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 September 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>

                                                  ==============  ==============
                                                   September 15,     March 15,
                                                       2003            2003
                                                  --------------  --------------

<S>                                               <C>             <C>
ASSETS
Property and equipment, at cost,
  net of accumulated depreciation
  of $108,928,677 and $118,952,648
  respectively                                    $ 114,820,660   $ 133,543,024
Property and equipment -
  held for sale, net of accumulated
  depreciation of  $8,460,371 and $0                  8,952,525               0
Cash and cash equivalents                             5,210,987       6,067,262
Cash held in escrow                                  13,355,461      13,328,404
Accounts receivable - tenants                           672,436         780,278
Deferred costs - net of accumulated
  amortization of $3,417,033
  and $3,419,798, respectively                        2,860,452       3,250,600
Other assets                                          1,780,232       1,583,913
                                                  -------------   -------------
Total assets                                      $ 147,652,753   $ 158,553,481
                                                  ==============  =============
</TABLE>


                                       -2-
<PAGE>


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


                                                  ==============  ==============
                                                   September 15,     March 15,
                                                       2003            2003
                                                  --------------  --------------

<S>                                               <C>             <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
  Mortgage notes payable                          $  139,742,541  $ 147,794,611
  Accounts payable and other
   liabilities                                        13,307,734     12,746,386
  Due to local general partners and
   affiliates                                         15,612,128     16,794,330
  Due to general partners and
   affiliates                                          8,056,316      7,727,769
  Due to selling partners                              1,183,680      1,303,680
                                                  --------------  -------------
Total liabilities                                    177,902,399    186,366,776
                                                  --------------  -------------


Minority interest                                      1,446,976      1,743,507
                                                  --------------  -------------

Commitments and contingencies
  (Note 4)

Partners' deficit:
  Limited partners (15,987.5 BACs
   issued and outstanding)                           (30,649,812)   (28,531,390)
  General partners                                    (1,046,810)    (1,025,412)
                                                  --------------  -------------
Total partners' deficit                              (31,696,622)   (29,556,802)
                                                  --------------  -------------
Total liabilities and partners'
  deficit                                           $147,652,753  $ 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
                                   (continued)
                                   (Unaudited)


<TABLE>
<CAPTION>
                          =========================   ==========================
                              Three Months Ended           Six Months Ended
                                 September 15,               September 15,
                          -------------------------   --------------------------
                             2003          2002*          2003          2002*
                          -------------------------   --------------------------
<S>                       <C>           <C>           <C>           <C>
Revenues
Rental income             $ 8,390,022   $ 8,940,959   $16,784,165   $17,908,896
Other                         337,544       332,778       655,992       679,169
Gain on sale of
  properties (Note 3)         522,560     6,585,801     1,808,199     6,585,801
                          -----------   -----------   -----------   -----------

                            9,250,126    15,859,538    19,248,356    25,173,866
                          -----------   -----------   -----------   -----------
Expenses
General and
  administrative            1,676,753     1,434,047     3,125,545     2,907,943
General and
  administrative-
  related parties
  (Note 2)                    658,731       681,702     1,299,436     1,341,420
Repairs and
  maintenance               1,848,639     1,737,365     3,519,097     3,391,352
Operating and other         1,301,745     1,055,863     2,771,832     2,414,041
Taxes                         379,577       419,747       740,693       798,859
Insurance                     447,290       367,458       910,883       735,181
Financial                   2,610,281     3,016,496     5,252,023     6,170,172
Depreciation and
amortization                2,138,802     2,028,345     4,232,689     4,346,149
                          -----------   -----------   -----------   -----------

Total expenses             11,061,818    10,741,023    21,852,198    22,105,117
                          -----------   -----------   -----------   -----------

(Loss) income before
  minority interest        (1,811,692)    5,118,515    (2,603,842)    3,068,749

Minority interest
  in loss of
  subsidiaries                233,316       179,148       464,022       308,077
                          -----------   -----------   -----------   -----------

Net (loss) income         $(1,578,376)  $ 5,297,663   $(2,139,820)  $ 3,376,826
                          ===========   ===========   ===========   ===========

Net (loss) income -
  limited partners        $(1,562,592)  $ 5,244,686   $(2,118,422)  $ 3,343,058
                          ===========   ===========   ===========   ===========

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

Net (loss) income
per BAC                   $    (97.73)  $    328.05   $   (132.50)  $    209.10
                          ===========   ===========   ===========   ===========

</TABLE>

*  Reclassified for comparative purposes.
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                       (2,139,820)        (2,118,422)          (21,398)
                             ------------       ------------     -------------

Partners'
  deficit -
September 15, 2003           $(31,696,622)      $(30,649,812)    $  (1,046,810)
                             ============       ============     =============
</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)
                                   (continued)

<TABLE>
<CAPTION>
                                                  =============================
                                                        Six Months Ended
                                                           September 15,
                                                  -----------------------------
                                                     2003              2002
                                                  -----------------------------

<S>                                                <C>              <C>
Cash flows from operating
  activities:

Net (loss) income                                  $(2,139,820)     $ 3,376,826
Adjustments to reconcile net (loss)
  income to net cash provided by
  operating activities:
Gain on sale of properties (Note 3)                 (1,808,199)      (6,585,801)
Depreciation and amortization                        4,232,689        4,346,149
Minority interest in loss of
  subsidiaries                                        (464,022)        (308,077)
Decrease in accounts
  receivable-tenants                                   107,842          135,214
Increase in other assets                              (196,319)        (246,415)
Increase in accounts payable and
  other liabilities                                  1,114,998           13,202
Increase in due to general partners
  and affiliates                                       373,547          427,133
Decrease (increase) in cash held
  in escrow                                              5,068         (910,097)
                                                   -----------       ----------

Net cash provided by operating
  activities                                         1,225,784          248,134
                                                   -----------       ----------

Cash flows from investing activities:
Proceeds from sale of properties                       504,984          200,000
(Increase) decrease in cash held
  in escrow                                            (32,125)       1,954,605
Improvements to property and
  equipment                                           (638,555)      (1,612,440)
                                                   -----------       ----------

Net cash (used in) provided by
  investing activities                                (165,696)         542,165
                                                   -----------       ----------
</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>
                                                  =============================
                                                        Six Months Ended
                                                           September 15,
                                                  -----------------------------
                                                     2003              2002
                                                  -----------------------------

<S>                                                <C>              <C>
Cash flows from financing activities:
Increase in deferred costs                                   0         (217,100)
Proceeds from mortgage notes                                 0       11,500,000
Repayments of mortgage notes                        (1,794,327)     (12,161,299)
Increase in due to local general
  partners and affiliates                              505,636          180,583
Decrease in due to local general
  partners and affiliates                             (795,163)        (708,627)
Increase (decrease) in capitalization
  of consolidated subsidiaries
  attributable to minority interest                    167,491         (101,710)
                                                   -----------      -----------

Net cash used in
  financing activities                              (1,916,363)      (1,508,153)
                                                   -----------      -----------

Net decrease in cash and cash
  equivalents                                         (856,275)        (717,854)

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

Cash and cash equivalents at
  end of period                                    $ 5,210,987      $ 5,661,801
                                                  ============      ===========

Supplemental disclosures of noncash activities:
Increase in property and equipment -
  held for sale reclassified from
  property and equipment                           $ 8,952,525      $         0

</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>
                                                  =============================
                                                        Six Months Ended
                                                           September 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
  depreciation                                     $ 6,565,853      $ 6,081,229
Decrease in mortgage escrow
  deposits                                                   0          313,741
Decrease in prepaid expenses
  and other assets                                           0           18,876
Decrease in accounts receivable                              0            3,990
Decrease in deferred costs                                   0          188,591
Decrease in mortgage notes payable                  (6,377,743)     (12,801,444)
Decrease in accounts payable,
  accrued expenses and other
  liabilities                                         (553,650)         152,804
Decrease in due to general partners
  and affiliates                                       (45,000)          37,980
Decrease in due to local general
  partner and affiliates                              (892,675)               0

</TABLE>

See Accompanying Notes to Consolidated Financial Statements.



                                       -8-
<PAGE>


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

Note 1 - General

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


                                       -9-
<PAGE>


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

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, 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  approximately  $125,000 and $0 and
$125,000 and $0 for the three and six months ended  September 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
                               September 15, 2003
                                   (Unaudited)
                                   (continued)


The costs incurred to related parties for the three and six months ended
September 15, 2003 and 2002 were as follows:

<TABLE>
<CAPTION>

                                  Three Months Ended        Six Months Ended
                                     September 15,            September 15,
                                 ---------------------    ----------------------
                                   2003        2002          2003        2002
                                 ---------------------    ----------------------
<S>                             <C>         <C>          <C>         <C>
Partnership manage-
  ment fees (a)                  $ 269,250  $  284,500   $ 538,500   $  569,000
Expense reimburse-
  ment (b)                          58,382      41,319      82,149       64,931
Property management
  fees incurred to af-
  filiates of the Gen-
  eral Partners (c)                 27,441      30,186      54,882       60,371
Local administrative
  fee (d)                           14,000      16,000      28,000       32,000
                                 ---------   ---------   ---------    ---------
Total general and
  administrative-
General Partners                   369,073     372,005     703,531      726,302
                                 ---------   ---------   ----------   ---------
Property manage-
  ment fees
  incurred to affili-
  ates of the local
  general partners (c)             289,658     309,697     595,905      615,118
                                 ---------   ---------   ---------    ---------

Total general and
  administrative-
  related parties                $ 658,731  $  681,702   $1,299,436  $1,341,420
                                 =========  ==========   ==========  ==========
</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  $7,502,000 and  $7,151,000  were
accrued and unpaid as of September 15, 2003 and March 15, 2003, respectively.



                                      -11-
<PAGE>



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


(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the Partnership  Agreement.  Another
affiliate of the General Partners performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance. Expense reimbursements and asset monitoring fees owed
to Related Credit Properties L.P., a General Partner, amounting to approximately
$89,000 and $61,000 were  accrued and unpaid as of September  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
$463,847  and  $495,524  and  $919,507 and $984,252 for the three and six months
ended  September 15, 2003 and 2002,  respectively.  Of these fees,  $289,658 and
$309,697  and $595,905 and $615,118  were  incurred to  affiliates  of the local
general partners. In addition,  $27,441 and $30,186 and $54,882 and $60,371 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 a gain of approximately  $523,000.
The sale resulted in the liquidation of Silver Blue.

On January 23,  2003,  the property and the related  assets and  liabilities  of
Ludlam Gardens Apartments, LTD. ("Ludlam") were sold to an unaffiliated third


                                      -12-
<PAGE>




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


party for a  purchase  price of  $3,900,000  resulting  a gain of  approximately
$959,000. The sale resulted in the liquidation of Ludlam.

On January 16,  2003,  the property and the related  assets and  liabilities  of
Dixie Apartment  Associates,  LTD.  ("Dixie") were sold to an unaffiliated third
party for a  purchase  price of  $1,300,000  resulting  a gain of  approximately
$327,000. The sale resulted in the liquidation of Dixie.

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
September 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 six months ended
September  15,  2003 and 2002,  such  distributions  amounted  to  approximately
$78,000 and $248,000, respectively. In addition, partnership management fees and
expense  reimbursements  owed to the General Partners amounting to approximately
$7,591,000 and  $7,212,000  were accrued and unpaid as of September 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 six months ended  September 15, 2003,  cash and cash  equivalents of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$856,000.  This  decrease  is  attributable  to  improvements  to  property  and
equipment  ($639,000),  principal repayment of mortgage notes  ($1,794,000),  an
increase in cash held in escrow relating to investing activities ($32,000) and a
net  decrease  in due to local  general  partners  and  affiliates  relating  to
financing  activities  ($290,000)  which exceeded net cash provided by operating
activities   ($1,226,000),   an  increase  in   capitalization  of  consolidated
subsidiaries  attributable  to minority  interest  ($167,000)  and proceeds from
sales of properties  ($505,000).  Included in  adjustments  to reconcile the net
loss to cash provided by operating  activities is depreciation  and amortization
of approximately ($4,233,000) and gain on sale of properties of ($1,808,000).

For a discussion of contingencies affecting certain Local Partnerships, see Note
4 to the financial statements. Since the maximum loss the Partnership would be



                                      -14-
<PAGE>


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.

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 Partnership 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).

At the time management  commits to a plan to dispose of assets,  said assets are
adjusted to the lower of carrying amount or fair value less costs to sell. These
assets  are  classified  as  property  and  equipment-held  for sale and are not
depreciated.  For the six months ended  September 15, 2003, the  Partnership has
recorded property and equipment of $8,952,525 as held for sale.

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 created any variable  interest  entities  after January 31,
2003.  The  adoption  of  FIN  46  does  not  have  a  material  impact  on  the
Partnership's financial reporting and disclosures.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics  of both Liabilities and Equity." SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those  instruments  to  be  classified  as  liabilities  (  or  assets  in  some
circumstances)  in the  Consolidated  Balance  Sheets.  Further,  SFAS  No.  150
requires  disclosure  regarding the terms of those  instruments  and  settlement
alternatives.  The  guidance in SFAS No. 150  generally  was  effective  for all



                                      -16-
<PAGE>



financial  instruments  entered  into or modified  after May 31,  2003,  and was
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.

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

The results of operations of the Partnership, as well as the Local Partnerships,
remained fairly  consistent  during the three and six months ended September 15,
2003 and 2002, excluding gain on sale of properties, general and administrative,
repairs and maintenance, operating, insurance and capital events with respect to
Ludlam,  Dixie and Silver Blue, 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  and six  months  ended  September  15,  2003 and 2002  consisted
primarily of the results of the  Partnership's  investment  in the  consolidated
Local Partnerships.

Rental income decreased approximately 6% for both the three and six months ended
September 15, 2003 as compared to the corresponding  periods in 2002.  Excluding
the Sold Assets,  rental income remained fairly consistent for the three and six
months ended September 15, 2003 and 2002.

General and administrative increased approximately $243,000 and $218,000 for the
three and six months ended  September 15, 2003 as compared to the  corresponding
periods in 2002. Excluding the Sold Assets, general and administrative increased
approximately  $270,000 and  $287,000,  primarily due to an increase in salaries
relating to an increase in personnel and an increase in professional fees at one
local  partnership and increases in miscellaneous  administrative  costs at four
other local partnerships.

Repairs and maintenance  increased  approximately  $111,000 and $128,000 for the
three and six months ended  September 15, 2003 as compared to the  corresponding
periods in 2002.  Excluding the Sold Assets,  repairs and maintenance  increased
approximately $241,000 and $322,000, primarily due to an increase in maintenance
contracts  and  protection   contracts  at  three  local  partnerships  and  the
rehabilitation of apartments at a fourth local partnership.


                                      -17-
<PAGE>



Operating  increased  approximately  $246,000 and $358,000 for the three and six
months  ended  September  15, 2003 as compared to the  corresponding  periods in
2002. Excluding the Sold Assets,  operating increased approximately $254,000 and
$390,000, primarily due to an increase in gas prices at the Local Partnerships.

Insurance  increased  approximately  $80,000 and  $176,000 for the three and six
months  ended  September  15, 2003 as compared to the  corresponding  periods in
2002. Excluding the Sold Assets,  insurance increased approximately $100,000 and
$170,000,  primarily  due to an  increase  in  insurance  premiums  at the Local
Partnerships.

Financial  decreased  approximately  $406,000 and $918,000 for the three and six
months ended  September  15, 2003, as compared to the  corresponding  periods in
2002, primarily due to decreases relating to the Sold Assets.

Gains on sale of  properties  will  continue  to  fluctuate  as a result  of the
disposition of properties.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

None.

Item 4.  Controls and Procedures

Evaluation of Disclosure 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 Liberty  Tax  Credit  Plus L.P.  (the  "Partnership"),  has
evaluated the Partnership's  disclosure controls and procedures (as such term is
defined in Rules  13a-15(e) and 15d-15(e)  under the Securities  Exchange Act of
1934 (the  "Exchange  Act") as of September  15, 2003 (the  "Evaluation  Date").
Based on such evaluation,  such officer has concluded that, as of the Evaluation
Date,  the  Partnership's  disclosure  controls and  procedures are effective in
alerting  him,  on a timely  basis,  to  material  information  relating  to the
Partnership  required  to be  included  in the  Partnership's  reports  filed or
submitted under the Exchange Act.


                                      -18-
<PAGE>



Changes in Internal Control Over Financial Reporting
----------------------------------------------------

There has been no significant change in the Partnership's  internal control over
financial reporting during the Partnership's  fiscal quarter ended September 15,
2003  which has  materially  affected,  or is  reasonably  likely to  materially
affect, such internal control over financial reporting.




                                      -19-
<PAGE>



                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings - None

Item 2.    Changes in Securities and Use of Proceeds - None

Item 3.    Defaults Upon Senior Securities - None

Item 4.    Submission of Matters to a Vote of Security Holders - None

Item 5.    Other Information - None

Item 6.    Exhibits and Reports on Form 8-K

           (a) Exhibits

           31.1  Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a).

           32.1 Certification  Pursuant to Rule  13a-14(b) or Rule 15d-14(b) and
Section 1350 of Title 18 of the United States Code (18 U.S.C. 1350).

           (b) Reports on Form 8-K - None




                                      -20-
<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: October 23, 2003
                                      By: /s/ Alan P. Hirmes
                                          ------------------
                                          Alan P. Hirmes,
                                          President and Chief Executive Officer
                                          (Principal Executive and Financial
                                          Officer)

Date: October 23, 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: October 23, 2003
                                      By: /s/ Alan P. Hirmes
                                          ------------------
                                          Alan P. Hirmes,
                                          President and Chief Executive Officer
                                          (Principal Executive and Financial
                                          Officer)

Date: October 23, 2003
                                      By: /s/ Glenn F. Hopps
                                          ------------------
                                          Glenn F. Hopps,
                                          Treasurer
                                          (Principal Accounting
                                          Officer)


<PAGE>


                                                                   Exhibit 31.1


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

I, Alan P. Hirmes,  Principal  Executive Officer and Principal Financial Officer
of Related 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 September 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-15(e)  and  15d-15(e))  and internal  control over  financial
               reporting  (as  defined  in  Exchange  Act  Rues   13a-15(f)  and
               15d-15(f)) for the Partnership and I have:

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




<PAGE>



               c)   evaluated the effectiveness of the Partnership's  disclosure
                    controls  and  procedures  and  presented in this report our
                    conclusions   about  the  effectiveness  of  the  disclosure
                    controls and  procedures as of the end of the period covered
                    by this quarterly report based on such evaluation; and

               d)   disclosed  in  this  quarterly  report  any  change  in  the
                    Partnership's internal control over financial reporting that
                    occurred  during the period  ending  September 15, 2003 that
                    has  materially   affected,   or  is  reasonably  likely  to
                    materially affect,  the Partnership's  internal control over
                    financial reporting; and

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

               a)   all significant  deficiencies  and material  weakness in the
                    design or  operation  of internal  controls  over  financial
                    reporting  which are reasonably  likely to adversely  affect
                    the Partnership's ability to record, process,  summarize and
                    report financial information; and

               b)   any fraud, whether or not material, that involves management
                    or  other  employees  who  have a  significant  role  in the
                    Partnership's internal controls over financial reporting.




                                      By: /s/ Alan P. Hirmes
                                          ------------------
                                          Alan P. Hirmes
                                          Principal Executive Officer and
                                          Principal Financial Officer
                                          October 23, 2003



<PAGE>
                                                                    Exhibit 32.1


                            CERTIFICATION PURSUANT TO
                      RULE 13a-14(b) OR RULE 15d-14(b) AND
                                  SECTION 1350
                        OF TITLE 18 OF THE UNITED STATES
                              CODE (18 U.S.C. 1350)


In  connection  with the  Quarterly  Report of Liberty Tax Credit Plus L.P. (the
"Partnership")  on Form 10-Q for the period  ending  September 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
     October 23, 2003