>
<CAPTION>
                                           --------------    --------------
                                            December 15,        March 15,
                                                2000              2000
                                           --------------    --------------
<S>                                        <C>               <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
Mortgage notes payable                     $  156,860,510    $  158,415,982
Accounts payable and other
  liabilities                                  12,632,709        10,762,116
Due to local general partners and
  affiliates                                   16,545,496        15,510,722
Due to general partners and
  affiliates                                    5,711,562         5,092,462
Due to selling partners                         1,058,257         1,058,257
                                           --------------    --------------
Total liabilities                             192,808,534       190,839,539
                                           --------------    --------------


Minority interest                               2,565,922         2,947,532
                                           --------------    --------------

Commitments and contingencies
  (Note 4)

Partners' deficit:
Limited partners (15,987.5 BACs
  issued and outstanding)                     (18,859,180)      (12,214,998)
General partners                                 (927,714)         (860,601)
                                           --------------    --------------
Total partners' deficit                       (19,786,894)      (13,075,599)
                                           --------------    --------------
Total liabilities and partners'
  deficit                                  $  175,587,562    $  180,711,472
                                           ==============    ==============
</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,
                         ----------------------------    ----------------------------
                             2000            1999            2000            1999
                         ----------------------------    ----------------------------
<S>                      <C>             <C>             <C>             <C>
Revenues
Rental income            $  8,892,428    $  8,674,593    $ 26,586,420    $ 25,869,736
Other                         427,043         337,940         992,993         868,039
                         ------------    ------------    ------------    ------------
                            9,319,471       9,012,533      27,579,413      26,737,775
                         ------------    ------------    ------------    ------------
Expenses
General and
  administrative            1,438,884       1,420,618       4,686,234       4,329,943
General and
  administrative-
  related parties
  (Note 2)                    673,637         717,185       2,010,418       2,061,583
Repairs and
  maintenance               1,757,324       1,882,678       5,217,197       4,739,471
Operating and
  other                       949,673         897,699       3,232,487       3,021,591
Taxes                         501,281         545,500       1,381,678       1,383,625
Insurance                     388,118         358,003       1,052,848       1,005,025
Financial                   3,361,269       3,243,754      10,125,299       9,566,139
Depreciation and
  amortization              2,307,444       2,289,390       6,933,509       6,840,716
                         ------------    ------------    ------------    ------------

Total expenses             11,377,630      11,354,827      34,639,670      32,948,093
                         ------------    ------------    ------------    ------------

Loss before
  minority
  interest                 (2,058,159)     (2,342,294)     (7,060,257)     (6,210,318)

Minority interest
  in loss of
  subsidiaries                123,614         123,458         348,962         327,369
                         ------------    ------------    ------------    ------------

Net loss                 $ (1,934,545)   $ (2,218,836)   $ (6,711,295)   $ (5,882,949)
                         ============    ============    ============    ============

Net loss-limited
  partners               $ (1,915,199)   $ (2,196,648)   $ (6,644,182)   $ (5,824,120)
                         ============    ============    ============    ============

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

Net loss per BAC         $    (119.79)   $    (137.40)   $    (415.59)   $    (364.29)
                         ============    ============    ============    ============
</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, 2000         $(13,075,599)   $(12,214,998)   $   (860,601)

Net loss                   (6,711,295)     (6,644,182)        (67,113)
                         ------------    ------------    ------------

Partners'
  deficit -
  December 15, 2000      $(19,786,894)   $(18,859,180)   $   (927,714)
                         ============    ============    ============
</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,
                                                ----------------------------
                                                     2000           1999
                                                ----------------------------
<S>                                             <C>             <C>
Cash flows from operating activities:

Net loss                                        $ (6,711,295)   $ (5,882,949)
Adjustments to reconcile net loss
  to net cash provided
  by operating activities:
Depreciation and amortization                      6,933,509       6,840,716
Minority interest in loss of
  subsidiaries                                      (348,962)       (327,369)
(Increase) decrease in accounts
  receivable-tenants                                  (7,946)         38,331
Increase in other assets                            (544,888)       (202,379)
Increase in accounts payable and
  other liabilities                                1,870,593       1,908,105
Increase in due to general partners
  and affiliates                                     619,100         196,705
Increase in cash held in escrow                     (769,085)       (892,678)
                                                ------------    ------------

Net cash provided by
  operating activities                             1,041,026       1,678,482
                                                ------------    ------------

Cash flows from investing activities:

Increase in cash held in escrow                     (132,346)       (149,913)
Improvements to property and
  equipment                                         (469,248)       (786,261)
                                                ------------    ------------

Net cash used in investing activities               (601,594)       (936,174)
                                                ------------    ------------
</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,
                                                ----------------------------
                                                     2000           1999
                                                ----------------------------
<S>                                             <C>             <C>
Cash flows from financing activities:

Increase in deferred costs                          (605,624)              0
Decrease in due to selling partners                        0         (27,865)
Proceeds from mortgage notes                      13,000,000               0
Repayments of mortgage notes                     (14,555,472)     (2,128,966)
Increase in due to local general
  partners and affiliates                          1,247,376         684,859
Decrease in due to local general
  partners and affiliates                           (212,602)       (300,689)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest                  (32,648)        (80,955)
                                                ------------    ------------

Net cash used in financing activities             (1,158,970)     (1,853,616)
                                                ------------    ------------

Net decrease in cash and cash
  equivalents                                       (719,538)     (1,111,308)

Cash and cash equivalents at
  beginning of period                              5,940,310       3,824,051
                                                ------------    ------------

Cash and cash equivalents at
  end of period                                 $  5,220,772    $  2,712,743
                                                ============    ============
</TABLE>

See Accompanying Notes to Consolidated Financial Statements.


                                      -7-

<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2000
                                   (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 local general
partner of the subsidiary partnerships 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, 2000, the results of operations for the three and
nine months ended December 15, 2000 and 1999 and cash flows for the nine months
ended December 15, 2000 and 1999. However, the operating results for the nine
months ended December 15, 2000 may not be indicative of the results for the
year.

Certain information and note disclosures normally included in financial
statements prepared in accordance with GAAP have been omitted or condensed.
These consolidated financial state-


                                      -8-
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2000
                                   (Unaudited)

ments 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, 2000.

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 $46,000 and $64,000 and $178,000 and
$177,000 for the three and nine months ended December 15, 2000 and 1999,
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>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2000
                                   (Unaudited)

The costs incurred to related parties for the three and nine months ended
December 15, 2000 and 1999 were as follows:

<TABLE>
<CAPTION>
                            -----------------------   -----------------------
                              Three Months Ended         Nine Months Ended
                                  December 15,              December 15,
                            -----------------------   -----------------------
                               2000         1999         2000         1999
                            -----------------------   -----------------------
<S>                         <C>          <C>          <C>          <C>
Partnership manage-
  ment fees (a)             $  284,500   $  284,500   $  853,500   $  853,500
Expense reimburse-
  ment (b)                      59,265       79,774      138,443      151,430
Property manage-
  ment fees incurred
  to affiliates of
  the General
  Partners (c)                  26,280       24,113       78,840       72,340
Local administra-
  tive fee (d)                  18,000       19,000       54,000       56,000
                            ----------   ----------   ----------   ----------
Total general and
  administrative-
  General Partners             388,045      407,387    1,124,783    1,133,270
                            ----------   ----------   ----------   ----------
Property manage-
  ment fees
  incurred to
  affiliates of the
  subsidiary
  partnerships'
  general
  partners (c)                 285,592      309,798      885,635      928,313
                            ----------   ----------   ----------   ----------

Total general and
  administrative-
  related parties           $  673,637   $  717,185   $2,010,418   $2,061,583
                            ==========   ==========   ==========   ==========
</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 Agreement), for administering the affairs
of the Partnership. The partnership management fee, subject to the foregoing
limitation, will be determined by the General Partners in


                                      -10-

<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2000
                                   (Unaudited)

their sole discretion based upon their review of the Partnership's investments.
Partnership management fees owed to the General Partners amounting to
approximately $5,105,000 and $4,502,000 were accrued and unpaid as of December
15, 2000 and March 15, 2000, 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 $142,000 and
$105,000 were accrued and unpaid as of December 15, 2000 and March 15, 2000,
respectively.

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

(c) Property management fees incurred by subsidiary partnerships amounted to
$403,862 and $471,745 and $1,383,932 and $1,423,428 for the three and nine
months ended December 15, 2000 and 1999, respectively. Of these fees $285,592
and $309,798 and $885,635 and $928,313 were incurred to affiliates of the
subsidiary partnerships' general partners. In addition, $26,280 and $24,113 and
$78,840 and $72,340 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 NOTES PAYABLE

2108 BOLTON DRIVE ASSOCIATES, L.P. ("BOLTON)

On February 1, 2000, Bolton refinanced its outstanding mortgage note payable.
The new mortgage in the amount of $7,500,000 is


                                      -11-
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2000
                                   (Unaudited)

payable in monthly installments of $58,094 including interest at the rate of
8.58% per annum through February 2007. At maturity, the remaining principal
balance of approximately $7,080,000 will be due. Proceeds from the new mortgage
were used to pay the prior mortgage note payable, repay the balance advanced
from the Partnership, establish escrows, pay refinancing costs and to return
capital of approximately $1,600,000 to the limited partners.

WALNUT PARK PLAZA ASSOCIATES ("WALNUT PARK")

At December 31, 1999, Walnut Park was in default under the terms of the Bond
Indenture. On April 11, 2000, the Redevelopment Authority of the City of
Philadelphia issued bonds (the "New Bonds"), most of the proceeds of which were
applied to purchase other bonds (the "Old Bonds") held by Municipal Capital
Appreciation Partners I, L.P. ("MCAP"). Both sets of bonds were secured by a
mortgage on the low-income apartment project (the "Project") owned by Walnut
Park. MCAP has retained ownership of approximately $3,000,000 of the Old Bonds,
which are now secured by a second mortgage on the Project, and which is
subordinate to the $5,500,000 mortgage on the Project which secures the New
Bonds. In connection with that transaction, the former general partner of Walnut
Park, which was Whitney-Pitts, LLC, withdrew from Walnut Park and was replaced
by Walnut Park Management, Inc., a Maryland corporation which is an affiliate of
the current management agent for the Project. In addition, Walnut Park granted
MCAP an option to acquire the Project at any time up to and including October 1,
2018. If that option is exercised prior to October 30, 2003, the option price is
set at the fair market value of the Project. For any exercise of that option
thereafter, the option price is set at $1.00.

NOTE 4 - COMMITMENTS AND CONTINGENCIES

The following disclosure includes 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, 2000.

ROBIN HOUSING ASSOCIATES

Robin Housing Associates ("Robin Housing") is a defendant in several personal
injury lawsuits. Robin Housing's insurance car-


                                      -12-
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2000
                                   (Unaudited)

rier intends to defend Robin Housing vigorously. The Local General Partner
believes that the insurance coverage is adequate to cover any liability arising
from this action. Since it is too premature to make an evaluation of the amount
or range of Robin Housing's potential loss, it is the Local General Partner's
opinion that no accrual for potential losses is currently warranted in the
financial statements.


                                      -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.

The Partnership's primary source of funds is cash distributions from operations
of the Local Partnerships in which the Partnership has invested. This source is
available to meet obligations of the Partnership. During the nine months ended
December 15, 2000 and 1999 such distributions amounted to approximately $30,000
and $86,000, respectively. In addition, certain fees and expense reimbursements
owed to the General Partners amounting to approximately $5,248,000 and
$4,607,000 were accrued and unpaid as of December 15, 2000 and March 15, 2000,
respectively. Without the General Partners' continued accrual without payment of
certain fees and expense reimbursements, the Partnership will not be in a
position to meet its obligations. The General Partners have continued allowing
the accrual without payment of these amounts but are under no obligation to
continue to do so.

For the nine months ended December 15, 2000, cash and cash equivalents of the
Partnership and its 31 subsidiary partnerships decreased approximately $720,000.
This decrease is attributable to an increase in property and equipment
($469,000), an increase in cash held in escrow relating to investing activities
($132,000), an increase in deferred costs ($606,000), a decrease in
capitalization of consolidated subsidiaries attributable to minority interest
($33,000), and net proceeds and principal repayment of mortgage notes
($1,555,000) which exceeded cash used in operating activities ($1,041,000) and a
net increase in due to local general partners and affiliates relating to
financing activities ($1,035,000). Included in adjustments to reconcile the net
loss to cash used in operating activities is depreciation and amortization of
approximately $6,934,000.

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
results of operations, liquidity or financial condition in a material way.
However, the Partnership's loss of its investment in a Local Partnership will


                                      -14-

<PAGE>

eliminate the ability to generate future tax credits from such Local Partnership
and may also result in recapture of tax credits if the investment is lost before
the expiration of the 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 portfolio may be experiencing upswings. However, the geographic
diversifications of the portfolio may not protect against a general downturn in
the national economy.

All 31 Local Partnerships fully have or had their tax credits in place. The tax
credits are attached to the project for a period of ten years and are
transferable with the property during the remainder of such ten year period. If
the General Partners determined that a sale of a property is warranted, the
remaining tax credits would transfer to the new owner, thereby adding value to
the property on the market, which are not included in the financial statement
carrying amount. The Local Partnership's allocation of tax credits to the
Partnership will expire over the next year.

RESULTS OF OPERATIONS

Results of operations for the three and nine months ended December 15, 2000 and
1999 consisted primarily of the results of the Partnership's investment in the
consolidated Local Partnerships.

Rental income increased approximately 3% for both the three and nine months
ended December 15, 2000 as compared to the corresponding periods in 1999
primarily due to rental rate increases.

Other income increased approximately $89,000 and $125,000 for the three and nine
months ended December 15, 2000 as compared to the corresponding periods in 1999
primarily due to higher cash balances earning interest at the Partnership level
and at one Local Partnership.

Total expenses excluding repairs and maintenance remained fairly consistent with
increases of approximately 2% and 4% for the three and nine months ended
December 15, 2000 as compared to the corresponding periods in 1999.


                                      -15-

<PAGE>

Repairs and maintenance increased approximately $478,000 for the nine months
ended December 15, 2000 as compared to the corresponding period in 1999
primarily due to laundry room repairs at one Local Partnership, painting of the
building at a second Local Partnership, and installation of security bars on
apartments and furnishing the new onsite office at a third Local Partnership.


Item 3.  Quantitative and Qualitative Disclosures about Market Risk

None


                                      -16-
<PAGE>

                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings - None

Item 2. Changes in Securities - 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:

            27   Financial Data Schedule (filed herewith)

        (b) Reports on Form 8-K - None


                                      -17-
<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 18, 2001
                                   By: /s/ Alan P. Hirmes
                                       ------------------
                                       Alan P. Hirmes,
                                       President and Chief Executive
                                       Officer
                                       (Principal Executive and Financial
                                       Officer)

Date:  January 18, 2001
                                   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 18, 2001
                                   By: /s/ Alan P. Hirmes
                                       ------------------
                                       Alan P. Hirmes,
                                       President and Chief Executive
                                       Officer
                                       (Principal Executive and Financial
                                       Officer)

Date:  January 18, 2001
                                   By: /s/ Glenn F. Hopps
                                       ------------------
                                       Glenn F. Hopps,
                                       Treasurer
                                       (Principal Accounting Officer)